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?
In an hour-long chat on rediff.com. direct tax expert Vikas M Gandhi answered to many such readers' queries. Here is the transcript:
Vikas Gandhi says, Good evening friends and welcome to the tax chat session.
siva asked, sir i am salarised person and my wife having lic policy paid by me in my wifename in this the maminee name is my father in law can i show this recipt to my income tax reduction
Vikas Gandhi answers, at 2008-02-07 15:57:07You can claim deduction for premium paid by you for your wife and even your children. This is irrespective of the nominee listed in the policy.
gopi asked, sir, hello, i am lic agent, kindly let me know what is the last date of filing form 16 for year 2006-2007
Vikas Gandhi answers, At the outset, you have to file ITR and not for Form 16. Further as stated you are LIC agent and hence you will be receving commission and not salary. Hence you should have got Form No.16A & not Form No.16. As far as last of filing is concerned, it was 31st July, 2007 in your case. However you can still file return till 31/03/2008, without inviting any penalty from department. Of course some interest might have to be paid.
vinod asked, sir, i am salarised person. my son doing CA his tution fee paid by me whether tution fee rebatable under Income tax rule.
Vikas Gandhi answers, Yes you can claim deduction u/s 80C for such tuition fees paid for your son.
rajesh asked, sir, is interest on saving bank account is taxble or not.
Vikas Gandhi answers, Yes, interest on savings bank is fully taxable.
snehasish asked, hi im snehasish, i am working as a manager in pvt. ltd. company and side by sode i am completing my MBA from symbiosis pune, so can i get a tax benifit for the fees paid for my higher studies and i have also taken a loan of rs.100,000 from my company and i pay it in easy istallments every month, is there any way to get tax benifits
Vikas Gandhi answers, In my view you cannot get any benefit u/s 80C for fees paid for your own studies. this deduciton is available only when tuition fees is paid for your children. Secondly as regards loan also you won't be getting any tax benefit. Had you taken loan from any financial or charitable institution, you would have been able to claim deduction on account of interest payment u/s 80E.
Abhinandan asked, hello sir, i have demat account thru which i buy/sell shares, after tds i get money, now do i need to show this income or transcations in ITR form. if yes then how and do i need to pay any further tax.
Vikas Gandhi answers, Yiur question is surprising. There is no provison in the Act which says that tax has to be deducted on sale of shares. No TDS is deducted when you sale your shares. the tax which is deducted is known as Securities Transaction Tax and this is not the same as TDS. Hence oyu have to show such sale in your income tax return. If you have kept the shares for more than 1 year and then sold off, the entire capital gain will be exempt otherwise the sale will be treated as Short Term and hence you will be taxed @10% on the profit earned.
neelam asked, HI This is neelam , i got married last year and also shifted to a new job , th enew job i had joined is by my after marriage name , pl advice if i can file the tax using the same pancard with my before marriage name on it .
Vikas Gandhi answers, You can still file your income tax return, but I would advise you to apply for change in PAN data and get the new PAN card. Of course there will be no change in your PAN number.
Vidya asked, Hi Vikas, my name is Vidya. I returned to India in Feb 07 and now i need to file tax returns as i have lost the NRI status. Please suggest me any exemptions that can be had being ordinary resident. What all documents would be required for filing returns. Please advise.
Vikas Gandhi answers, Main deduction available to any individual tax payer is under sec.80C. You can claim this deduciton by investing in PFF, NSC, Insuarnec premium, Bank fixed deposit, ULIP, ELSS. Evebn principal repayment of housing loan is covered in this section. The eupper limit forn deduction in this section is Rs.1,00,000/-. Besides this there are other deduction which you can know by visiting any tax related site. As far as documents are concerned. you are now not required to submit any documents alongwith the income tax return.
GKArora asked, 1. My major/independent son proposes to gift Rs1,00,000/- to my wife (his mother). Is this gift taxable? Can this amount of gift be kept seggregated from my income? 2. Can I make tax-free gifts to my major/independent son and/or his spouse? Will income from such gift be kept seggrgated from my/my son's income? 3. Can I make tax-free gifts to my minor grand sons. Will earnings from such gifts be added to my/my son's income.
Vikas Gandhi answers, 1. A son can gift any amount of money to this mother and there will be no tax implication. 2. As a father you can gift any amount to your major son and in such case also there will be no tax implication. But be cautious while gifting money to your daughter-in-law. Any income that she receives from such gift will be treated as your income and you will have to pay tax on the same. 3. Of course you can gift to your grandsons. However whatever income is generated in minor's hand will have to be clubbed in either of the parents of the child.
Anish asked, Sir, I have one house where I am staying and the Hsg loan is paidup. Now I am buying a flat, in same city , which I will let out . Can I get exemption in interest of Hsg loan and principle amount paid ? Thanks, Anish
Vikas Gandhi answers, Yes you can claim exemption on account of interest and principal amount repaid on loan taken for new house that you intend to give on rent.
Cherian asked, I am an NRI who has flat in india which I constructed with a housing loan, when I was working in india. As i am now abroad, I have given this flat on rent. The rent from the flat and my savings in India go towards repayment of the loan. What will be my tax liability in relation to this flat. The only savings I have in India is the amount I have in my SB account and the amount in the EPF account which I have not withdrawn till date.
Vikas Gandhi answers, As oyu have not mentioned the figures, it is difficult to comment on your question. However base
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