When does an worker develop into eligible for gratuity?

My spouse labored for a corporation for precisely 4 years and 10months. Is she eligible for gratuity? 

— Name withheld on request 

Section 4(1) of the Payment of Gratuity Act, 1971, offers that gratuity shall be payable to an worker on the termination of employment after she or he has rendered steady service for not lower than 5 years. Section 4(2) of the act offers that for each accomplished yr of service or half thereof in extra of 6 months, the employer shall pay gratuity to an worker on the prescribed charges. The Madras High Court in Salem Textile Case had held that an worker who has accomplished 4 years and 240 days is eligible for gratuity.

I’ve two brothers and we plan to promote a plot that’s in our names. We wish to construct a home in one other  plot which is within the  identify of two brothers. 

Is there any option to get a tax break for the third brother if his share can be invested within the new property?

 — Name withheld on request 

We perceive that the plot offered is within the identify of three brothers, and the plot on which the proposed residential home is to be constructed will probably be within the identify of two brothers. 

Under part 54F, the judiciary up to now had adopted purposive building and allowed a deduction on the residential property constructed on a plot not registered within the assessee’s identify. Principles laid out by the Jaipur Tribunal in Ganesh Chawla (ITA no 452/JP/2017) could be relied on by your brother for the tax break on the quantity invested in the home property, offered different circumstances laid out beneath the part is glad.

I earned ₹9.5 lakh for  fiscal yr 2021-22. After utilizing the HRA, ELSS advantages, I needed to forego over ₹20,000 in taxes. Is there any option to get a  refunded later once I file the ITR. Will shopping for an insurance coverage coverage now assist?

— Name withheld on request 

Under part 80C of the I-T Act, a most good thing about ₹1,50,000 could be claimed. The part offers for deduction of premium paid on life insurance coverage offered that the premium paid doesn’t exceed 10% of the sum assured. In addition, you can too declare a medical insurance coverage premium beneath part 80D for self (partner and kids) for ₹25,000 and for folks ₹25,000. If your age or dad or mum’s age is above 60 years, then the deduction obtainable is ₹50,000 every. Please notice that you’ll not be eligible for deductions if you happen to decide to pay tax beneath the brand new tax regime.

Mukesh Kumar M is founding accomplice  and Prasanna Okay is affiliate accomplice of M2K Advisors.

Subscribe to Mint Newsletters

* Enter a sound e-mail

* Thank you for subscribing to our publication.

Download
the App to get 14 days of limitless entry to Mint Premium completely free!