Only funds got on retirement can be invested in Senior Citizens Savings Scheme
– I have invested Rs 15 lakh in senior citizens savings scheme. I have pension income and income from bank FDs, etc. My wife, who is also a senior citizen, does not have any income. Can I invest any amount in SCSS in my wife’s name?
Rule 4 of Senior Citizens Saving Scheme Rules states that any individual cannot deposit any amount more than what he/she has received on retirement. From your query it seems that your wife has no income from retirement, hence no money can be deposited in this scheme in her name although she can be a joint-holder with you for this account.
– I work as administr-ative services consult-ant. I get consolidated payment after 10% TDS. I invest in share market but do not do daily trading. Can I get benefits under Section 44ADA?
—P S Sundar
Section 44ADA can be availed only by notified professions, i.e., legal, medical, engineering, architectural profession or profession of accountancy, technical consultancy, interior decoration, authorised representative or film artist. The profile mentioned by you may not qualify for benefit under this provision.
– Does CBDT need to notify Rs 20 lakh as gratuity exemption limit for it to be applicable or is a change in Payment of Gratuity Act enough?
Section 10(10) of I-T provides exemption for gratuity. Clause (ii) of this provision states limit of gratuity exemption up to Section 4(2) and 4(3) of the Payment of Gratuity Act, 1972. Hence, if the limit is raised in Gratuity Act in these provisions, no separate notification or amendment is required under the income tax provisions.
– I bought a flat and paid stamp duty, freehold charges, arrears of property tax and other sundry charges. Can I add all these in the cost of acquisition?
Any expenses attributable to the purchase of property are allowed to be added in the cost of acquisition of a property. Hence, expenses like stamp duty, freehold charges, etc., will be added to the cost. The resultant amount shall be indexed as per Cost Inflation Index notified at the time of sale to calculate the capital gains. However, you need to submit proof of actual payment.
The writer is partner, Ashok Maheshwary & Associates LLP. Send your queries to fepersonal firstname.lastname@example.org