What investment mistakes did you make last year? Are their 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 spoke to readers during an hour-long chat on rediff.com on Thursday. Here is the transcript:
Vikas. Gandhi says, Good evening friends and welcome to the chat session relating to your tax issues.
RahulGandhi asked, Is Home Loan Pre-Payment(Partial) exempt under Section 80C?
Vikas. Gandhi answers, at 2007-12-20 15:55:00According to me, as far as you are repaying your principal amount of home loan, you are eligible for claiming deduction u/s 80C for that amount.
raghavan asked, Hi i just wanted to know the i have taken mortageg house loan from icici bank. three house let out . shall i claim the deduction
Vikas. Gandhi answers, Interest paid on loan taken on mortage of house property will not make you eligible for claiming the same as deduction from rental income. Interest which is paid for loan taken for purchase or reconstruciton of house can only be claimed as deduction from rental income.
Dolly asked, Hi Vikas, I have just sold some of my shares that i was aloted in a IPO and got 45% profit in a span of 3 months, just want to know is this amount taxable, i earned thry my trading account in icici.though i have an account in icici for trading my salary account is with another bank that i use for tax filing.
Vikas. Gandhi answers, Yes, since you have sold the shares within 3 months of its purchase, the profit earned will be termed as Short term capital gain and is liable for tax. However since you sold the share through stock exchange, you will have to pay tax a concessional rate of 10%
rad asked, Hi, Recently I purchase house thru homeloan. I want to know the complete tax exemption details including stamp duty, registration charges etc. Please help me
Vikas. Gandhi answers, For home loan, you get following tax exmeption- The EMI you pay every month comprises of Principal repayment of loan and also interest on loan. Interest amount paid upto Rs.1,50,000/- can be claimed as deduction from total income. As regards your Principal repayment of loan, the same has to be inlcuded with other tax saving investments viz: LIC Premium, PPF, NSC, etc, total of which restricted to Rs.1,00,000/- can be claimed as deduction from total income. YOu will need to have a certificate from the bank or institution grating loan, certifying the amount of principal and interest paid during the year.
satyanandac asked, can i get housing loan tax benefit for a 2nd house in my name in Pune as I have already repaid the loan for my 1st housing loan taken for my current residence at Thane
Vikas. Gandhi answers, Certainly you can get the benefit. However in case of two house properties in your name, one of the property will have to treated as if it has been rented out and accordingly you will be taxed on such notional income, after deducting interest paid on such housing loan.
Nidhi asked, Hi,I am single n live with my parents in our own house which is on my father's name. can i claim HRA and show that i am giving rent to my father.he is retired person n gets a pension of 3k per month.
Vikas. Gandhi answers, You can certainly claim HRA exemption, provided you actually pay rent by cheque to your father and produce rent receipt duly stamped. You may also have to provide PAN no. of your father.
Rajat asked, What about the tax benefits for the shareholders of the merged company? I am a shareholder of a small company n own 10000 shares that I have owned for 2 years. On merging, I am getting only 1000 shares with denomination of 10000 rs. I want to sell them immediately. What kinds of taxes I have to pay?
Vikas. Gandhi answers, Since you have held the shares for more than 1 year, profit earned on sale will be treated as Long Term Capital Gain. If these shares are quoted on stock market and you are selling the same in the stock market, the entir capital gain on such sale will be exempt. However if the shares after merging are not quoted in stock market, you will have to pay tax @20% on the profit earned.
Rakesh asked, Hi Vikas, if i open a demat account in the name of my mother and do trading with that, so i get tax benefit of 1.45 lpa. My question is, does the question where does the money come from for trading when she is not earning?
Vikas. Gandhi answers, Certainly the source of investment will be asked, if there is an enquiry from Income Tax Officer. However in such a situation you need to explain that you have given loan to your mother for doing this type of trading, which will well be accpeted by the Department. So you need not worry. DO show some repayment from mother account to your account to prove the stand.
Sherman asked, Are the amount gained after selling
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