Salary Employees Installment Purchase Income Tax Question

by Amit Jain
(Bangalore)

Salary Employees Installment Purchase Income Tax Question

Salary Employees Installment Purchase Income Tax Question

I am working in IT company and am getting tax deduction on my whole salary.

I have purchased open land/plot on installments.do i need to declare the land amount?

I asked my account department and they have told that for salary employees not require to declare the plot amount as you are paying the tax on salary but not getting understand that how I can make my assets as i am not declaring the amount.

I am little bit confuse because now the plot rate is one lakh, and I am sure after 2 year it would we near about three lakh and I have purchase 3 plots. So how I will be adding in my asset?

Please clear my query asap.

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Jan 20, 2024
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starstarstarstarstar 		The Role of Asset Declaration
by: BB

When you acquire assets like land, it's crucial to consider their impact on your overall financial picture, even if you're a salaried employee receiving tax deductions. Here are some points to consider:

Declaration of Assets:

While salary income is taxed, the acquisition of significant assets may impact your overall financial standing. It's advisable to declare such assets, including land, for a comprehensive financial overview.
Capital Appreciation:

As the value of your plots increases, this represents capital appreciation. You may need to account for this growth in your financial records.
Tax Implications on Sale:

When you eventually sell the plots, the capital gains may be subject to taxation. Keeping records of the purchase price, improvements, and selling price is essential for accurate tax reporting.
Consultation with a Tax Professional:

Given the complexities of tax laws, especially when dealing with assets, it's advisable to consult with a tax professional. They can provide personalized advice based on your specific situation.

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Salary in hand

by Abhijeet
(Manchester)

How much will I get in hand after paying tax and pension etc. if my yearly salary in 65000 GBP and yearly bonus is 15000 GBP?

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Jan 20, 2024
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starstarstarstarstar 		Salary and Bonus Tax Breakdown
by: BB

To calculate your net income after tax, pension, and other deductions, we'll need more specific details, such as your tax code, pension contribution rate, and any other relevant deductions. However, I can provide a general overview based on typical deductions.

Income Tax:

The UK has a progressive tax system. Your income tax will depend on your tax code and the income thresholds for each tax band.
National Insurance Contributions (NIC):

NIC is another deduction based on your income. It includes both employee and employer contributions.
Pension Contributions:

Your pension contributions will depend on the pension scheme you're enrolled in. Typically, a percentage of your salary is contributed.
Bonus Taxation:

Bonuses are usually subject to income tax and NIC. The specific tax rate depends on the amount and your total income.
Without specific details, it's challenging to provide an accurate calculation. It's recommended to use online income tax calculators or consult with a tax professional for a precise estimate based on your individual circumstances.

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