I am a salaried person and filling my income tax return regularly. Every month I am paying Rs.30, 000 to my wife for our household expenses. She has accumulated around Rs. 2, 50,000 from the money I gave to her for house hold expenses over a period of 8 years. Now she has invested the entire accumulated money in a fixed deposit scheme of a bank. Will the interest amount be … [Read more...] about Income Tax Effects of Giving Money to Spouse
Income Tax Deduction
Income Tax Deduction applicable to a Salary Individual
Income tax deductions are in section 80C to Section 80U of income tax act. Each of these sections provides different tax deductions from your taxable income. But, these tax deductions are not applicable to every one. There are certain tax deductions which are applicable to individuals and certain tax deductions are nor. Below is a list of those tax deductions which are … [Read more...] about Income Tax Deduction applicable to a Salary Individual