Guide to .. Tax Management ,Tax Planning and Tax Saving
BLOG on Income Tax Management for - AY 2022-23 & 2023-24

51 Tips on Tax Planning !(page-1/5)

1: Pay Zero Income Tax ! How is it Legally Possible ?

One of the commonest questions we are asked is:

Is it legally possible to not pay any income tax at all?

Indeed, this is possible in several situations…


2: Exemption from Capital Gains is available U/s 54  where a New Residential Property is Purchased On or Before the Date of Furnishing Return under section 139(4) of the IT Act.

Under the Income-tax Act, 1961 exemption is available to an assessee under Section 54 of the IT Act in respect of capital gains where a new residential property is purchased on or before the particular date, as provided under Section 54 of the IT Act. The date for furnishing the return could also be date under Section 139(4) of the IT Act.


3: A Women, Married or Single, can save Income Tax. How ?

A woman, whether married or single, can save a great deal of income tax through proper tax planning. However, many women are ignorant about their rights and duties under the Income Tax Act


4: Gifts received from Friends, Relatives or from NRIs could be Exempt from Income Tax ! How ?

It is very common for, people to receive gifts from friends and relatives. In some cases, gifts are also received from NRIs. Let us consider the latest provisions of the Income Tax Act, 1961 regarding gifts, and analyse how individuals can plan to have complete exemption from income tax in respect of


5: Various Ways to Get Exemption from Capital Gains Tax

A taxpayer is required to pay tax on income under different heads of income under the Income Tax Act, 1961. Of the 5 heads of income, one very important head of income is “Capital Gains.”


6: Capital Gains Are Taxable in the Year of Possession of Property and Not Transfer of Title

Under the Income Tax Law, very often a controversy arises as to when a particular property can be said to be transferred, namely when the possession of the property is handed over to the buyer or in the year in which the title of ownership is transferred.


7: How HUF Status in Income Tax Save You a Lot of Money

There are many financial transactions where, persons buying or selling immovable property — residential, agricultural, commercial or industrial property or any movable property declare their status as that of Hindu Undivided Family or HUF


8: The Incomes of Spouses are Not Clubbed Together - HOW to Ensure ?

One of the important aspects of tax planning is to ensure a steady income not only for oneself but also for other members of the family. Without proper tax planning, the income accruing, arising or received by an assessee’s wife might be clubbed with the income of the husband, thereby leading to a higher incidence of income tax.


9: “A Married Woman”could Own Property in Her Own Name: from the Tax Planning Angle

A married woman can have her own independent funds. She can have her own independent investible funds made up of gifts or loans. By adopting proper tax planning, a married lady could as well own a house property of her own. One of the desires of every family is to own a house.


10: The Husband can Give a Loan to his wife, Not a Gift

We have explained in an earlier tip that a married woman should not take gifts from three prohibited persons, namely, her husband, her father-in-law and her mother-in-law. Earlier, till FY 1985-86, no gift-tax was payable by the husband on the gifts up to
50,000 made in his lifetime to his wife.


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