Rental Income is one of the most favorite retirement planning tools in India. As i keep highlighting that Property and Gold are two most popular investment avenues for Indians. With the grace of God, i am currently staying in my house, but my previous landlord has seven properties in Mumbai. An average rental income of Rs 30,000 means monthly rental income of Rs 2,10,000. A good enough amount to live a peaceful and luxurious life. The best part is to leave an asset to legal heirs. Besides, retirement planning i keep getting queries from my readers on taxability of rental income. Many readers ... Read More
11 Least Known Allowances to Save Tax
As per Wikipedia, An Allowance is an amount of money allotted or given usually at regular intervals for a specific purpose. Allowance is given in addition to salary to meet specific requirements of salaried employee. In India, Income Tax Planning is very myopic. It is only restricted to investment, investment and investment. As i highlighted in my post, 7 Financial Mistakes You should Avoid that "FREE ADVICE" is responsible for this myopic approach towards tax planning. A tax planner should look beyond "Investments". He should provide 360 degree guide to tax payer on how to SAVE TAX. ... Read More