As they say two things are inevitable in life - tax and death. And year after year you feel the government is fleecing you in the name of recovering tax. And you look at avenues to make the best use of the laws.
But you need an expert to guide you through...
Chat with tax expert Vikas M Gandhi and get you doubts cleared.
VIKAS GANDHI says, Welcome to live chat
amitjha asked, Hello Vikas, Can i show contribution towards my wife's PPF account under section 80C benefit. My wife is not earning/working.
VIKAS GANDHI answers, at 2007-08-30 16:05:51Yes, you can claim deduction under section 80C provided you have made the contribution towards your wife's PPF
talwar asked, Are dividends from ELSS funds taxable?
VIKAS GANDHI answers, If ELSS funds ia a fund by mutual fund, than the dividend received is exempt from tax.
subash asked, If an Individuals earing only salary has not filed IT Return for the asst. year 2007-08 by 31 July 2007.There is any penalty?
VIKAS GANDHI answers, The penalty is in terms of interest. You have to pay interest only if you have any net tax payable and interest will continue upto the date of filing of Income Tax Return. Additionaly, penalty will be levied if the return is filed after 31st March, 2008
Ajai asked, Hi Vikas, I have a house in lucknow for which i have taken a housing loan. I for employment reason stay in mumbai in a rented apartment. Can i claim both HRA & housing loan benifit if the house in lucknow is vacant
VIKAS GANDHI answers, Yes, as you are the owner of the house in lucknow and you have taken a house on rent in mumbai, you can claim HRA & Housing Loan benefit.
pankaj asked, I have got some money in inheritance, do I have to pay tax on it! If yes , then how can I save tax?
VIKAS GANDHI answers, No, tax is not payable money inherited. However, you need to prove that the money was inherited.
gh asked, sir my wife is studing in pg..can i claim her tution fee for tax deduction
VIKAS GANDHI answers, No, you cannot claim tution fee of your wife for deuction.
Viswanathan asked, My daughter is 22+ and is not married yet. If I deposit in her PPF or take an ULIP/ contribute ULIP premium, whether I will be getting 80c benefit?
VIKAS GANDHI answers, Yes, you can claim deduction under section 80C
Taxman asked, My wife has LIC policy which was taken by her father. How currectly I am paying the premium. Can I get tax benifit on the premium that I am paying?
VIKAS GANDHI answers, Since you are paying the premium on your wife's policy, you can claim deduction of that amount under section 80C
mkp asked, I am planning to buy a house in my home town through loan. However, as I am staying in another city for job. In this city I stay on rent. Now, request you to let me know if I will get tax rebate on my loan as well as rent that I pay ? Both the cities are in same state.
VIKAS GANDHI answers, Yes, if you buy a house on loan in one city and stay in a house taken on rent in any other city, than you can claim both deduction for home loan and house rent.
mahesh asked, i have just switched to new job & here i havent shown prevous company income..will it affect for IT returns?
VIKAS GANDHI answers, It is alright if you do not declare your previous salary to your new employer, but you will have to declare your salaries from both the employers in your income tax return
gopal_xenos asked, is dividend on tax gain MF is taxable?
VIKAS GANDHI answers, Dividend received from mutual fund is exempt from tax.
VIKAS GANDHI says, Thank You for this live chat session.