ilmscore | Tax Planning Predictions
Tax

Tax Planning

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Recent Predictions

Total: 8
Correct: 4
Incorrect: 0
Pending: 4
Unrated: 0
Prediction
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Video
Income generated from assets gifted to a child who is 18 years or older (a major) will be taxed in the child's hands, not subject to income-splitting rules applicable to minors or spouses.
"The biggest part is that Section 64 clubbing applies only in case of minor children and in case of s..."
CA Rachana Phadke Ranade CA Rachana Phad...
Oct 3, 2025
Correct
Tax Saving Tips in 2...
When transferring assets to parents for tax planning, it is beneficial only if the parents are in a lower tax bracket than the asset transferor.
"you have to ensure that if you are doing that for your parents or your income ensure that they are a..."
CA Rachana Phadke Ranade CA Rachana Phad...
Oct 3, 2025
Correct
Tax Saving Tips in 2...
Income generated from assets gifted to parents is not subject to clubbing provisions and will be taxed in the parents' names, provided they have no other income.
"Section 64 clubbing is not applicable to income generated in case where you are transferring assets ..."
CA Rachana Phadke Ranade CA Rachana Phad...
Oct 3, 2025
Correct
Tax Saving Tips in 2...
Investing in PPF through a spouse (after gifting money) can lead to tax-free interest income, even if clubbed under the primary earner's income, due to PPF's tax-exempt nature.
"Instead of that, if she invests that money in a PPF, what will happen? Let's understand. Did he gift..."
CA Rachana Phadke Ranade CA Rachana Phad...
Oct 3, 2025
Correct
Tax Saving Tips in 2...
Utilizing Roth retirement accounts will shelter you from future taxes.
"in the future that's Sheltering yourself from future taxes which I would argue is just as good as we..."
Humphrey Yang Humphrey Yang
May 2, 2024
Pending
How to Get Wealthy B...
Stresses the importance of hiring tax advisors for businesses and real estate investors to manage bookkeeping and tax strategies.
"you also want to start investing in things like potentially tax attorneys or Tax Advisor advisers yo..."
Minority Mindset Minority Mindse...
Dec 18, 2023
Pending
Your 2024 Step By St...
Defines a good tax advisor as one who manages bookkeeping, provides regular updates on tax liability, and offers strategic options for saving money.
"a good Tax Advisor is going to handle your bookkeeping and then meet with you regularly and tell you..."
Minority Mindset Minority Mindse...
Dec 18, 2023
Pending
Your 2024 Step By St...
Accountants can be very helpful for tax planning questions, which is a part of financial planning. For broader financial planning needs, a financial advisor or CFP is recommended.
"so reason number one is tax planning if you have tax planning questions and accountants will be very..."
ClearValue Tax ClearValue Tax
Jan 9, 2023
Pending
Beware of Hiring a T...