Income tax exemption query.
- 1464
- 31
-
- Last Comment
Earlier, i read that we can(or mayybe misread), but yesterday i met a ca, he said no this is not allowed.now m confused.
Kindly help me to understand, tia.
- Sort By
Not allowed.
Are you tower?
Cc - @tappukepapa
I think this can be done if you register as a HUF
Any gift to spouse is non-taxable (principal amount) for the receiver but the incomes derived out of it gets clubbed to income of the sender.
-- Here, PPF is tax free income, so even if it is clubbed to sender, 80C exemption till limit. Also maturity amount is tax free but has to be mentioned as exempted income.
Only, gifting of amount by father to adult son is different, here any income derived out of gift amount gets tagged to son, not father...
I have one query :
If an Individual Age 38 Years
Total annual salaried non taxable Income is 4 Lac
Total Interest income From Term FD is 39999/- annual from All banks
Then in which column of ITR1, that particular Income from FD Interest 39999/- needs to be declared ?
Is that 80TTA column or need to add in Income from Salary head coloum or Income from others/ Source column or somewhere else ?
U can claim in 80tta
Nope. You cannot.