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It's that time of the year again. Time to get ready with your investments and taxes. Were you prudent with your investments last year? Did they help you save tax? Or did you end up paying more than you could afford?
What investment mistakes did you make last year? Are there ways to rectify them?
What investment options should you go for this year? What should you do to bring your tax liability to the minimum level?
Direct tax expert Vikas M Gandhi offered some valuable tips during an hour-long chat on rediff.com on Thursday. Here is the transcript:
Vikas Gandhi says, Hello Freinds, Welcome for todays chat session
taxguru asked, sourav: PPF is exempted from tax under section 80c
Vikas Gandhi answers, at 2009-03-05 16:28:59Yes, PPF is allowed as a Deduction from taxable income under section 80C
Jateen asked, hi....For any financial year even if we submit our tax and if Govt has to repay us some amount..those amount we yet to get....Is there any procedure to get that amount back and how much time it takes to get ?
Vikas Gandhi answers, You can claim refund for a particular financial year only by filing Income Tax Return for that year. Once your return is filed, you will be eligible for refund. In case you want to receive your refund faster, than you need to contact your Assessing Officer.
Please answer asked, Can the medical Bills be carried forward to next year for Medical Reimbursements
Vikas Gandhi answers, Medical Reimbursementcan be claimed for the period for which the medical expenses are incurred. It cannot be carried forward to next year. It can be claimed by submitting bills to your employer. If you have not submitted the bills, than it cannot be claimed by you.
Dwaraka asked, which type of investments are decreased tax
Vikas Gandhi answers, Investments in PPF, RPF, ELSS, Annuity Plan of Insurance Company, ULIP, NSC, FD over 5 years in Bank, LIP will save your tax. Also certain expenditures like mediclaim premium, proncipal repayment of housing loan will save you tax. Mediclaim premium paid for your parents will also save additonal tax.
HEMA asked, TAX SAVING vs HOUSE LOAN? PLEASE SUGGEST
Vikas Gandhi answers, Interest on Housing Loan is allowed as an expenditure up to Rs.150000. Principal Repayment of home loan will be allowed as a deduction from your taxable income under section 80C, maximum limit being 100000. If your already have a house in your own name and you are purchasing second house, than then there will be no limit for interest paid for second house, ie., entire amount of interest will be allowed as an expense.
pawar asked, Hi, I have two kotak policies one is myself and second is my son we i eligable for tax benefit. kindly reply.
Vikas Gandhi answers, Yes, you can claim tax benefit for both policies provided you are making payment for the same.
Rahul asked, Should donations u/s 80G be accounted for while deducting TDS from employee's salary?
Vikas Gandhi answers, Yes, donations u/s 80G should be accounted for while deducting TDS from employee's salary
pr786 asked, Hellow sir, My Name is Prashant M Band I m a Manager in one of Private firm Could u please tell me about How Housing Loan Interest & principle will be taken in our Tax planning
Vikas Gandhi answers, Interest on Housing Loan is allowed as an expenditure up to Rs.150000. Principal Repayment of home loan will be allowed as a deduction from your taxable income under section 80C, maximum limit being 100000. If your already have a house in your own name and you are purchasing second house, than then there will be no limit for interest paid for second house, ie., entire amount of interest will be allowed as an expense.
Nalin asked, I have a house in Dehradun but live in Delhi. My house is not occupied or rented as it is very far from the city. I have a home loan against it. My employer is not considering it for exemption, why? I am submitting rent receipt of my rented home in Delhi. (sec.23(2)(b)) Please clarify.
Vikas Gandhi answers, You can claim exemption for Home Loan as well as HRA. If your employer has not considered the same, still you can cliam for it in your Income Tax Return.
searchamit1979 asked, hi vikas, I have a home loan with me which i am paying from this financial year. I will get the posession of home in 2010. Please let me know whether i can claim the interest paid to bank in this financial year
Vikas Gandhi answers, The interest for the financial year in which you have received the possession of your home will be allowed in that financial year. However, interest paid in financial years before the financial year of possession (termed as pre-construction interest) will be allowed in five equal annual installments starting from the financial year of possession of your home.
giris asked, You say principal repayment is deductible under 80c, does that mean we cannot claim life insurance premium under 80C if we have already claimed a house loan premium?
Vikas Gandhi answers, you can claim principal repayment of home loan and Life Insurance premium under section 80C. however, total deduciton allowed under section 80C is 100000
Vikas Gandhi says, Thank you all for attending todays chat session. See you all next thursday.
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