tax planning

Hi Friends

Please help on understanding the tax situation and the way to go ahead in the best manner.

I'm an employee of an MNC where I'm drawing a salary of more than 5 Lacs per annum. I'm also engaged in providing services to an overseas client (Individually) who compensates me to the tune of 8 Lac Rupees, this by way of transfering foriegn currency directly in to the bank account, in the converted indian rupees. The later arrangement is a simple one, not bound by any contracts or related agreements.

My total earnings thus is approximately 13L. I need guidance on the best way to take it forward at the tax front. Would it be a good idea to club the non salaried income as PGBP or is there any better way to portray such income?

If it is PGBP, then what are the points to keep in mind. Thanks in advance!

Regards

Originally posted by : chaitanya
	if loan taken in the  name of father for construction of house on huf vacant site is valid? here father and huf has seperate assesses as per income tax act

banks generally avoid HUF loans, do u have any tax prob?

here for construction of land on huf vacant site father applied loan by submitting  his own income tax returns, is it valid? here huf also seperate income tax assesse, here loan is granted in the name of father for construction of house on huf vacant site on december2010,what is the treatment in the books of father and huf 

HUF has a separate income tax identity but the karta has substantial interest in properties too. assuming that father has taken loan on the property of his own share there is no prob.

he can show the building in his own file and land in HUF file !! 

thanks sir,

is it correct  to show vacant site in huf books and building on vacant site in fathers books ?

in books only values are shwon, so there is no bar to show them in separate IT files, 

assume u have a joint property with father, so how u can show it in both files? 50% of undivided property ...........right? does there any clause to show the actual portion of undivided property? 

incometax deals with amounts in general. 

thanks sir,

in future partition of huf property among father and his two sons is there any problem?

in HUF partition father and son's has substantial interest and share. they can divide it as per valuations.

in father's property too sons has similar situation, father can gift the same to sons if he is alive or sons are automated legal heirs of father's property as per will ( if any) or succession rules.