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In an hour-long chat on rediff.com, tax expert Vikas Gandhi responded to readers' queries on tax and investment. Here is the transcript:
Vikas. Gandhi says, Good evening friends and welcome back to the tax chat session. Hardly four days are left for filing and I hope you have already filed your returns. Those who still have any queries, get it resolved quickly and file your return at the earliest. Don't wait for the last date.
hitender1975 asked, 'My father sold out an ancestral land in Kheri Kalan village near faridabad. Total consideration amount is 1.36 crore. We are not aware of the fair market value of the land in 1981 to calculate capital gain tax. He never filed any return also. Should he file the return and on what basis capital gain to be calculated.
Vikas. Gandhi answers, at 2007-07-26 16:02:40Since the property is an ancestral, your father will have to get the valuation of land done by an approved valuer. Since the sale consideration is too high, your father will have to file income tax return. For calculation of capital gain, apply following formula - Sale Price of the Land - Indexed cost of acquisition - expenses incurred for transfer of land.
rahul asked, i have filed my IT returns already and i have received my ITRV . where i should submit my IT proofs for refund
Vikas. Gandhi answers, You just have to file one copy of ITR-V to the I.T.Department. There is no need to file any proofs for claiming refund.
BUNTY asked, THIS TIME DESPITE OF INSTRUCTIONS WHILE FILING RETURN THEY ARE ASKING FOR FORM 16,WHY???ALSO PLS LET ME KNOW WHETHER ANYBODYS INCOME IS MUCH BELOW UNDER TAXABLE LIMIT AND HE EARN THRU SHARE MARKET THRU SHORT TERM GAIN IS THAT HE OR SHE NEEDS TO PAY TAX ON IT .
Vikas. Gandhi answers, As per amended rule 12, no documents are to be attached with the income tax return. If the receving officials are asking for the same, kindly contact the seniors and get it resolved. Even after including your Short Term Gain if the income is below the taxable limit, then you do not need to pay any tax on it.
sr asked, Vikas, myself and my salaried, owns house in joint name. We are co-borrower for housing loan. For tax excemtion should we avail only 50 -50 or it shall be any ratio? Is it possible that principle one person and interest by other for tax benefit???
Vikas. Gandhi answers, Your question depends on how one has financed. If you both are sharing the instalment amount, both of you can claim exemption. However it is not possible that one person claims principal amount and other person claims interest amount.
Sunil asked, I have 2 home loans and one of the houses is under construction. I have submitted both the Interest information to my company and the total was deducted in my Form 16. Now, how do I enter this in the ITR2 form?
Vikas. Gandhi answers, Since one property is still under construction, at present you cannot claim any deduction for the interest payment made during the year. Hence in ITR-2 show the details of only one property.
Sri asked, If I want to show capital gains on property, what proofs to be submitted along with tax returns
Vikas. Gandhi answers, You are not required to submit any document or proof alongwith the income tax return.
hvv asked, Hi I have come to Uk with my husband and working for last 2 months. I would like to transfer my earnings here to india and wanted to know if I need to pay any tax in india for that . I am already paying tax on the earnings in UK. What will be the case if I transfer money after 6 months i.e. after getting NRI/NRE status.
Vikas. Gandhi answers, Since you are only transfering your amounts you don't have to pay any income tax on such transfer.
sandyroyc asked, hi, i got transferred from Delhi to Kolkata in 2005 and discontinued filing return for 05-06 & 06-07. Now I want to again start filing. How is this possible? Do i need to give a penalty? If yes, What whould be the quantum of it?
Vikas. Gandhi answers, Since you were filing returns previously, to maintain continuity, according to my opinion, you have to file return for 05-06 & 06-07. For 05-06, you will be liable for a penalty of Rs.5,000/-, if the Officer asks for the same. At present you need not worry about it and file the return.
hemal asked, Which form to use when the salary is received from more than one employer?.
Vikas. Gandhi answers, In case of multiple employer, you still have to use ITR-1, if you don't have any other income besides Salary income.
rajesh asked, i am not income tax payer. but from my income some copany's deducting TDS who i get that TDS reture
Vikas. Gandhi answers, For getting refund of tax, you need to file income tax return. There is no other way.
prabhu asked, Is Bank SB A/C interest tax-free?
Vikas. Gandhi answers, No. Bank SB A/c interest is not at all tax-free. It is totally taxable.
pramod asked, i have only Salary income and bank interest can i submit form no 1 or 2 and tds certificate attached with form or not plese give me your valuable gidence for it return prepration
Vikas. Gandhi answers, If your income consists only of Salary and Bank interest, you have to use ITR-1. However while filing return you don't have to attach any documents.
Sunil asked, How do we get the "digital signed" return while filing online. I guess this is required if you dont want to go and submit the ITR-V physically to the IT dept.
Vikas. Gandhi answers, For digitally signing the return, you first need to have your own digital signature. You can purchase your signature from any of the Certifying Authority (list is available on site of Income Tax Department).
ranjan asked, i have taken a home loan but i am not staying in that house which form should i fill ITR1 or ITR2
Vikas. Gandhi answers, Since you are having home loan, you might be paying interest on such loan and you will be claiming the same as deduction as well. In such case you have to fill ITR-2
SSrinivas asked, People with NIL tax are required to file tax returns or not. If yes, is the last date is 31.07.07 or at any time it can be filed. Kindly clarify.
Vikas. Gandhi answers, Nil Tax can be on account of many reasons. this itself is not the criteria for knowing whether you are required to file returns or not. If your gross income is abobe the taxable limit, you are required to file income tax return, even though the ultimate tax payable is NIl. As far as date of filing is concerned, in case of Nil Return, you can file returns after 31.07.07, provided you don't have any loss to be transferred to next year.
sundaram asked, My wife got PAN Number. Should she file return even though no income
Vikas. Gandhi answers, If your wife is not having any income, there is no need for her to file income tax return.
valli asked, when both parents are assesses, the income of the child should be clubbed with whom? it is the choice of the parents or is there norms. Also is it better to make the child an assesse? My son is 12 years old and has fixed deposits, post office mis and rd and mutual funds and a separate bank account as minor with parent as guardian
Vikas. Gandhi answers, When both the parents are tax payers, for the first year, the income of minor will be clubbed in the hand of that parent whose income is higher. However once you have to clubbed such income in one year, for all subsequent year, the income will be clubbed in the hand of that parent itself. if the child is not having any income which has been earned out of his own personal skills, you cannot file his individual return.
Neeraj asked, Hi Vikas, my question is that if i need to get some money back (extra tax i paid) from the tax dept, do they send the cheque to my office address (as mentioned) or to the address in the PAN or something else... thanks in advance
Vikas. Gandhi answers, From this year onwards, you can have your refund deposited directly in your bank account. there is a separate column given in the ITR form for this wherein you have mentioned your bank details and select the option for direct deposit of your refund. this will avoid all your confusion.
Balaji asked, Is there a chance for me to rectify my returns in case I have already file a returns? What will happen if I dont rectify and I am called in for verification by taxman?
Vikas. Gandhi answers, If there is any change in income you have to file a revised income tax return. If the Officer subsequently detects such anomaly, he may charge interest as well as also penalise you for this purpose. Hence revise your return if there is any change in income.
ravid asked, Hi, I have filed my IT return yesterday and I forgotten to mention the micr code of my bank but I have given my a/c no. (ICICI [Get Quote]), so what I should do now, as I have to get extra tax amount back
Vikas. Gandhi answers, Since you have not provided your MICR code, your refund will not be directly deposited in your bank account. However this refund you will get by either post / speed post. So you need not worry.
Venugopal asked, Hi Vikas, I have income from the salary & interest(from saving account.Plz confirm interest from saving account is taxable income or exempt income? ). But my FORM-16 contains only salary income and done TDS. Now, I need to pay extra TAX on my interest income while filing the return. How I need to pay this TAX ?
Vikas. Gandhi answers, For making tax payment, you need to do the following - a) Fill up ITNS - 280 form b) Attach this with either cash or cheque and deposit the same to the nearest banbk accepting income tax payments. c) On clearance of the cheque, bank will issue a counterfoil, whcih you should preserve as proof of tax payment.
paulv asked, Since it seems very complication in filling up ITR-4, What is the implication if return is filed on or after 31st July. I have to take refund. Is the date is going to extend?
Vikas. Gandhi answers, Dates are not going to be extended and hence file the return at the earliest. In case of refund, if you file late, the interest will be calculated from the date of filing and not from 1st day of April.
Parth asked, Hi Vikas, Please answer. One of my friend has filed his return on 5th june on 2d(SARAL) form as at that time new ITR from was not available. does he need to file his return again if he wants home loan and bank authorities ask for new IT returns? Please reply. Parth
Vikas. Gandhi answers, New ITR forms were alreday declared before 5th June and hence 2D Saral was not applicable on that date. Although your friend have managed to file SARAL, according to me it would be better for him to file return in current form ASAP, to avoid any conflict with the I.T.Officials
PARAS asked, Hi, my wife only has short term capital loss, PPF income and bank interest. Which form should she use for returns?
Vikas. Gandhi answers, Your wide will have to use ITR-2 for filing her income tax return.
AmitGupta asked, I purchased a house, still under construction, in March 2007. Do I need to show anything in my tax return?
Vikas. Gandhi answers, Since the house is still under construction, you need not mention anything in your tax return now.
Vikas. Gandhi says, It is now time to say Good-bye. So bye and file your returns in time.
Chat with Vikas every week!
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