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RBI Cracking Down on P2P Credit Card Transactions (Rent)
- Thread starter rogerthat
- Start date
Abhishek012
TF Pioneer
Sab apna apna dimag lagaye ja raha hai but genuine reason pe koi baat nahi karta hai.
Aur mere batane se kya faida hoga, log apna dimag lagayega he. Toh rahene dete hai.
BhaiyaJi
TF Ace
Batao aap batao genuine reason
Pack_of_Cards
TF Premier
Not advisable if you do not stay with them, it will still work though.
Check this clear tax article.
Yes.. they want to get to the bottom of where this cash is being used...? so anywhere there is any possible credit to cash transaction they are clamping down hard...So the rent payment party too will soon come to an end. RBI is tightening the screws on the credit card business and especially on VISA/MasterCard from all ends.
RBI cracking down on P2P credit card transactions
RBI cracking down on P2P credit card transactionswww.thehindubusinessline.com
I mean if America & Europe was at 8-10% inflation .. I won't complain 7-8 % in india
Because. Thats more or less Normal for us.
But majority problem lies in lack of innovation of public + Gov interaction in introduction of new tech .
Sarkari babus from Du University from history subject taking Decision on restrictions of Ai & web 3 ..
Upsc is curse left by British
sidp
TF Ace
Going after crypto was a good move. If anything they were little late. They can't be responsible for things that they can't control. As financial stability is responsibility of rbi( & govt) and public will always hold them accountable, it was the right move.
The only issue I find double taxation, while putting money and again while taking out. So you end up paying tax even when you make a loss.
True. I would like all bureaucrats be replaced by qualified consultants (ca/mba). It will be much more efficient and save a lot of tax money. But it won't happen because of politics.
Kuch bhi!! (borrowing phrase from another member)
OG means ?
sidp
TF Ace
Original gangsta meaning authentic 😂
sidp
TF Ace
You can pay your parents rent if the house is under their name and if they disclose the rent income. So if they are already at 30%tax bracket , they'll also pay 30% tax on rent income.
You can also gift your relatives. There is limit of course. For senior citizen parents/in-laws it is 3Lpa for super senior(>80yr) it is 5L. There is no yearly limit to gift to wife but experts advise to keep daily limit<2L just to be cautious as there is a daily limit of cash gift of 2L. So if you are in 30% tax bracket and your wife is home maker. You can move your investment in her name. All income of that investment is taxable according to tax slab. So if you send 80L and she earns 8L interest on it. She will pay tax just like anyone earning 8L even if she is homemaker and principal amount was a gift.
But there are other problem associated with this. If you buy a house/land. You should file a benami property transactions. Which will state even though asset is in her name, you are rightful owner. In case of divorce, she can't say it's her asset. But same is harder to prove in case of cash/jewellery which is considered "streedhan". May be with bullion or gold coin you can, but not with a necklace.
You can also gift your relatives. There is limit of course. For senior citizen parents/in-laws it is 3Lpa for super senior(>80yr) it is 5L. There is no yearly limit to gift to wife but experts advise to keep daily limit<2L just to be cautious as there is a daily limit of cash gift of 2L. So if you are in 30% tax bracket and your wife is home maker. You can move your investment in her name. All income of that investment is taxable according to tax slab. So if you send 80L and she earns 8L interest on it. She will pay tax just like anyone earning 8L even if she is homemaker and principal amount was a gift.
But there are other problem associated with this. If you buy a house/land. You should file a benami property transactions. Which will state even though asset is in her name, you are rightful owner. In case of divorce, she can't say it's her asset. But same is harder to prove in case of cash/jewellery which is considered "streedhan". May be with bullion or gold coin you can, but not with a necklace.
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Reg. rent, factor in the fact that there's a 30% standard deduction. So even if parents are in 30%, they get taxed at 21.xx%.
Gifting to parents should be fine, but gifting to spouse attacts clubbing provisions, which has been discussed on other threads.
abhishek.nirgun
TF Neo
Now, one of the most rewarding cards for paying rents SBI Vistara Prime has stopped rewarding on rent payment w.e.f 15 April 2024.
Haha that will be rotating money without ur money and u will be caught in debt trap na
emis can be for car loan and home loan as well
paxauquabriba-4876
TF Premier
So the rent payment party too will soon come to an end. RBI is tightening the screws on the credit card business and especially on VISA/MasterCard from all ends.
RBI cracking down on P2P credit card transactions
RBI cracking down on P2P credit card transactions
INNOVATION = https://www.biltrewards.com
this isnt avaialble here
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