WebMay 6, 2024 · Gifts below Rs. 5,000 in aggregate during the financial year are exempt from tax. These gifts are taxable as perquisites under the head Income from Salary. 2. Gifts received from any other person. Section 56 (2) (x) of the Income Tax Act, 1961 deals with the taxability of the gifts received by the person during the year except an employer. WebLatest Real Estate News, Articles, Property Insights

Income Tax Deductions and Allowances - A Detailed Guide

Web2 days ago · The Income Tax Act, 1961 governs the taxation of income in India. Under the Income Tax Act, income is classified into five heads, namely, Salary, House Property, … Web76 rows · Entertainment Allowance received by the Government employees (Fully taxable … hot chocolate phoenix

The 8 must-have tax savers you can use to restructure your salary

WebAt what salary do I pay tax in India? If your gross total income for the financial years exceeds the basic exemption limit, you must file income tax returns. The basic exemption limit under the old regime is as follows: For residents below age 60 - ₹ 2.5 lakh. For senior citizens (between 60 and 80 years) - ₹ 3 lakhs. Webo show their income in the individual name and has to pay rent under the Income Tax Act, 1962 accordingly. The SSI exemption N N. 8 2008 dated 01 03 2008 (previously 6 2005 dated 01 03 2005) shall be available for individual owner of the above property for considering the taxable value of the servic WebTotal HRA received by an employee. 2.) Actual rent paid less 10% of basic salary + DA. 3.) 50% of salary for metro city / 40% of salary for non-metro city. The component having the least amount will be considered under income tax deductions for salaried employees. hot chocolate pick up line