Saving taxes is really a serious concern for high earning
individuals. So, how they can reduce their tax burden? Let us look into some
useful tips provided by Indian Money CEO, C S Sudheer.
How high earning
individuals can reduce tax burden?
Donations and Charity
By making donations, you will be able to support a good
cause and at the same time get tax deductions. When you make a donation to any
relief fund or charitable institution then you will be saving taxes under
Section 80G.
Similarly, when you make a donation for any rural
development work or for scientific research project then such donation entitles
you to claim deductions under Section 80GGA.
Capital Gains
According to IndianMoney.com
Review, investment in capital gains bonds turns out to be the
right option for high earning individuals.
The reason is that, when capital assets are sold and capital
gains arise out of it, those gains are tax free if the gains are invested in
capital gain bonds. Another good thing is that, by making an investment in these
capital gain bonds you will be able to save as much as fifty lakhs every year.
Short Term Trading
If you fall in the category of high earning individuals then
as per Indian Money
review Bangalore it will be important for you to stay away from short term
trading. The reason is that capital gains of short term are usually taxable at
15% rate.
Give a Gift
If the value of a gift is higher than Rs.50, 000/- in year
then only it is taxed otherwise not. But, according to Indian Money
Bangalore, this rule will not be applicable if the gift is given to
following people:
1.
Spouse
2.
Parent’s siblings
3.
Parents
4.
Siblings of your spouse
5.
Your siblings
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