Keeping income tax rules in money matters ensures peace of mind and healthy post returns in the hands of the investors. Here are some tips that make investor wealthier in 2015
The first aim is to cut down all tax payment through taking advantage of all exemptions and deduction. The next step is to plan for a separate independent income-tax file for each member in the family. They can also enjoy deduction of Rs. 20000 through Mediclaim Policy for aged persons. Next is tax planning for the couple and here are some of the important points which should be kept in mind: (a) A separate income-tax file of the spouse. (b) Taking care of non-clubbing provisions(c) Maximising tax deduction under section 80C (d) how a residential house would get maximum deduction of Rs. 2 lakhs (e) Make payment of Mediclaim Policy Premium.
Three types of Children Tax Planning to be done: (a) For Married children- Plan for creating a separate income-tax file. Create a new HUF file. (b) For major unmarried children- Take education loan. (c) For minor children. The income of the minor child is clubbed with the income of the parents and gets a deduction up to Rs. 1500.
Try to give gift to the spouse in the form of a Big No No. This No No from tax planning is B B Not (Bank Balance Not) which means don’t withdraw from the bank balance of your wife. You must devote sometime to access the actual need of insurance in your family and go beyond the tax deduction of 80C for making insurance premium. If you are interested to become a Non-Resident Indian leave between 1st of April 2015 till 30th September 2015 and earn money, non-Resident Indian is not required to pay income-tax for his foreign income.
Make physical tally for all your assets during the year 2015. Once the tally is made, you will be sure of your entire bank FDR or Mutual Funds or Shares and all your gold and diamond jewellery. Real Estate should be a good investment in 2015 and here are some of the important points which you may keep in mind. 1. Expected creation of 100 smart cities. 2. Buy and sell property only with Circle Rate. 4. Buy the property jointly in the name of husband and wife 5. Tax advantages of the upcoming affordable housing scheme.6. Sell Real Estate after holding of tree year.
Make a small investment in 2015 in gold and silver when its price comes down. From the year 2015 onwards think of buying of buying gold in Demat Account. And it is a better time to start a new business. When you are thinking of starting a new business find out the tax entity in which your business should be started. It is time for the investor to think of making investment in the Stock. For that, the following tips are important: 1. Think of investing the sale for a minimum period of one year 2.investing through the Equity Mutual Fund. 3. Do not make investment in Debt.
When you buy the property for letting it out, you will get a deduction in respect of interest on loan. Buying a second house property for getting rental income is a good idea. Keep your eyes and ears on your Budget, plan your strategy of investment and tax saving based on the exemptions and deductions which are available as per the Finance Bill. And take care about Succession Planning, investment in Tax Free Bonds, Investment in Kisan Vikas Patra).
If you consider above mentioned Tax and Investment tips for the year 2015, then surely you would have a wonderful time in 2015.