Gift Archives - Triadoro

Black Friday Deal Offers Dropbox Pro Subscription at 40 Percent Off, Free $25 Dell Gift Card

HIGHLIGHTS
Dropbox Pro 1TB annual subscription costs $99
Under this deal, you can get it for just $59.99 for a year
Dell will also give you a $25 eGift card for online purchases
Following the Thanksgiving Day in the US, comes Black Friday, bearing plethora of offers and discounted deals for the buyers. While Black Friday is over in the US, a lot of companies are still offering various discounts and freebies. Amid many Black Friday deals, Dropbox is also offering a good discount on its Pro plan, which comes with 1TB of storage. Additionally, you can also get a free Dell gift card to further sweeten the deal.

Dropbox is one of the highly utilised cloud storage services worldwide. The Dropbox Pro subscription generally costs $99 (roughly Rs. 6,800) annually for 1TB of cloud storage, whereas the monthly bill cycle incurs $9.99 per month. This Black Friday, Dropbox is giving 1TB of backup cloud space at just $59.99 for 1 year. It is worth mentioning that the Dropbox Pro subscriptions are only for a single user, but you can use its sharing tools for file-sharing to give read-only access to others. Pro accounts also come with unlimited file recovery and version history, which means you can go back to any version of the file in the past. Free users can only go back 30 days.

The Dropbox deal is available via Dell, which is also offering a $25 (roughly Rs. 1,700) Dell Promo eGift card along with the Dropbox deal. This eGift coupon will be automatically added to your cart when you’re about to check out to purchase Dropbox Pro 1TB storage. This eGift card can be used to Dell accessories like keyboards, mice, gaming consoles etc. or can be used to make partial payment towards a bigger purchase.

If you’re looking for a good cloud storage solution, then this deal is too good to be missed. For all other deals and offers, you can check our compilation of Black Friday deals. If you are based in India and want to grab Black Friday deals, fret not as we have got you covered in our simple guide on how you can purchase and import your items straight from the US.

Tags: Black Friday, Black Friday Deals, Dropbox Pro, Dropbox, Dell, Internet

[“Source-Gadgets”]

New Money Transfer Scam Asks For Payment Through iTune Gift Cards

The Federal Trade Commission (FTC) has warned of a new scam where criminals dupe people into paying fraudulent claims through iTunes gift cards.

The FTC said that scammers are pretending to be agents from the IRS or U.S. Treasury and demanding that you pay back taxes via an iTunes gift card.

Yes, an iTunes card.

Crooks pretending to be from the IRS are nothing new, but requesting fraudulent payments through iTunes — that is new.

How the iTunes IRS Scam Works

The iTunes IRS scam can take various forms. At one point, the FTC pointed out that crooks might mail or fax falsified forms to seem more legitimate and gain a business owner’s trust.

Other times, the fraudsters produce your Social Security Number, or at least the last four digits, so as to come across as the real deal when demanding money.

And many of these fraudsters are very aggressive and nasty when demanding money on the spot, often threatening jail time.

Police in Port St. Lucie, Florida, recorded an incident where the iTunes IRS scammers duped one man into buying an iTunes card worth $2,300 at a local Target store, according to a report from the Palm Beach Post.

The victim was asked to meet a man claiming to be an agent with the IRS and who knew the victim’s personal information at a local store. The victim was then given a phone number to call to settle the debt. The person on the other end of the line also claimed to be with the IRS, and told the victim to purchase an iTunes card or another gift card and to call back with the authorization number.

If he didn’t call back with the authorization number, the impersonator said the victim would be arrested for not paying his debt.

The FTC has observed that the scammers usually ask people to pay a certain way because they want to make it easy to get the money — and nearly impossible for you to get it back. As soon as you put money on a card and share the code with them, the money’s gone for good.

The fraudsters use that information to sell the gift cards online and receive cash.

More Vigilance Needed When Using Gift Cards

Gift cards, including Amazon gift cards and other reloadable cards like Reloadit, MoneyPak and Vanilla, are becoming notorious because con artists are taking advantage of the popularity and convenience of the cards to carry out criminal activities.

According to the iTunes Support page: “iTunes will never ask you to provide personal information or sensitive account information (such as credit card numbers or passwords) via email. That means you should be wary of any requests asking you to place funds on an iTunes gift card or other prepaid card to pay your taxes and fees. That is a definite red flag.

But gift cards aren’t the only way people are being conned lately. Other payment methods that scammers are using to defraud unsuspecting people in these “money transfer” scams include money wiring services like Western Union and MoneyGram.

The FTC says government offices won’t ask you to use these payment methods. It adds that if you’re not shopping at the iTunes store, you shouldn’t be paying with an iTunes gift card anyway. Moreover, if you are targeted by an iTunes IRS scam or any scam involving gift cards, the FTC urges you to report it at ftc.gov/complaint.

Image: Apple

[“source-ndtv”]

Cash received as gift from some relatives is tax exempt

iStockPhoto

I had gifted Rs.2 lakh to my spouse, with which she bought some shares. Who will pay the capital gains tax on the sale of these shares?

—Kalpesh Dhar

The entire money received by an individual from any person without consideration, the aggregate value of which exceeds Rs.50,000 in a financial year (FY), is taxable as ‘income from other sources’. But an exemption is available if the money is received from a relative, which includes, among others, the spouse of an individual. Thus, the amount of Rs.2 lakh received by your spouse shall not be taxed in her hands.

However, examine the documentation or registration and applicability of stamp duty with respect to this gift.

Further, your spouse had bought shares using the gifted amount. Any transfer of assets to a spouse, without adequate consideration, attracts clubbing provisions. Accordingly, the income accruing to your spouse from the asset transferred, is clubbed with your income and is part of your taxable income.

Therefore, based on the aforesaid clubbing provisions, if the shares are sold then the resulting capital gains shall be taxable in your hands. If your wife re-invests the capital gains in any other income-bearing instrument and earns income on it, then that income shall be taxable in her hands. In this case, clubbing provisions will not be applicable.

My company changed owners last year and our old provident fund (PF) was closed and a new one begun. Will I be taxed on the old PF amount? I have been in this company for 7 years.

—Sudeshna Saha

The cumulative PF balance withdrawn from a recognised PF triggers tax liability, if an employee does not render continuous services for a period of at least 5 years to the employer. While determining the period of continuous service of 5 years, the period of service rendered to the previous employer is also added if the cumulative PF balance maintained with the old employer has been transferred to the PF account of the current employer. Assuming this was your first job, then there was no transfer of accumulated PF balance from a previous employer. In your case, the cumulative period of service with the company is more than 5 years, no tax would be payable on the accumulated PF balance withdrawn in the FY of receipt.

You may also transfer the accumulated PF balance of the old account to the new PF account. If you withdraw the said accumulated PF balance from new PF account, the period of services rendered (i.e., 7 years) while contributing to old PF account, will also be added. Accordingly, since the aggregate period of services is more than 5 years, there will not be any tax implications.

Withdrawal of the PF will be as per the provisions of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, which requires one to have a non-employment period of two months post leaving the job.

[“Source-Livemint”]

Gift from certain relatives is tax free in India

iStock Photo

After living in the US for 10 years, I returned to India last week. Will my rupee deposits in Indian accounts be taxed differently with the change in my residential status?

—Nagesh Hariharan

Interest earned on non-resident external (NRE) and foreign currency non-resident (FCNR) accounts is not taxable in India until you qualify as a ‘resident’ and ‘ordinarily resident’ for tax in India.

Interest earned on a non-resident ordinary (NRO) account is taxable in India irrespective of your tax residential status. So, it is likely that there is no immediate impact on your taxability in India.

Interest income earned from savings bank accounts in India is eligible for tax deduction of Rs10,000.

I have recently moved to the UK and want to remit money every month to my parents who live in India. Who will be taxed for this?

—Rajat Gulati

Remittance from the UK every month to your parents in India is not liable to tax in India either in your or your parents’ hands. There is a specific exemption under Indian income tax laws on cash or gifts from relatives.

I am an NRI in Canada and want to buy agricultural land jointly with my brother in Punjab. How will the transaction be taxed?

—Harsimran Bhramra

There is no income tax implication on purchase of immovable property.

However, under the Indian exchange control rules (Foreign Exchange Management Act), while an NRI or a person of Indian origin (PIO) such as yourself is permitted to buy immovable property in India, purchase of agricultural land, farmhouse and plantation property is not permitted.

Therefore, gift of a commercial plot by you to your sister in India will not be liable to tax in India.

I want to gift a commercial plot worth Rs15 lakh to my sister in India. I’m a PIO based in the UK. Will she be taxed on this transaction? If yes, how will that be taxed?

—Harminder Bajwa

Gifts, including cash and immovable property, from a relative are not liable to tax in the hands of the recipient or in the hands of the person giving the gift.

A relative is defined to include spouse, brother or sister, brother or sister of the spouse, brother or sister of either of the parents, any lineal ascendant or descendant, any lineal ascendant or descendant of the spouse, and others.

Therefore, gift of a commercial plot by you to your sister in India will not be liable to tax in India.

[“Source-Livemint”]