An HNI may have received income from several sources in a year.
- Income from salary:
Salary income refers to remuneration received from the employer for services rendered by the employee. In order to be treated as income from salary, it is essential for an employer-employee relationship to exist. Salary is taxed in the year it is due or received, whichever is earlier. Components of salary income include wages, annuity, pension, gratuity, retirement benefits, fees, commissions and perquisites, profits in lieu of salary, advances and allowance. Apart from this, they get engaged in trading with the intraday tips. Elements of salary income, which are exempt from tax, but only up to a specific limit, are taxed to the extent that they exceed the exemption available.
- Winnings from lotteries, races and other games of chance or skill
- Contributions received towards PF, superannuation
- Interest on securities
- Deemed gifts
- Where the sum of money received without consideration exceeds Rs.50000
- Where the fair value of the movable or immovable property transferred without consideration exceeds Rs.50000
- Movable property transferred with inadequate consideration, where the difference between fair value and consideration exceeds Rs.50000
- Gifts received from specified relatives or on the occasion of your marriage or under a will or inheritance is not taxed.
Total income for the purpose of tax, is computed by including the income under each of these categories, to the extent, that they are taxable. HNI often enroll in MCX live tips for sure shot success in the market place.