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HOME | MONEY | TAX | Q & A |
April 6, 2000
Banking |
"Do I get any benefits if I have dependent parents?"The Rediff Money Channel presents everything you wanted to know about tax issues, but didn't know whom to ask. I am a salaried employee, I want to know the provisions for a senior citizen in the act. That is if I am eligible for senior citizen rebate. My date of birth is 20.08.1935 for the assessment year 2000 - 2001. — Balasubramanian
The provisions relating to senior citizens are contained in section 88B of the Income-tax Act. As per this section, any person who completes the age of 65 at any time during a financial year would be entitled to a rebate from the tax payable by him/her for that year and subsequent years. I have a handicapped child. For claiming the allowed deduction of Rs 40,000 (Under Section 80DD) towards maintenance of my child, do I have to produce the bills towards Medical, Training, etc. expenses?
The section 80DD does not lay down any requirement of submitting copies of the medical bills alongwith the return of Income. However, knowing the attitude of the officers of the Income-tax Department, it would be advisable for you to file copies of the bills alongwith the Return. I am an army officer. My old parents have no income of their own and are dependent on me. Is there a provision for availing of some tax rebate for the money I send to them on a monthly basis? — Indrabalan I am in the government service. My parents have no income whatsoever and are entirely dependent on me . Is there any provision for availing tax rebate on the money I send them — Ram Chandra Regrettably, the Income-tax Act does not contain any section under which you would be able to get a tax rebate or deduction for the amount spent by you for taking care of your parents. What was the prevailing interest rate on NSC VIII issue in February 1999? If possible, will you please provide the interest rates for the last three FYs? — Sajith Nallithodi The table of interest on NSCs of face value Rs 10,000 (taken at this amount only for illustration) issued after 1-4-1989 but before 1-1-1999 is as under: I am a central government servant (income tax payer), my father-in-law has gifted Rs 30,000 to my wife (who is a house wife). If she invests this amount in stocks, what will be her tax liability? Does her income get clubbed with mine? — Gangotia Gift tax has been abolished with effect from October 1, 1998. Thus, for gifts made after this date, no gift tax is payable by anybody.
What is an appraisal report? Is it very serious matter?
— Paresh Shah
When the Income Tax Department conducts a raid on anybody, the officer in charge of the raid has to prepare an Appraisal Report within 60 days and send it to the Officer under whose jurisdiction the raided tax-payer falls.
Send in your questions to perfin@rediff.co.in |
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