Age 32, Self-employed, 2 lacs/annum, can my dad invest 3 lacs in postal MIP with no tax burden on me?
475455
Hey, if he deposit in his name, tax burden can not come on you.Then if your father is retired and depending on his age, he may also be out of tax burden , provided he has no  other income.\n   You have given very few details. Anyway, tax burden can not come on you, because, the amount of interest on RS  lacs is not huge.
535261
I'll try to remember. We have Value Added Tax, about 17.5% on certain goods and at a lower rate for gas (petrol) and electricity. Capital Gains Tax after an inheritance over a certain amount. Income Tax, comes out of your wages or your business profits. National Insurance paid out of your wages but your boss pays a larger amount than you, this pays for Welfare benefits and free hospital treatment. Council Tax for all local services Street cleaning, Road mending council house repairs, the police etc., Water rates which pay for your water supply, some areas like where I live in Eastbourne East Sussex have two lots, one for sewage and one for supply as we have different companies supplying both services. I'm not sure if there's an Inheritance Tax as well as the Capital Gains tax but there's also Stamp Duty which is paid during the act of buying a house and various Exises and Duties levied on goods brought into the countries at ports and airports.
62381
If the employer provided a match, then yes.  If not and they have a match with the traditional 401k I would contribute to that.  If no match to either, then I would invest outside of my employer.  First in a Roth IRA and then in I bonds and mutual funds.
147476
Watch out for some of these answers. 20% return (with no time frame mentioned...hmmm) with little risk is not realistic. A private equipment leasing investment is a huge risk, not only if construction slows and business drops off, but there is zero transparency, who are they?\n\nHigh yield (junk) bonds aren't a terrible idea, but only for a portion of your money, not all. What you have to ask yourself is:\n\nDo I already have a sufficient emergency fund (3 months worht of expenses, min) set aside NOT counting the 9Gs? If so, you can invest for the longer term. If not, find a good money market account (INGDirect or HSBC Direct) and plug enough of the $9,000 in there to make up the 3 months. Depending on your expenses you may need to add money to $9,000.\n\nOnce your emergency fund is taken care of, you can invest the rest. You now have to ask yourself (or have a financial planner ask you) what am I saving this money for? Is it ok to lock it up for retirement or do I expect to use these funds to buy a house in 5 years or send someone to school 16 years from now? Your time horizon(how long you have to stay invested) is the single largest determinant of how much risk can be built into your portfolio through asset allocation. Your attitudes towards risk will fine tune your allocations. A competent financial planner can help you through this process.\n\nALSO, AVOID these spammers talking about Daily12 or Swisscash or any other pyramid scheme. They're garbage.
523192
PF rule is -\nEmployees' share of contribution is Minimum 12% of Basic +DA.\nEmployers' share is 12% of B+DA, out of this 8.33% of B+DA (maximum-6500) goes to EPS (Penstion fund) with the Govt.and, the balance to your PF a/c.\nYou can close the account by filling Form 19 ,and,if the employer is exempted unit then by Form 10-C (if the total period is less than 10 years) for EPS amount and by an application to the Employer for PF amount. \nIf the period is more than 10 years then EPS amount can not be drawn but at the age of 51-58 you can fill Form 10-D to get pension from the Govt. (RPF Commissioner)\nfor further details you can chat with me.
828392
It does not matter where you work.  Whatever entity you set up, you will wish to take profits out of the business to live on, right?  In that case, you will have to pay NY taxes becaus that is where you live.  Remember, not all free advice is worth the money!  (Think about it.)\n\nYou should consult with a NY CPA, who will be able to advise you best.  Do not rush to a low-tax jurisdiction without considering the effect on your own personal return.  Ultimately, that is the bottom line.
743634
It's called a Personal Pension but the limits are stricter than the USA.  See an independent financial adviser and, if your situation warrants it, a Chartered or Certified Accountant.
264475
There are no separate tax structure for pensioners but it is for senior citizens i.e. who has completed the age of 65 years during the previous year.\n\nThus for financial year 2005-2006, if you have completed 65 years before 31-3-2006, the tax rates will be as follows -\n\nTotal Income -\nUpto 1,85,000/-  :  Tax - Nil\nabove Rs.1,85,000/- but not exceeding Rs.2,50,000/-  :  Tax @ 20% of the income above Rs.1,85,000/-\nand \nabove Rs.2,50,000/-  :  Tax Rs.13,000/- plus Tax @ 30% of the income above Rs.2,50,000/-\n\nTo illustrate -\nif your total income is Rs.3,00,000/-\nTax will be Rs.28,000/- calculated as follows -\nOn First Rs.1,85,000/-     Nil\nOn Next Rs.65,000/- @20%   Rs.13,000/-\nOn Next Rs.50,000/- @30%   Rs.15,000/-\n\nFor more clarification visit http://www.meraconsultant.com or write to info@meraconsultant.com
779839
Assuming that you're in the UK there's a few options - just save in a regular account, put money into an ISA each year, or go for an endowment product - you pay a monthly premium and it pays out a lump sum after a set period (the monthly premium and the period of the plan depends on the size of lump sum you need).  This type of investment will depend on stock market movements so you might not get back as much as you think.\n\nAnother option is a friendly society bond - you can put up to £25 a month away over ten years tax free.  Try looking at a company like Scottish Friendly.
352001
I believe the first USD80,000 is tax free but then you have to pay tax.  Unless your company pays for it!  Check with your tax adviser!
846924
The first thing you should note is that you have an annual personal tax allowance of £5035. This means you do not pay tax on the first £5035 in any tax year. (april-april).\n\nOn the next £2151 you pay tax at a rate of 10%.\n\nBetween  £2151 and £33300 (over the allowance) you pay 22% Tax.\n\nAnything above this you pay 40% tax.\n\nThis means the higher tax band starts at £38,335 (£33,300+£5035). Any income above this will be subject to 40% income tax.\n\nTo complicate matters you pay national insurance at 11% for earnings between £97 and £645pw but this drops to 1% above £645pw.\n\nIf you are close to the higher tax band you may be able to bring yourself back below the band by paying more into your pension. There is no other legitimate way to avoid the 40% demand.\n\nAlso make sure your savings and investments are in tax efficient forms (such as ISAs). This will mean that you don't have to pay tax on your interest.\n\nNote:-\nThis assumes you are below 65 (above 65 your personal allowance increases to £7280).\n\nIncome includes all income including investments (rental income, interest, share dividends etc.) \n\nBe happy with earning a decent wage!
521264
the only way for someone your age to do it is to set up a business in Australia - the minimum investment is not that big but I forget the amount - look it up on the Australian immigration department website, there are also a number of websites that provide advice for people wanting to emigrate to Australia.  good luck, it's a great plan, go for it!
631114
Technically yes - but only on a proportion of the total gain.  The period relating to your living there is exempt from CGT, as is a further three years (based on an old assumption that it may take you a long time to sell).  There are further exemptions depending on your circumstances - eg if you are employed abroad or working away from your home town for certain periods.  It is more complicated if you own a second home as well, in which case you should get specific advice - or put more details on here and I`ll try to help!
397967
as much as you can! you should get a pension asap, compamny schemes are good as the company puts in aswell. see your financial advisor asap
849494
Only good income tax practetioners can answer your question correctly. No income tax practerioner will answer your question because it involves lot of time to calculate and answer. That too you are asking it for the F.Y 2004-05. Again your financial year end is 30th June.\n\nBest of luck
100055
Yes you can. Check out Equity Trust Company on the web. The ability to shield capital gains from taxes by using your IRA is an incredibly powerful tool.\n\nwww.trustetc.com
331522
There's no way to really answer this without more information.  It depends on what type of pension plan you have, and more importantly, how old you are.  If you are 59 1/2 and it's your own 401k/IRA type plan it's possible you can.  If it's a company provided plan, you'll probably have to take it as a monthly income.  Consult a specialist in your area.