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 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 replied to readers' queries in an hour-long chat on
rediff.com. Here is the transcript:
vikasgandhi says, Welcome for this chat session
HYD asked, Hi, Do I file returns in the city where I worked only or anywhere else? Can I file return in Vijayawada? or only state capitals? Please suggest me.
vikasgandhi answers, at 2007-08-16 16:00:17You have to file the return in the city where yor employer is situated.
HYD asked, In last financial year 2006-07, I worked for 2 companies. In first company I worked for 10 months and paid tax as TDS. IN 2nd company, I didn't pay since it didn't crossed 1 lakh cap. When combined both, I need to pay tax to 2nd company's salary. Now the problem is I didn't file returns since my first company was unable to give form-16 upto now. Now, what is my case? Do I need to fine for non-paying tax to 2nd company 's salary and non filing Returns or only for non-filiing Returns only?
vikasgandhi answers, You will have to pay interest for late filing of Income Tax return and non-payment of tax. You would not be liable for fine if you have paid taxes and filed your returns before 31st March, 2008
sumitjk asked, I want to sell my house which I bought five year ago, so i will have capital gain in this transaction, if I purchase some other house still i need to pay tax on capital gain
vikasgandhi answers, No, you dont have to pay capital gain tax, if you deposit the same amount of capital gain in Capital Gain Saving Deposit Scheme before the due date of filing your income tax return or purchase a new house.
HP asked, i am investing in shares, so is it necessary to pay IT on it?
vikasgandhi answers, No, you do not have to pay any Income Tax on investment in shares. You have to pay income tax only when you sale those shares.
Mani asked, Hi Vikas, I have bought a flat in Bangalore. But I am staying in a house near to my office for rent. I am paying both EMI and Rent. Can I claim tax benefit for both housing loan and HRA. My flat is kept vacant.
vikasgandhi answers, Yes, you can I claim tax benefit for both housing loan and HRA.
mabad asked, Dear Vikas, I am a salaried person and my wife is a housewife. If I have a joint fixed deposit with my wife with me as the first holder, then can I show the interest received for the FD as my wife's income and not pay any tax on it or will I have to pay tax only on 50% of the interest income?
vikasgandhi answers, It is not clear from your question that who has made the investment.If both of you have contributed 50% while investing in the FD than each one will have to declare income proportionately based on the investment ratio, i.e., 50% in this case.
gauv asked, let me know that how much income tax i should pay on monthly salary of 25k?
vikasgandhi answers, You
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