akbar (self employed) (194 Points)
20 February 2023You can transfer your surplus to your parents under a gift deed and make investments in their name.
Basic tax exemption limit for senior citizens is ₹3 lakh, while super senior citizens aged 80 years and above get tax-free income of up to ₹5 lakh.
Please let me know the reference of section of income tax act and applicability
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 20 February 2023
Section 56(2) of the income tax Act 1961. please refer section in detail .
CA Surya Sekar
(CFO )
(1347 Points)
Replied 20 February 2023
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 20 February 2023
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 21 February 2023
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 22 February 2023
akbar
(self employed)
(194 Points)
Replied 22 February 2023
In which section salary paid to parents is legally permissible and it is allowed for income tax exemption.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 22 February 2023
akbar
(self employed)
(194 Points)
Replied 22 February 2023
In which section son can claim tax exemption in his personal ITR on the amout paid to his parentas as a salary.
And if the son is salaries employee then it is possibe to give the payment supporting to his employer and claim tax exemption so that his empoyer would allow and cant deduct TDS from his salary.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 22 February 2023
CAclubindia
