Multiple queries-need suggestions!!

188 views 6 replies

Vk Mishra

18 Points Joined April 2017

Hi ,

1. Need suggestions for saving money in FDs while taking benifits of tax exemption limit of 2.5 lakh for wife (housewife)?

2. Do you get interest in health insurance schemes?Are they similar to life insurance?Do they return principle and maturity amt after a certain period of time?

3. Does loss in shares and mutual funds before redemption provide any tax benifits?or loss /gain is caculated once shares are sold / mutual funds units are reedemed?

4. Can someone post sample itr for husband (salaried) and wife(housewife- has earnings from money transfered by husband to her acct and made cummulative FD for her).

5. Can wife help in reducing tax liabilty on husband's income?

Valuable suggestions are highly solicited...

Regards
Vishnu

Replies (6)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

210688 Points Joined July 2016

1. Whenever direct gift is given to wife, it gets clubbed, so give it indirect way, eg. pin money, gift of jewelry, which she may en-cash next year etc. ...etc. That capital when invested in FD doesn't get clubbed.

2. No NO No

3. No Only on redemption.

4. For salaried person ITR 1, but if any capital gains ITR 2 For Housewife ITR 1 (Very much Generallized)

5. Y................E......................S

Vk Mishra

18 Points Joined April 2017

Dear dhirajlal sir...

1.thankyou so much for your reply sir....it was indeed a source of knowledge to futher explore options....i wud request you to kindly guide more on query number 1 and 5 ....kindly spare your valuable time and forward elaborated solutions to my mail id vkmishra0406 @ gmail.com....

2. i will be out of mobile network for a couple of weeks...but surely need your guidance in FDs & ways by which wife can reduce tax liability....

3. your kind help wl be highly appreciated sir!!!!