Did you know you can avoid paying taxes on the sale of your residential property? 🌱 One of the most popular ways to save tax on the sale of residential property is to reinvest the capital gains in another residential property. 🌟 To qualify for this exemption under Section 54 of the Income Tax Act, 1961, you will need to purchase a new property either one year before or two years after the sale. 🙌🏼 Alternatively, if you construct a new property within three years after the sale you can still apply for the exemption.🙏🏼 This is one of many ways you can LEGALLY avoid paying any taxes on capital gains – will share other ways too, soon! 🎉 Till then make sure you share this with your friends to help them avoid taxes this season and follow along, if you haven’t already! 🫡 . . [property, real estate, Shreyaa Kapoor, taxation, tax, tax tips, capital gains tax, house, property tax]
My dad, is the OG freelancer – he started his own consuting company 25 years ago! 🙌🏼 Since then he has not only worked with some of India’s leading companies but also generated employment for over 60 people! 🧿 However, the business has been very traditional from the get go – he mostly gets clients from word of mouth or just in person networking and hence, after pestering him for years; we finally got to making a website for his export import consultancy business.🌟 All thanks to @odoo.official which is an end to end business management tool – this all in one platform allows you to do customer relations, brand building, accounting, sales and much more!🎉 #partnership It is so easy to use – my dad with no coding experience built a website in under 10 mins – publishing it soon! 🫶🏼 You can check it out for your small business or side hustle using the link in my bio!❤️ . . [small business, side hustle, freelancing, startup India, Odoo, website, business, freelancers, small biz, Shreyaa Kapoor, freelancing tips, side hustle tools]
Think about the women in your life; I am certain they not only provide emotional assistance but also financial! ✨ With the changing times women are contributing equally to their household and in some cases are also primary bread earners. 💰 In such a scenario, it becomes essential that they are insured with term insurance and here is why: – It provides financial security to a woman’s dependents in case of her untimely demise. – It ensures that her loved ones are financially supported and can cover expenses like mortgages, children’s education, or daily living costs. – Income Replacement: Term insurance helps replace this lost income, ensuring that the family can maintain their standard of living even after the woman’s passing. – Coverage for Debt: If a woman has any outstanding debts like loans or mortgages, a term insurance policy can cover these, preventing her family from being burdened with these financial obligations. – Cost-Effective Coverage: Term insurance usually offers a high coverage amount at relatively affordable premiums, making it an efficient way for women to secure their family’s financial future. – Tax deduction: Moreover we can also claim a tax deduction of up to Rs. 1.5L under 80C If you are looking to get term insurance for yourself or women in your life, head to @policybazaar or tap the link in my bio where you can compare multiple policies and choose the one that fits your specific requirements! #collab . . [insurance, term insurance, insurance for women, women insurance]
If you are running a small business where you turnover is less than 3cr there is good news for you! 🙌🏼 Your tax liability is reduced to 6% of the total receipts and 8% in case of cash receipts! 🙏🏼 Moreover, You don’t have to maintain accounting records.🙌🏼 Individual assessees, Hindu Undivided Families, and partnerships who are Indian residents can claim deductions under Section 44AD.🌱 Once a taxpayer opts for presumptive taxation scheme, he is required to follow the same scheme for next 5 years. If he fails to do so, presumptive taxation scheme will not be available for him for next 5 years.🫠 Please note that the taxpayer has the option to voluntarily disclose business income at a rate higher than 8% or 6%, as applicable. 🗂️ By choosing to file returns under Section 44AD, the taxpayer is not allowed to claim deductions provided under Section 30 to Section 38 of the Income Tax Act. This includes depreciation and other deductions.🙏🏼 Do drop you questions in the comments below! And share this with your friends currently running their own business!🫶🏼 Concept credit: @gauravmotivegroom 👑 . . [small business, tax tips, taxes, tax, tax season, personal finance, personal finance tips]
If you are a professional working independently in the following fields: Interior decorations, Technical consulting, Engineering, Accounting, Legal, Medical, Architecture, Movie artists include producers, editors, actors, directors, music directors, art directors, dance directors, cameramen, singers, lyricists, story writers, screenplay or dialogue writers and costume designers. 🙌🏼 Then section 44ADA is for you! 🌻 Professionals mentioned in the section can pay tax on their gross receipts under section 44ADA, and they can opt for this scheme only if their total income does not exceed Rs.75 lakhs.🙏🏼 This section reduces the tax liability by deeming 50% of gross receipts as profit. And you are still eligible to claim deductions like 80C, Medical insurance etc. 🙌🏼 A very important questions that self employed people have is how do we claim rent when we are given HRA anymore then note that under section 80GG – you can claim rent!🌱 For calculation – out of 15 Lakhs, under 44ADA you say your profits are 7.5 lakhs. Over and above this you claim 1.5L under 80C in ELSS or PPF, then 60,000 under 80GG for rent and medical insurance for 50,000 – bringing your income below 5 L. 🙌🏼 You can also opt for other tax deductions like education loan deduction, home loan deduction etc depending on your individual situation – I have made a detailed video on this a few weeks back! 🙌🏼 Once you get your taxable income down to 5lakhs – you get a tax rebate under 87A and hence pay 0 taxes!🌱 Feel free to drop your questions in the comments below and share this with your self employed friends!🫡 . . [tax tips, tax season, tax saving, self employed, freelancer, taxes, rent, personal finance]
There is no doubt that prevention is better than cure when it comes to our health! 🙏🏼 Regular health tests can help detect potential health issues early, allowing for timely intervention and treatment, which can improve outcomes. This also helps you make informed decisions about lifestyle changes or preventive measures.🙌🏼 The silver lining here is that you can also claim a INR 5,000 deduction under section 80D for any payments made towards preventive health check-ups.🫶🏼 This is why I am partering with Apollo ProHealth. It is a super comprehensive health check up which customizes your tests based on your family history, symptoms, lifestyle. 🌱 Then, in your final report it gives you an AI-backed score which predicts your potential future health risks, so you can make necessary changes starting now itself. Remember – health is the cornerstone of building anything in life including wealth!❤️ Share this with your friends as a reminder to get their checkup done before 31st march!🫡 . . #BeProHealth *Bio Link:* https://bit.ly/3It8UBI
Did you know you can get upto 10 lakhs in deductions if you have a home loan liability! 🙌🏼 Apart from the obvious 80C and 24(B) benefits – did you know that if you are a first time home buyer you can also claim deductions under section 80EEA.🙏🏼 Here are the conditions you should know about: -The loan should be sanctioned during the period 1st April 2019 and 31st March 2022. -Stamp duty value of the house property should be Rs 45 lakh or less. Now all these benefits will potentially double if you apply for a joint home loan!🫶🏼 In a joint home loan, since each co-applicant is eligible individually for the above deduction, the collective tax benefits are much higher than in the case of a single applicant loan. 🙌🏼 The actual amount of tax benefit enjoyed by each co-applicant is in proportion to their contribution in repayment of principal and interest!🌱 If you learnt something new, make sure you share this with someone who has an ongoing home loan! 🫡 . . [home loan, loan tips, personal finance, home loan, tax tips, tax saving, saving hack, tax, taxes, home loan saving]
Be it a suspicious link sent online or calls for get rich quick schemes – never believe such fake calls and messages. 🫠 To stay safe, always check if a website looks real, don’t click on unknown links or download unknown files, and always keep your personal and sensitive bank info private. 🫶🏼 Remember, while UPI transactions are safe – we must take care of our money, ourselves. 🙌🏼 So share this video with your friends and family to spread the word!🙏🏼 . . #GyaanSeDhyaaanSe
FEB END LIVE 🫶🏼 All about freelancing, taxes and investing! 🙌🏼
Here is how you can pay 0 tax on your 12 lacs salary: If your annual income is Rs 12 lakh, then there is no other way, for salaried employees, to save taxes than by claiming a standard deduction of Rs 50,000 under the new tax regime. 🙏🏼 But with the old tax regime you can bing down your tax liability down to 0!🌱 Here is how: -Standard deduction (50,000) -80C deduction (1,50,000) -80CCD deduction (50,000) -80D deduction (50,000) – 25k for self and 25k for parents -24(b) home loan deduction (2,00,000) -80E education loan deduction (50,000) But people often forget the conditions for a major deduction – Rent!🫡 HRA benefit is the minimum of: The actual HRA received ✅ Rent paid annually reduced by 10% of salary ✅ 50% of your basic salary (if you live in a metro city) ✅ 40% of your basic salary (if you live in a non-metro city)✅ Did you know you can even claim HRA even if your company does not offer it – under section 80GG!🎉 Save this so that comes in handy when you do file your taxes and share this with your friends making 12 lacs, more or less!🌱 . . [HRA, tax, tax tips, personal finance, finance, tax season, rent, house rent, education loan, home loan, salary]
I recently went to Thailand to attend the Coldplay concert! 💛 And what made the deal even sweeter is that I booked my airline tickets fully using coins on my credit card! 🙏🏼 Travel can indeed prove to be inexpensive if you understand even basics of travel hacking, apart from this: You can volunteer in hostels 🥂 Travel in shoulder season 🌱 Use stop over programs offered by airlines and much more!🎉 A card that enables seamless travel is @getscapia! It offers: 🚀 A generous 10% rewards program on all your daily expenses which you can redeem directly on the Scapia app for flights and stays ✈️ No forex markup 🛋️ Unlimited access to domestic lounges It’s an ideal choice for frequent travelers or anyone looking to make the most of their rewards and advantages while on the go.💯 Comment “Travel” to get a link to this card! And do share this with all friends you want to make travel plans with! 🙌🏼 . . [partnership, travel tips, coldplay, Thailand, travel hacking, credit cards, personal finance, finance hacks]
Planning on buying a car anytime soon? Well then this rule might just be the directional answer you need – 20/4/10 rule! 🙌🏼 This rule suggests you can afford a car if you can meet the following three requirements: -You can make a down payment of 20% or more when purchasing the car 🌱 -You can take out a car loan with a term of four years or less🙏🏼 -You can have your total transportation costs—not just your car loan—be less than 10% of your monthly income 🙏🏼 This rule is helpful as it makes sure you can afford a down payment on the car. This is important because new cars begin to depreciate when you drive them off the lot. Without a decent down payment, you may immediately end up upside down on your car loan.🌟 A four-year car loan can help you limit the interest you pay because you’d pay off the loan relatively quickly. Finally, keeping your total transportation costs to less than 10% of your monthly income can help ensure a car doesn’t dominate your budget and leaves room for other expenses.✅ Please know that this is not a one size fits all rule so things can vary given your specific situation – however this is a good guideline to follow to know that you are not over stretching yourself when buying a car!🫡 Share this your friend getting a car anytime soon! 🙌🏼 . . [ car loan, personal finance, finance tips, car, vehicle loan, loan tips, car buying, 20/4/10, personal finance hacks, finance hacks]
Two things in life are certain – death and taxes! 🫠 But if you are planning on selling your land/ building then here is how you can legally avoid paying taxes on the same!🙌🏼 If you long-term immovable property (land or building), you have the option to avail capital gain exemption under Section 54EC by investing in certain bonds.🫶🏼 Here are some things you need to remember: -The asset being sold should be a Long Term Capital Asset, which includes land or building or both so held for 24 months or more before sale. ✅ -The investment should be made in 54EC bonds: Rural Electrification Corporation (REC), Power Finance Corporation Limited (PFC) bonds, or Indian Railway Finance Corporation (IRFC) Limited bonds.✅ -The total investment amount cannot exceed INR 50 lakhs during the current financial year and the subsequent financial year.✅ -The taxpayer must invest the Capital Gains within 6 months from the date of transfer.✅ PS : NHAI bonds have been discontinued 🙏🏼 I have previously shared how to save taxes on sale of shares/ house in previous reels – do check those out!🫡 Share this with someone who sold their land/ building this FY so that they can save taxes!🌱 . . [tax tips, capital gains, taxation, taxes, tax season, personal finance, finance tips, money tips, money hacks, tax saving]
You pay ~40,000 in taxes if you make 9,00,000. 🫠 But you can pay absolutely nothing!🤌🏼 If your annual income is Rs 9 lakh, then there is no other way, for salaried employees, to save taxes than by claiming a standard deduction of Rs 50,000 under the new tax regime. 🙏🏼 But with the old tax regime you can bing down your tax liability down to 0!🫶🏼 Here is how: -Standard deduction (50,000) -80C deduction (1,50,000) -80CCD deduction (50,000) -80D deduction (50,000) – 25k for self and 25k for parents -HRA deduction (1,00,000) But here are some other options you can opt for if any of the above options don’t apply to you!👇🏼 -Section 24(B): home loan interest deduction -Section 80G: donation to exempt institution -Section 80E: Education loan deduction Save this so that comes in handy when you do file your taxes and share this with your friends making 9 lacs, more or less! 🎉 . . [tax tips, salary, tax, tax saving, personal finance, finance tips, tax season, money saving, tax season]
If you sell any capital asset such as stocks, mutual funds, property – taxes come along with it! 🫠 But there are ways using which you can avoid paying any taxes on the sale of shares and mutual funds, just like sale of property (as shared in an earlier reel)🙌🏼 Under section 54F of the Income tax Act – if you sell the stocks and mutual funds to reinvest the sale amount in property – you will have to pay 0 taxes on long term capital gains made in the stock market!🌟 From 1st April 2023, the maximum deduction available under Section 54F is up to Rs. 10 crores.🌱 Here are a few more things to keep in mind: -The assessee must not own more than one house. 🙌🏼 -The house must be purchased within one year before or two years after the date at which such capital asset is sold. 🫡 -If the house is being constructed, the construction must be completed within 3 years from the sale of such a capital asset.🙏🏼 -The house must not be sold within 3 years; else, the exemption will be withdrawn.🫡 Share this with your friends who made a solid profit in the markets this FY as a reminder to save taxes!🎉 . . [Shreyaa Kapoor, capital gains, share market, stock market, tax tips, taxation, personal finance, finance tips, taxes]
Your parents are not always right! 🫠 Controversial – I know but stick with me.👇🏼 My dad is a CA and everything from investing to insurance I have learnt from him. But even he had preconceived notions about credit cards all his life. 🌱 I categorically remember him saying that if you have a balance in your account, just use a debit card!🫡 And that is exactly what I did – all throughout my job. All office outings I paid for using my debit card. I regret that now because imagine the points I would have racked up by just using a credit card instead. 🌟 I had to unlearn that personally and educate myself on how credit cards can actually be beneficial for not just getting free flights but also building a solid credit score. I have 3 credit cards personally and I genuinely can’t do without them now!💯 Check your own credit score using @getonescore and don’t worry, this doesn’t count as a hard inquiry so your credit score will not get affected! #partnership Comment ‘Score’ and I will DM you the link! 🫶🏼 . . #ScoreDekhaKya #OneScore #cibil #creditscore #personalfinance #personalfinancetips
Watch till the end for my fav dad joke! 🤌🏼 Anyway, are you a salaried employee staying with your parents in a house that they own? 🙌🏼 And you don’t co-own? 🙌🏼 I have news for you! 📰 You can pay them rent and claim the house rent allowance (HRA) exemption offered by your employer.🌟 This works best if your parents are in a lower tax bracket than you! 🙏🏼 While this amount is taxable in their hands, they can claim a deduction of 30% on the annual rent for repairs and maintenance under Section 24 of the income tax act. 🤌🏼 Note that if the rent is above Rs 1 lakh a year, their PAN card details will also have to be shared.🙌🏼 The deduction amount will be lower of the: – Actual rent paid minus 10% of your basic salary – Total HRA that the employer provides you – 40-50% of basic salary depending on residential conditions So bottom line?👇🏼 PAY RENT TO YOUR PARENTS AND SAVE TAXES!🌱 . . [HRA, tax tips, taxation, house rent allowance, Shreyaa Kapoor, personal finance tips, taxes]
This is a Govt backed zero risk savings scheme!🌟 The Mahila Samman Savings Certificate is a one-time scheme available for two years, from April 2023-March 2025! 🙌🏼 Apart from the things talked about in the video – here are a few important things you must know!🫡 You can withdraw the amount, prematurely. The account holder can withdraw up to 40% of the account balance after one year from the account opening date. 🙌🏼 But you will not be given any rebate under section 80C for this scheme.🙏🏼 And while TDS should be applicable under this scheme you won’t have to pay any as even if you invest 2 lacs in the scheme which is the maximum amount – the interest will only be 32,000 and TDS is only applicable if this exceeds 40,00 under section 194(A). 🎉 If you still have any questions, feel free to drop them in the comments!👇🏼 . . [Shreyaa Kapoor, Govt scheme, schemes for women, investing for women, investing tips, investing schemes, zero risk investments]
By now we know the basics – what an SIP is how it can be amazing if you want to start out your investing journey. 🙌🏼 But today let’s explore the next level of it – Step up SIP. 🫡 In theory, it simply means that as time goes by and you climb the ladder up in your career, you can choose to also increase your monthly SIPs in index/ mutual funds for a bigger impact.🫶🏼 As discussed in the video – you make a monthly SIP of 10,000 but increase it by 10% monthly the next year – this way with a conservative 12% return – you make upwards of 8,83,31,000.🎉 On the contrary if you just keep investing 10,000 every month without stepping up the game – you are left with a significantly lower amount!😅 You can choose to increase or decrease the SIP amount given your individual circumstance but remember – you will always be better off stepping up the SIP game!🙏🏼 As always, share this video with your friends and step up your 2024 goals with step up SIP!❤️ . . [step up, SIP, investing, mutual funds, index funds, investing for beginners, Shreyaa kapoor, investing tips, money, share market, stocks, stock market]
Save money on your wedding day! 🎉 In India, the taxation of wedding gifts received is covered under Section 56 of the Income Tax Act, 1961. The gifts newlywed couples receive on the occasion of their marriage from their immediate family members are not taxable in India. 🫶🏼 These gifts can be in any form, such as a house, property, cash, jewelry or stock, etc., and are exempt from taxation.❤️ Do note that in case you have shown some amounts or assets as having been received at the occasion of your marriage, you will have to furnish the details of all the persons from whom you have received the gifts. 🎁 Share this with all your friends getting married this season! 💍 . . [Shreyaa Kapoor, Indian wedding, wedding, marriage, wedding gift, wedding prep, taxation, gift tax]
Infertility is a common concern faced by many couples in India but not talked about enough!🫠 Infertility treatment is expensive in India and abroad. For instance, an IVF treatment can cost somewhere between Rs 1 lakh to Rs 4 lakh with no guarantee of success. Nonetheless, most health insurance plans do not cover the cost of infertility treatment.🍀 You can take it as an add on to your maternity insurance, which has a waiting period of 1-3 years. 🌱 To help you navigate that easily, here is a list of some top maternity insurance providers in India: Aditya Birla Activ Fit Plan Bajaj Allianz Health Guard Policy Care Joy Maternity Insurance Plan HDFC ERGO my:health Suraksha Plan National Parivar Mediclaim Plus Policy New India Assurance Yuva Bharat Health Policy Niva Bupa Heartbeat Insurance Plan Reliance Health Infinity Insurance Plan SBI Super Health Insurance Plan Tata AIG Medicare Premier Plan Drop your questions in the comments below and we will be happy to answer! 🫶🏼 Also share this with your friends getting married this season! 🙌🏼 . . [Shreyaa Kapoor, Infertility, Insurance, health insurance, wedding, maternity insurance, gynaecologist]
An NCB retention letter, also known as an NCB certificate, is a document that confirms that you have not made any insurance claims during the policy term. It is valid for three years. 🙌🏼 Once you sell your car, it helps you get discounts on premium when buying a policy for the next car. Even if you transfer the ownership of your policy to that person, the NCB is non-transferrable to the buyer and stays with you. ✅ To get an NCB retention letter, you can: – Contact your insurer and request an NCB certificate – Submit forms 29 and 30, along with relevant sale documents of your car (Forms 29 and 30 are used to transfer the ownership of a vehicle. Form 29 is a declaration from the seller, while Form 30 is a declaration from the buyer) – Provide a cancellation letter from your previous insurer that states your no claim bonus. Format inspired from @gauravmotivegroom 🫶🏼 Save this video for future reference!🍀 [Car selling, car, insurance, vehicle insurance, NCB, insurance tips, NCB retention letter]
3 years ago, today, I said no to a major Fin-tech company when they asked me to be the face of their Youtube channel. 🫠 I remember saying no – right away. I was so scared of being in front of the camera that no amount of money or other perks could change my mind.🫡 For the next 4 months, I grappled with the idea of whether or not this will be my identity forever. Just a camera shy freelancer – reluctant to change.🌱 And that is when, after much contemplation, I started my own finance page on Instagram. Initially it was just carousel posts and 5 second videos – because that is all I could get myself to do. And gradually 5 seconds became 10 then 20 and now, it is something I enjoy doing for a living.🫶🏼 This one experience has made me realise that we often get too comfortable with a trait we have – without much effort to change it and often use it as an excuse. Like I am a procrastinator or I am a messy person – often using it as a shield and refusing to change but I feel growth really lies outside of what we know.🙏🏼 And to be honest I could not have come out of my shell had t not been the overwhelming support from all of you! I know words can’t be enough to thank you but numbers can haha! 🙌🏼 You can use the code “FIN8394” to get additional 20% off your purchases on Freakins! 😌 Also special thanks to @freakinsindia, @finnetmedia and @ayushshukl.a for this core memory of 2023. ❤️ . . [Shreyaa Kapoor, freakins, billboard]
You need one new family member to help you save taxes! It’s called an HUF! HUF is taxed separately from its members. Buddhists, Jains, and Sikhs can also form an HUF. 🙌🏼 An HUF is taxed separately from its members. Therefore, it can claim deductions or exemptions allowed under the tax laws separately. 🙌🏼 For example, if you and your spouse along with your 2 children decide to create an HUF, all 4 of you as well as the HUF can claim a deduction for Section 80C.🙏🏼 The family members who have formed a HUF can take advantage of their own income tax benefits as well as HUF income tax exemption of up to Rs. 2.5 lakhs.🌱 There are multiple other benefits to forming an HUF – covering those soon, so make sure you follow along and share this on your family groups!🫡 . . {HUF, taxation, tax tips, tax saving, save tax, personal finance, finance tips}