Is there a capital gains exemption in the US like in Canada if you sell a company?
Q. I've been working in the US for a few years and paying US taxes. I have equity in a Canadian firm that maybe sold, potentially resulting in a large capital gain. In Canada there is a 500k lifetime capital gains tax exemption. Is there anything similar to this in the US? Being a Canadian citizen is there anyway to leverage that Cdn tax exemption? Thanks for your help.
Asked by AtomicD76 - Fri Jul 6 19:09:14 2007 - - 1 Answers - 0 Comments
A. No. But there is a reduced rate for capital gains taxes as opposed to regular income tax. But the transaction may not be subject to US tax; consult a tax advisor on this.
Answered by rhsaunders - Fri Jul 6 19:14:34 2007
Q. I've been working in the US for a few years and paying US taxes. I have equity in a Canadian firm that maybe sold, potentially resulting in a large capital gain. In Canada there is a 500k lifetime capital gains tax exemption. Is there anything similar to this in the US? Being a Canadian citizen is there anyway to leverage that Cdn tax exemption? Thanks for your help.
Asked by AtomicD76 - Fri Jul 6 19:09:14 2007 - - 1 Answers - 0 Comments
A. No. But there is a reduced rate for capital gains taxes as opposed to regular income tax. But the transaction may not be subject to US tax; consult a tax advisor on this.
Answered by rhsaunders - Fri Jul 6 19:14:34 2007
How much is the dependent tax exemption worth if you are married filing jointly?
Q. I understand that a single person would get a $3400 exemption. Does a married couple get twice that or the same exemption?
Asked by KimberlyJ - Thu Sep 4 11:24:48 2008 - - 3 Answers - 0 Comments
A. Each taxpayer gets a 3400 exemption whether they are married or not. unless they CAN be claimed as a dependent by someone else. So, a married couple would get a total of $6800, even if only one had income
Answered by curious george - Thu Sep 4 11:40:15 2008
Q. I understand that a single person would get a $3400 exemption. Does a married couple get twice that or the same exemption?
Asked by KimberlyJ - Thu Sep 4 11:24:48 2008 - - 3 Answers - 0 Comments
A. Each taxpayer gets a 3400 exemption whether they are married or not. unless they CAN be claimed as a dependent by someone else. So, a married couple would get a total of $6800, even if only one had income
Answered by curious george - Thu Sep 4 11:40:15 2008
What Mennonites can claim exemption from the social security tax?
Q. Is it just Old Order Mennonites, or any Mennonites? All I know is that Amish and Mennonites can claim exemption.
Asked by Love0646 - Mon Apr 13 16:14:58 2009 - - 5 Answers - 1 Comments
A. The real official answer... This is a Social Security Administration booklet. You are advised not to take someone's statement on the internet as fact. Read and understand the law for yourself, or seek the advice of qualified legal counsel on such questions. In this case, Social Security Administration personnel can discuss your eligibility with you and tell you how to submit your request. You have no exemption until your request has been approved. Read the next section, for information on applying.
Answered by sunestauromai ( ) - Mon Apr 13 16:27:07 2009
Q. Is it just Old Order Mennonites, or any Mennonites? All I know is that Amish and Mennonites can claim exemption.
Asked by Love0646 - Mon Apr 13 16:14:58 2009 - - 5 Answers - 1 Comments
A. The real official answer... This is a Social Security Administration booklet. You are advised not to take someone's statement on the internet as fact. Read and understand the law for yourself, or seek the advice of qualified legal counsel on such questions. In this case, Social Security Administration personnel can discuss your eligibility with you and tell you how to submit your request. You have no exemption until your request has been approved. Read the next section, for information on applying.
Answered by sunestauromai ( ) - Mon Apr 13 16:27:07 2009
Where do you get a exemption certificate for reselling wholesale goods in Alaska?
Q. I have called the IRS and the Dept of Revenue for the state. Neither of them know what I am talkng about. I also called the business license department and they dont know either. I thought that you needed a retail license or a exemption certificate to resell wholesale goods. I have searched online and cannot find this form for Alaska. It is on the internet for other states that don't sell wholesale...such as SD.
Asked by Dez - Wed Dec 12 08:54:16 2007 - - 1 Answers - 0 Comments
A. The IRS has nothing to do with sales taxes and Alaska only has sales taxes at local level. If anything, I would think that it would be at your city tax authority.
Answered by Wayne Z - Wed Dec 12 09:30:47 2007
Q. I have called the IRS and the Dept of Revenue for the state. Neither of them know what I am talkng about. I also called the business license department and they dont know either. I thought that you needed a retail license or a exemption certificate to resell wholesale goods. I have searched online and cannot find this form for Alaska. It is on the internet for other states that don't sell wholesale...such as SD.
Asked by Dez - Wed Dec 12 08:54:16 2007 - - 1 Answers - 0 Comments
A. The IRS has nothing to do with sales taxes and Alaska only has sales taxes at local level. If anything, I would think that it would be at your city tax authority.
Answered by Wayne Z - Wed Dec 12 09:30:47 2007
Can I get TX Home exemption for my second home?
Q. My husband and I are planning to buy a house that is neared by my workplace. We do not want to put out for sale on our current home until we find a new home which means there are going to be a period time that we will be owning two houses at the same time. We are thinking of taking my name out from the current home and using my name only for the new home, so we can get home exemption for both houses. Would that work?
Asked by Sofie H - Mon Jun 9 15:23:23 2008 - - 1 Answers - 0 Comments
A. yes it would
Answered by TheOnlyChoice - Tue Jun 10 03:39:53 2008
Q. My husband and I are planning to buy a house that is neared by my workplace. We do not want to put out for sale on our current home until we find a new home which means there are going to be a period time that we will be owning two houses at the same time. We are thinking of taking my name out from the current home and using my name only for the new home, so we can get home exemption for both houses. Would that work?
Asked by Sofie H - Mon Jun 9 15:23:23 2008 - - 1 Answers - 0 Comments
A. yes it would
Answered by TheOnlyChoice - Tue Jun 10 03:39:53 2008
What does claiming yourself as an exemption on your tax returns do?
Q. Theres a question on my tax return asking Are you claiming yourself as an exemption? Im not sure what this does if I claim it. Im not dependent on anyone so it says I can claim it but is this a bad thing to do or a good thing?
Asked by Alia H - Fri Feb 23 18:17:40 2007 - - 8 Answers - 0 Comments
A. You should ALWAYS claim yourself as an exemption. It is a GOOD thing, however, you cannot claim yourself if someone else is claiming you as a dependent, for instance you are a college student and your parents' are paying your way. The parents would claim the child.
Answered by fisherwoman - Fri Feb 23 18:22:24 2007
Q. Theres a question on my tax return asking Are you claiming yourself as an exemption? Im not sure what this does if I claim it. Im not dependent on anyone so it says I can claim it but is this a bad thing to do or a good thing?
Asked by Alia H - Fri Feb 23 18:17:40 2007 - - 8 Answers - 0 Comments
A. You should ALWAYS claim yourself as an exemption. It is a GOOD thing, however, you cannot claim yourself if someone else is claiming you as a dependent, for instance you are a college student and your parents' are paying your way. The parents would claim the child.
Answered by fisherwoman - Fri Feb 23 18:22:24 2007
Does the $12,000 Gift Tax exemption to your children apply to your Nieces and nephews?
Q. There is a $12,000 ($24,000 for couples) Gift-Tax exemption for Children and Grand Children. Does the same exemption apply for Nieces and Nephews if you have no Children?
Asked by Constantin - Sun Jul 20 18:54:33 2008 - - 2 Answers - 0 Comments
A. It's for anyone, not just children or even relatives. Any one person can give $12K per calendar year to any other person without having to file a gift tax return.
Answered by Judy - Mon Jul 21 00:34:25 2008
Q. There is a $12,000 ($24,000 for couples) Gift-Tax exemption for Children and Grand Children. Does the same exemption apply for Nieces and Nephews if you have no Children?
Asked by Constantin - Sun Jul 20 18:54:33 2008 - - 2 Answers - 0 Comments
A. It's for anyone, not just children or even relatives. Any one person can give $12K per calendar year to any other person without having to file a gift tax return.
Answered by Judy - Mon Jul 21 00:34:25 2008
Is there a federal income tax exemption for living organ donors?
Q. I donated my kidney to my father this past year, I know that some states offer a tax exemption for organ donors. I live in a state that doesn't have state tax and was wondering if anyone knows if there is a federal exemption?
Asked by heyjude110 - Sun Nov 25 03:30:56 2007 - - 2 Answers - 0 Comments
A. There are no federal tax benefits. It may not be up to the standard of a kidney, but I am a 17 gallon blood donor and all I have to show for it is heavy orange juice consumption and a lot of holes in my arms.
Answered by wartz - Sun Nov 25 09:51:10 2007
Q. I donated my kidney to my father this past year, I know that some states offer a tax exemption for organ donors. I live in a state that doesn't have state tax and was wondering if anyone knows if there is a federal exemption?
Asked by heyjude110 - Sun Nov 25 03:30:56 2007 - - 2 Answers - 0 Comments
A. There are no federal tax benefits. It may not be up to the standard of a kidney, but I am a 17 gallon blood donor and all I have to show for it is heavy orange juice consumption and a lot of holes in my arms.
Answered by wartz - Sun Nov 25 09:51:10 2007
What is a homestead exemption? And how and where do you claim it?
Q. We bought a house last year and our closing attorney mentioned to claim it as a homestead exemption since that would save us some money on our taxes. We still have not done that. Is it too late now? Where do you go to do that and what documents do you need?
Asked by Sunshine528 - Fri Sep 15 07:47:22 2006 - - 6 Answers - 0 Comments
A. Homestead exemptions are of two types: (1) a reduction in real estate tax (which I assume you mean) and (2) an exemption from creditors' claims (in FL, TX and a few other states), although the new bankruptcy law severely limits that exemption if you ever file for bankruptcy protection. Here's an informal summary of the California homestead provisions: To get the homestead tax benefit you should call your county tax assessor's office. You haven't said where you live, so I can't give you the number.
Answered by Andy - Fri Sep 15 07:57:02 2006
Q. We bought a house last year and our closing attorney mentioned to claim it as a homestead exemption since that would save us some money on our taxes. We still have not done that. Is it too late now? Where do you go to do that and what documents do you need?
Asked by Sunshine528 - Fri Sep 15 07:47:22 2006 - - 6 Answers - 0 Comments
A. Homestead exemptions are of two types: (1) a reduction in real estate tax (which I assume you mean) and (2) an exemption from creditors' claims (in FL, TX and a few other states), although the new bankruptcy law severely limits that exemption if you ever file for bankruptcy protection. Here's an informal summary of the California homestead provisions: To get the homestead tax benefit you should call your county tax assessor's office. You haven't said where you live, so I can't give you the number.
Answered by Andy - Fri Sep 15 07:57:02 2006
Can I take a child tax exemption if my child does not live with me?
Q. My 2 year old daughter does not live with me over half of the time, but I pay 75% of her financial support (according to state guidelines) in the form of child support. I pay $850 a month in child support. Can I claim her as an exemption on my federal return? I make substantially more than her mother (we are divorced). So even though I pay 75% of the child expenses, my ex-wife gets the tax advantage?
Asked by Andy B - Wed Mar 17 13:54:32 2010 - - 6 Answers - 0 Comments
A. No, unless the child's mother gives you a completed Form 8332 that you attach to your return. The amount of support that you pay gets you no entitlement to the exemption for the child. The custodial parent gets the exemption by law and unless they surrender it to you (voluntarily or by order of a court) you have no entitlement to claim the exemption. If the mother gives you the Form 8332 then you get the exemption and the Child Tax Credit ONLY. She retains the ability to file as Head of Household, claim the EIC, claim the Child & Dependent Care Credit, etc.
Answered by Bostonian In MO - Wed Mar 17 14:12:09 2010
Q. My 2 year old daughter does not live with me over half of the time, but I pay 75% of her financial support (according to state guidelines) in the form of child support. I pay $850 a month in child support. Can I claim her as an exemption on my federal return? I make substantially more than her mother (we are divorced). So even though I pay 75% of the child expenses, my ex-wife gets the tax advantage?
Asked by Andy B - Wed Mar 17 13:54:32 2010 - - 6 Answers - 0 Comments
A. No, unless the child's mother gives you a completed Form 8332 that you attach to your return. The amount of support that you pay gets you no entitlement to the exemption for the child. The custodial parent gets the exemption by law and unless they surrender it to you (voluntarily or by order of a court) you have no entitlement to claim the exemption. If the mother gives you the Form 8332 then you get the exemption and the Child Tax Credit ONLY. She retains the ability to file as Head of Household, claim the EIC, claim the Child & Dependent Care Credit, etc.
Answered by Bostonian In MO - Wed Mar 17 14:12:09 2010
Do I file exemption's for my wife and two children?
Q. I am trying to find out if I need to file exemptions on my wife and two children, I have one exemption on my W4, and when trying to estimate my tax refund I get a question asking how many exemptions, since they are not on my W4 can I still claim exemption on my tax return? Thanks forgot to mention my wife does not work, and I am planning on filing MFJ
Asked by nexgen91 - Sun Jan 18 05:25:11 2009 - - 3 Answers - 0 Comments
A. When you fill out your W-4 with your employer you are determining how much income tax will be withheld from your income. In a perfect world, if you claim the same on your W-4 as you are going to on your tax return, then you should break even when you file your taxes. By claiming only 1 you probably had more income tax withheld than was necessary. Since you only had 1 on your W-4, you will still claim all 4 of you on your tax return. This hopefully will give you a nice refund. If you want to plan better for 2009, the W-4 does come with a worksheet that will allow you to better plan for your 2009 taxes. Laura H H&R Block Senior Tax Advisor 5 **This advice was prepared based on our understanding of the tax law in effect at the… [cont.]
Answered by hrblock.laura - Sun Jan 18 06:43:31 2009
Q. I am trying to find out if I need to file exemptions on my wife and two children, I have one exemption on my W4, and when trying to estimate my tax refund I get a question asking how many exemptions, since they are not on my W4 can I still claim exemption on my tax return? Thanks forgot to mention my wife does not work, and I am planning on filing MFJ
Asked by nexgen91 - Sun Jan 18 05:25:11 2009 - - 3 Answers - 0 Comments
A. When you fill out your W-4 with your employer you are determining how much income tax will be withheld from your income. In a perfect world, if you claim the same on your W-4 as you are going to on your tax return, then you should break even when you file your taxes. By claiming only 1 you probably had more income tax withheld than was necessary. Since you only had 1 on your W-4, you will still claim all 4 of you on your tax return. This hopefully will give you a nice refund. If you want to plan better for 2009, the W-4 does come with a worksheet that will allow you to better plan for your 2009 taxes. Laura H H&R Block Senior Tax Advisor 5 **This advice was prepared based on our understanding of the tax law in effect at the… [cont.]
Answered by hrblock.laura - Sun Jan 18 06:43:31 2009
How much percentage less will come off my income if I file singe with one exemption?
Q. Right now I figure biweekly my percentage of just Federal tax is about 12 to 13%. What would it reduce to if I claim single one exemption?
Asked by kim r - Tue Jun 29 20:27:05 2010 - - 5 Answers - 0 Comments
A. The 12% to 13% you state is your average tax. A change to your exemptions will change your withholding based on your marginal tax rate. An exemption is $3,650 in 2010. If you are in the 15% tax bracket, then it changes your taxes by $547.50 a year, which comes to about $21.06 per pay check. If you are in a different bracket or if the change in withholding moves you to a different rate, the easiest way for you see the change in your paycheck is to use a payroll calculator like the one at Paycheck City I hope this helps. Gary
Answered by garyg7 - Tue Jun 29 22:57:34 2010
Q. Right now I figure biweekly my percentage of just Federal tax is about 12 to 13%. What would it reduce to if I claim single one exemption?
Asked by kim r - Tue Jun 29 20:27:05 2010 - - 5 Answers - 0 Comments
A. The 12% to 13% you state is your average tax. A change to your exemptions will change your withholding based on your marginal tax rate. An exemption is $3,650 in 2010. If you are in the 15% tax bracket, then it changes your taxes by $547.50 a year, which comes to about $21.06 per pay check. If you are in a different bracket or if the change in withholding moves you to a different rate, the easiest way for you see the change in your paycheck is to use a payroll calculator like the one at Paycheck City I hope this helps. Gary
Answered by garyg7 - Tue Jun 29 22:57:34 2010
Can I claim an exemption from jury duty if I am a college student?
Q. I live in Texas -- Potter County. Jury Duty would not cause me to miss class, but possibly miss class work if the trial went more than a day. Is the exemption only valid if it would cause you to be absent from school? Because in my case it would not. Please let me know, thanks!
Asked by rorybellows - Mon Sep 1 11:51:53 2008 - - 2 Answers - 0 Comments
A. Yes, exactly for that reason; the trial may go on being longer and make you miss school, and they don't want that.
Answered by Krista Aya - Mon Sep 1 22:51:10 2008
Q. I live in Texas -- Potter County. Jury Duty would not cause me to miss class, but possibly miss class work if the trial went more than a day. Is the exemption only valid if it would cause you to be absent from school? Because in my case it would not. Please let me know, thanks!
Asked by rorybellows - Mon Sep 1 11:51:53 2008 - - 2 Answers - 0 Comments
A. Yes, exactly for that reason; the trial may go on being longer and make you miss school, and they don't want that.
Answered by Krista Aya - Mon Sep 1 22:51:10 2008
Can I claim an exemption for my dependent mother?
Q. My mother lives with me, and I meet the support test for her. She receives a social security retirement check each month, none of which is taxable. She has no other income. Can I claim her as a dependent and get an additional exemption for her?
Asked by Shelly G - Wed Jan 13 11:44:50 2010 - - 5 Answers - 0 Comments
A. Yes, since you say you meet the support test (paying more than half her expenses).
Answered by ronnlynn - Wed Jan 13 11:54:12 2010
Q. My mother lives with me, and I meet the support test for her. She receives a social security retirement check each month, none of which is taxable. She has no other income. Can I claim her as a dependent and get an additional exemption for her?
Asked by Shelly G - Wed Jan 13 11:44:50 2010 - - 5 Answers - 0 Comments
A. Yes, since you say you meet the support test (paying more than half her expenses).
Answered by ronnlynn - Wed Jan 13 11:54:12 2010
An adult child can be a qualifying relative for dependent exemption?
Q. A qualyifying child is needed for head of household status and has an age test. A qualifying relative definition states not a qualifying child test, I read Publication 17 and it states your child can be a qualifying relative at any age. It goes on to state that if your child is a qualify child it cannot be your qualifying relative. As my adult child is not my qualifying child and can be treated as a qualifying relative, I can take her as a dependent exemption if she meets all of the other tests to be a qualifying relative. Tax Cut also seems to agree with this. Any thoughts?
Asked by Mary F - Thu Apr 3 22:59:37 2008 - - 2 Answers - 0 Comments
A. Can't provide any additional thoughts beyond what you've already written. Looks like you've got it exactly right!
Answered by Brian J - Fri Apr 4 06:21:18 2008
Q. A qualyifying child is needed for head of household status and has an age test. A qualifying relative definition states not a qualifying child test, I read Publication 17 and it states your child can be a qualifying relative at any age. It goes on to state that if your child is a qualify child it cannot be your qualifying relative. As my adult child is not my qualifying child and can be treated as a qualifying relative, I can take her as a dependent exemption if she meets all of the other tests to be a qualifying relative. Tax Cut also seems to agree with this. Any thoughts?
Asked by Mary F - Thu Apr 3 22:59:37 2008 - - 2 Answers - 0 Comments
A. Can't provide any additional thoughts beyond what you've already written. Looks like you've got it exactly right!
Answered by Brian J - Fri Apr 4 06:21:18 2008
What is the Federal Tax Exemption Amount?
Q. My husband and I are filling out a child support computation worksheet. The question is as followed, (number of children times federal income tax exemption less child support recieved, not to exceed the federal tax exemption). Does anyone know what the federal income tax exemption is? Thanks!!
Asked by Amy I - Sun Dec 2 21:11:20 2007 - - 1 Answers - 0 Comments
A. For 2007? $3400. For 2006? $3300.
Answered by Mr. Zimmer - Sun Dec 2 21:32:15 2007
Q. My husband and I are filling out a child support computation worksheet. The question is as followed, (number of children times federal income tax exemption less child support recieved, not to exceed the federal tax exemption). Does anyone know what the federal income tax exemption is? Thanks!!
Asked by Amy I - Sun Dec 2 21:11:20 2007 - - 1 Answers - 0 Comments
A. For 2007? $3400. For 2006? $3300.
Answered by Mr. Zimmer - Sun Dec 2 21:32:15 2007
If you have a mortgage, who is responsible for filing a Homestead and mortgage exemption?
Q. The taxes in our area when up drastically. My friend asked me to review his tax bill and I noticed he did not have a Homestead or Mortgage exemption. He has a 30 year mortgage on the property and it is his only & primary residence. He's had the mortgage for five years. Is there a way for him to recoupe some of those taxes because he didn't have those exemptions. Is his mortgage company responsible? What about the back money that is owed to him because the county was over charging because he did not have those exemptions for 5 years
Asked by Alberto M - Sun Feb 1 02:03:58 2009 - - 1 Answers - 0 Comments
A. your friend is the one who would do that. if he thinks his tax is too high he can call the assessors office and they should recalculate it or at least check it out. there should be a place on the tax bill that says what to do if you don't agree with the tax.
Answered by R K - Sun Feb 1 03:16:36 2009
Q. The taxes in our area when up drastically. My friend asked me to review his tax bill and I noticed he did not have a Homestead or Mortgage exemption. He has a 30 year mortgage on the property and it is his only & primary residence. He's had the mortgage for five years. Is there a way for him to recoupe some of those taxes because he didn't have those exemptions. Is his mortgage company responsible? What about the back money that is owed to him because the county was over charging because he did not have those exemptions for 5 years
Asked by Alberto M - Sun Feb 1 02:03:58 2009 - - 1 Answers - 0 Comments
A. your friend is the one who would do that. if he thinks his tax is too high he can call the assessors office and they should recalculate it or at least check it out. there should be a place on the tax bill that says what to do if you don't agree with the tax.
Answered by R K - Sun Feb 1 03:16:36 2009
How can one claim tax exemption on housing loan repayment?
Q. If self and spouse are joint borrowers then can each avail the full exemption. Can part exemption is allowed e.g. Husband takes the full interest part of loan repayment and part payment of the principal. While remaining part of the principal is availed by wife for tax exemption. Is this allowed and if yes under which rule of income tax?
Asked by Sameer D - Thu Jan 22 01:15:10 2009 - - 3 Answers - 0 Comments
A. Not really. The interest and the Principal split is dependent on the amount paid from your individual pockets and the exemption ration is also the same ideally. The problem is tracked against the loan account and not with respect to who pays how much. The aforementioned is the ideal case. Since you wife is also earning and she is part of the loan, there is no reason why both of you should not claim partly.
Answered by Prasanth - Thu Jan 22 08:18:14 2009
Q. If self and spouse are joint borrowers then can each avail the full exemption. Can part exemption is allowed e.g. Husband takes the full interest part of loan repayment and part payment of the principal. While remaining part of the principal is availed by wife for tax exemption. Is this allowed and if yes under which rule of income tax?
Asked by Sameer D - Thu Jan 22 01:15:10 2009 - - 3 Answers - 0 Comments
A. Not really. The interest and the Principal split is dependent on the amount paid from your individual pockets and the exemption ration is also the same ideally. The problem is tracked against the loan account and not with respect to who pays how much. The aforementioned is the ideal case. Since you wife is also earning and she is part of the loan, there is no reason why both of you should not claim partly.
Answered by Prasanth - Thu Jan 22 08:18:14 2009
How true is it that the section for giving home loan exemption is going to be taken off and when?
Q. The scetion for taking home loan exemption is it going to be taken off and when?
Asked by rahul g - Tue Dec 1 11:41:14 2009 - - 2 Answers - 0 Comments
A. If your question is about Indian Taxes: May be from 2011-12 (1.4.2011) Some more details: direct taxes code bill, 2009 A Bill to consolidate and amend the law relating to direct taxes. BE it enacted by Parliament in the Sixty First Year of the Republic of India as follows:- preliminary short title, extent and commencement 1. (1) This Code may be called the Direct Taxes Code, 2009. (2) It extends to the whole of India. (3) Save as otherwise provided in this Code, it shall come into force on the 1st day of April, 2011.
Answered by N J Reddy - Wed Dec 2 09:21:27 2009
Q. The scetion for taking home loan exemption is it going to be taken off and when?
Asked by rahul g - Tue Dec 1 11:41:14 2009 - - 2 Answers - 0 Comments
A. If your question is about Indian Taxes: May be from 2011-12 (1.4.2011) Some more details: direct taxes code bill, 2009 A Bill to consolidate and amend the law relating to direct taxes. BE it enacted by Parliament in the Sixty First Year of the Republic of India as follows:- preliminary short title, extent and commencement 1. (1) This Code may be called the Direct Taxes Code, 2009. (2) It extends to the whole of India. (3) Save as otherwise provided in this Code, it shall come into force on the 1st day of April, 2011.
Answered by N J Reddy - Wed Dec 2 09:21:27 2009
Can a Foreign National Enjoy Tax Exemption if He Makes Donation to Indian Charity?
Q. If a foreign national makes a donation to an NGO listed in India, can he enjoy tax exemption on his donation?
Asked by Manmohan - Wed Dec 16 06:15:58 2009 - - 1 Answers - 0 Comments
A. A foreign national also can enjoy tax exemption if he makes a donation to Indian Charitable Organizations in india provided he has taxable income in India. For a donation given in India, he cannot get exemption abroad in any other country. Exemption on the donations given to charities has nothing to do with nationalities of tax payers but only on facts whether they have income in India and whether they are liable to pay Indian Income Tax.
Answered by subasu - Wed Dec 16 10:49:43 2009
Q. If a foreign national makes a donation to an NGO listed in India, can he enjoy tax exemption on his donation?
Asked by Manmohan - Wed Dec 16 06:15:58 2009 - - 1 Answers - 0 Comments
A. A foreign national also can enjoy tax exemption if he makes a donation to Indian Charitable Organizations in india provided he has taxable income in India. For a donation given in India, he cannot get exemption abroad in any other country. Exemption on the donations given to charities has nothing to do with nationalities of tax payers but only on facts whether they have income in India and whether they are liable to pay Indian Income Tax.
Answered by subasu - Wed Dec 16 10:49:43 2009
From Yahoo Answer Search: 'exemption'
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prlog.org
Tue, 27 Jul 2010 15:49:11 GMT+00:00
PRLog.Org (press release) It has its own constitution and also anyone giving help to this society will enjoy exemption from income tax under 80-G. The NVS (Blind School India) is ...
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> Python Software Foundation Missing 1023 form The text of the letter from the IRS is below You can also view a scanned image of the letter 118KB PNG 1 1MB TIFF
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State House News Service
Wed, 07 Jul 2010 15:05:02 GM
Restauranteurs in Massachusetts are seeking an . exemption. from the state's so-called "gift ban" on payments to physicians from the medical device and pharmaceutical industries.
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