Tax relaxation

rupinder (Querist) 21 July 2014 This query is : Resolved
Hi,
I want to deposit 10 lac's in my father account for foreign study purpose. My father is working agriculture. Pls let me know that how we can save from tax.we want to deposit as FD for year. Is there any way that we can save through form J. or ant other procedure.

regards
rupinder

Follow Query

Report Abuse

Devajyoti Barman (Expert) 21 July 2014
engage a tax professional..you can afford that.

Rajendra K Goyal (Expert) 21 July 2014
What is the source of Rs. 10 lacs ?
Interest on FD is not agricultural Income.

Consult a local tax lawyer.

rupinder (Querist) 21 July 2014
we are ready to pay tax on interest but should we have to clarify 10 lacs to IT department..or we can deposit it for FD without any worry

regards

Anirudh (Expert) 21 July 2014
Please indicate whether the said income has been declared as Agricultural income and Agricultural income tax has been paid to the State Government?

M/s. Y-not legal services (Expert) 23 July 2014
You have to show your sources for the said income.

Don't try to tax evading. It's May lead to legal problems.

rupinder (Querist) 23 July 2014
is it possible that if we deposit 10 lac in saving account in same day as FD then no need to give clarification to income tax department that where it comes. & after one year we will pay tax on interest

Anirudh (Expert) 23 July 2014
You have not answered the query: Please indicate whether the said income has been declared as Agricultural income and Agricultural income tax has been paid to the State Government?

Don't think it is a one way traffic only you will go on ask the queries and others will simply give you the answer.

If any question is asked from you, you are also to give answer so that proper answer can be given.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now