Squeeze TAX to the MAX. by Subhash Lakhotia

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1 FY Squeeze TAX to the MAX by Subhash Lakhotia

2 1 Quick guide to Save Tax for FY Section 80C investment limit increased to ` 1.5 Lakhs. Invest and save tax upto ` 46,350*. 2 Gifts received from a non relative on the occasion of marriage are also completely Tax free 3 Property purchased on Loans should be done in joint names to avail interest deduction of up to ` 2 Lakhs each in respective income tax filing. 4 Save tax upto ` 4,635* on non-cash payment of ` 15,000 towards health insurance for self, spouse and dependent children under Section 80D. 5 Save additional tax upto ` 46,350* by investing ` 1.5 lakhs in life insurance through HUF as per Section 80C. 2 3 *Tax saving of ` 46,350 and ` 4,635 is calculated at the highest tax slab rate of 30.90% on premium of ` 1,50,000 and ` 15,000 respectively under Income Tax Act, 1961.

3 2 This tax season, benefit from The Double Advantage: Growing economy and Section 80C for Hindu Undivided Family (HUF) as well. Create a new HUF account and save additional tax upto ` 46,350* by investing ` 1,50,000 u/s 80C. (HUF concept is explained in topic 3 on next page) This financial year, You can save a lot more than compared to As per the Finance (No 2) Act, 2014, investment limit u/s 80C has been increased from ` 1,00,000 to ` 1,50,000. Now you can save tax upto ` 46,350* u/s 80C vis-à-vis tax savings of ` 30,900* in the previous financial year. The mentioned amendment in Section 80C is applicable In addition to this, there is a positive sentiment in the Indian economy. Consumer confidence and investor confidence are looking up and business fundamentals are looking strong. Foreign investors are choosing India to expand their overseas business. All these factors are giving India a strong and positive outlook. *Tax saving of ` 46,350 and ` 30,900 is calculated at the highest tax slab rate of 30.90% on premium of ` 1,50,000 and ` 1,00,000 respectively, under Income Tax Act, Disclaimer: Tax benefits are subject to conditions of Section 80C, 10(10D) and other provisions of the Income Tax Act, 1961 and are subject to amendments made thereto from time to time. 4 5

4 3 Get additional Tax Savings by creating an HUF* Account. Benefits for you HUF 1 Additional tax savings upto ` 46,350* u/s 80C by investing in Life Insurance policies etc. through your HUF account. 3 NRI individuals can also save additional tax on their Indian income by investing in Life Insurance policies through their HUF account. 2 The maturity proceeds received from Life Insurance policies under an HUF account may be Tax free subject to conditions of Section 10 (10D). The Income Tax Act recognises an HUF account as an independent taxable entity. 6 *HUF: Hindu Undivided Family You can open an HUF account today & Invest in Life Insurance to maximize your Tax Savings. *Tax benefit of ` 46,350 is calculated at the highest tax slab rate of 30.90% on premium of ` 1,50,000 under Income Tax Act, Disclaimer: Tax benefits are subject to conditions of Section 80C, 10(10D) and other provisions of the Income Tax Act, 1961 and are subject to amendments made thereto from time to time. 7

5 4 Tax Tips for recently Married Couples 1 Start filing income tax return individually for both. Invest upto ` 1.5 lakh per person as per Section 80C and avail total tax benefit of ` 92,700* vs. a tax benefit of ` 46,350**, if only one partner invests as per Section 80C. 2 Purchase term insurance policy to protect the partner's financial future and avail tax benefits under Section 80C as per above example. 3 Property purchased on loans should be done in joint names to avail interest deduction of up to ` 2 lakhs each in respective income tax filing. 4 Gifts received from a non relative on the occasion of marriage are also completely tax free. Recently-married couples can save higher taxes by using these simple yet effective tips 8 *Tax benefit of ` 92,700 is calculated at highest tax slab rate of 30.9% on aggregate investment of ` 3 lakh (individual investment limited to ` 1.5 lakh per person). **Tax benefit of ` 46,350 is calculated at the highest tax slab rate of 30.9% on ` 1,50,000. Disclaimer: Tax benefits are subject to provisions of the Income Tax Act, 1961 and are subject to amendments made thereto from time to time. Tax write up above is for the general understanding and reference. The user needs to verify all the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of above information. 9

6 5 Life Insurance with MWPA*: A Combination of Protection and Growth Benefits for you MWPA, also known as the Married Woman s Property Act, Life Insurance policy bought under MWPA, creates a trust for wife and/or children of policyholder. *MWPA: Married Woman s Property Act 10 1 The Unit Linked Life Insurance Plans helps in building long term wealth. A policy under MWPA can be taken while buying a new Life Insurance policy itself. 3 The wealth created in the life insurance policy remains protected for wife and children of the policyholders. As per Section 6 of MWPA the wealth acquired cannot be controlled by creditors unless there is an intention to defraud. Disclaimer: Tax benefits are subject to conditions of Section 80C, 10(10D) and other provisions of the Income Tax Act, 1961 and are subject to amendments made thereto from time to time. 11 2

7 6 A complete analysis of Wealth Tax A The list of the assets in respect of which wealth-tax is payable are Any guest house, residential house, commercial property and/or farm house with exclusions.* In simple terms, generally speaking your residential properties, motor cars, jewellery are some of the most important items on which wealth-tax is payable. For the exhaustive list & details of what is included under the purview of wealth tax, please refer to section 2(ea) of the Wealth-tax Act, B C D E F Motor cars, other than those used in assesse s hiring business or used as stock-in-trade. Jewellery, bullion, and furniture, utensils or any other article made wholly or partly of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, other than those used as stock-in-trade by the assesse. Yachts, boats and aircrafts, other than those used by the assesse for commercial purposes. Urban land* Cash in hand, in excess of ` 50,000 of individuals and Hindu undivided families and in the case of other persons any amount not recorded in the books of account. Disclaimer: *Refer Section 2(ea) and other provisions of the Wealth-tax Act, 1957 for detailed exclusions and inclusions. Tax write up above is for the general understanding and reference. The user needs to verify all the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of above information. Tax laws are subject to amendments from time to time

8 7 Tips to save Wealth Tax WEALTH TAX SAVED Smart tips for you to save wealth tax 1 Create an HUF account as a separate tax entity and declare wealth in the name of the said HUF. This will help in minimizing/eliminating the wealth tax liability. Understanding Wealth Tax & Smart Tips to save it Wealth-tax is payable if your wealth exceeds ` 30 lakhs. It is payable only on selected assets like residential properties, motor cars, jewellery and other assets mentioned under Wealth-tax Act, Invest in Life insurance policies, which help you get the double benefit : Life Insurance policies help you to create wealth. Life Insurance policies do not fall under the purview of wealth tax. Hence you can own multiple insurance policies with no liability towards Wealth-tax. 15

9 8 For NRI individuals only This tax season get the Dual Advantage. Reap abundant benefits of the growing Indian economy and increased deduction u/s 80C. Listed below are some tips for you to save tax:- You can avail tax benefits of upto ` 46,350* on your Indian income by investing ` 1.5 lakh in Life Insurance u/s 80C. 1 You can invest in life insurance and avail tax benefit on return / maturity proceeds from life insurance policy 2 u/s 10(10D) You do not have to pay Income-tax in India on income earned abroad. 3 You can invest in life insurance policy under your HUF account as per Section 80C and avail tax benefit. 4 You enjoy the same basic Income-tax exemption on your Indian income : 5 a. ` 2,50,000 (if he/she is an individual below 60 years age), b. ` 3,00,000 (if he/she is a senior citizen aged 60 years but less than 80 years) or c. ` 5,00,000 (if he/she is a super senior citizens of 80 years or above) *Tax benefit of ` 46,350 is calculated at the highest tax slab rate of 30.90% on premium of ` 1,50,000 under Income Tax Act, Disclaimer: Tax benefits are subject to conditions of Section 80C, 10(10D) and other provisions of the Income Tax Act, 1961 and are subject to amendments made thereto from time to time

10 Q & A Questions and wers Q 1 What is Section 80C? Section 80C of the Income Tax Act allows certain investments and expenditure as a deduction from your taxable income up to a maximum of ` 1.5 lakh. Payment of life insurance premiums, investment in specified Equity Linked Saving Schemes, (ELSS) investment in small savings schemes like NSC, PPF and other pension plans, housing loan repayment, tuition fee of children, etc are eligible for deduction under Section 80C. Q 2 How do we arrive at the calculation of tax saving of ` under Section 80C? Under Section 80C, deduction for investments upto ` 1,50,000 is permissible. If a person falls in highest tax bracket of 30%, then his maximum tax saving will be ` 46,350 (1,50,000*30.9% (Tax 30% + education cesses of 3% on tax)) subject to conditions of Section 80C. Q 3 Q 4 In case a policy is assigned to HUF & future premium are being paid by assignee, will the assignee get tax benefit under Section 80C? Tax benefit cannot be availed in this case as one cannot pay premium of HUF & save tax. Also the HUF cannot buy a policy on its own name. The policy can be bought in the name of a member of HUF. Is there a new Government policy under which a deduction of 2% TDS is applicable on the maturity amount of Unit linked life insurance policy? If yes, is there any means to save this tax? Yes, Section 194DA is introduced for 2% TDS on non-exempt insurance policy. However, TDS is exempt if conditions of Section 10(10D) of Income Tax Act are fulfilled. Q 5 If on maturity pension commutation 1/3 is tax free but if a person surrenders the policy before maturity, will the surrender amount be taxable or not? If yes, then will the Tax calculated be on whole amount or on gained amount? The commuted value of Pension is tax free. Amount received under Pension Plans would be taxable

11 Q 6 Q 7 A person working in the PSUs is withdrawing a salary of more than ` 1,00,000 per month. He has already exhausted his tax deduction limit under 80C. How does he save tax further? Housing loan interest is the deduction he can avail. If this is also exhausted then let them take more insurance for safety & security of future. Also suggested to make gifts to major children and create your HUF so that you can get some more tax benefits like Individual on payment of Life Insurance Policy etc. Can a person make payment for life insurance policy in the name of married daughter and receive tax benefits? Yes, one can make payment of insurance policy for a married daughter as well as for a married son and enjoy the tax benefit. Q 8 Q 9 Q 10 A life insurance policy is taken by wife on her life. Can the renewal premium be paid by her husband and claim that premium as deductible u/s 80C while computing his tax liability? Yes, the husband can make payment on the Life Insurance Policy of wife and claim tax deduction. Please confirm whether surrender pay-out, maturity pay-out, survival benefit pay-out or foreclosure payout in context of Life Insurance policy are taxable under income tax act 1961? Under the Income-tax Act, as per Section 10(10D), the amount received on life insurance policy (issued post April 1, 2012) is exempt from tax if the premium paid during any of the year does not exceed 10% of the minimum sum assured except in case of death in keyman policy. Refer Section 10(10D) for details and other conditions. Can MWPA really helps Business Family to create Liquid asset protection against Income tax as well as creditors and how wives property can be protected if a person knowingly invest in MWPA against Income tax or Court? Oh yes, great help to people in business in particular. Not recommended to invest knowingly in MWPA when there are existing feuds from Income-tax & courts

12 Click here to buy our Tax Saving Plans online. The tax related contents are views of Mr. Subhash Lakhotia and ICICI Prudential would not be responsible/liable for any issues arising out of the views provided by Mr. Subhash Lakhotia ICICI Prudential Life Insurance Company. IRDAI Regn No CIN: U66010MH2000PLC Call us on (10am-7pm, Monday to Saturday, except national holidays. Valid only for calls made from India). You can visit us at HYPERLINK "http://www.iciciprulife.com" \o "blocked::http://www.iciciprulife.com/" 2014, ICICI Prudential Life Insurance Co. Ltd. Registered Address:- ICICI Pru Life Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai Insurance is the subject matter of the solicitation. For more details on the risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale. Trade Logo displayed above belongs to M/s ICICI Bank Ltd & Prudential IP services Ltd which shall be used by ICICI Prudential Life Insurance Company Ltd under Registered License No.105. Advt no: W/II/788/ BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDAI clarifies to public that IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number. Tax benefits are subject to provisions of the Income Tax Act, 1961 / Wealth Tax Act and are subject to amendments made thereto from time to time. Tax write up above is for the general understanding and reference. The user needs to verify all the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of above information.

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