Tax 😨😨😱
Guys... I made some good decisions and ended up having an opportunity to pay myself 36 LPA but, that means, about 9.4LPA tax. What do I do? I want to get a home loan so keeping a higher salary would make the banks happy but then I also lose almost half of it to taxes. Any advice from high earners and other fellow startup founders?
If it's from an investment then I think there's some law about tax exception for reinvestment. Basically you can reinvest this amount and it'll not be taxed. You can liquidate it later and only pay tax on that amount. I remember seeing this about real estate I think. I could be very wrong so DYOR about this
Split the pay between yourself and family and get a joint loan? But like raky said, talk to a CA
