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Can you claim tax deduction on losses made in stocks to save tax while filing your returns this financial year?
Can you save on tax deducted at source on money borrowed from your provident fund account? What are the best ways to invest your money to save tax?
In a chat with readers on February 4, Get Ahead tax expert Mahesh Padmanabhan answered these and many more queries related to tax claims on home loans, capital gains tax and how to plan and invest your money in 2008-09?
For those of you who missed the chat, here is the transcript:
g.s.chowdhary asked, my friend travel aboroad on pilgrime, can be avail tax deduction on air ticket and other expenses
Mahesh Padmanabhan answers, at 2009-02-04 14:01:48In case you are referring to leave travel concession received from employer, then no he cannot claim the deduction as he has gone ut of India
sagar asked, Hi Padmanabhan, why is Home loan alone is considered for tax benefits when a loan is a loan for whatever reason it is whether it is for home, vehicle or personal requirement.
Mahesh Padmanabhan answers, Home loan interest is specifically covered by the Income Tax act to be eligible for deduction under the head income from house property. Vehicle / personal loan interest could be used as expense deduction in case you have a business and the same has been taken for the purpose of business / profession
jkj asked, Sir i want to invest Rs. 1000/- for Gold in coming 12 mths or 24 mths should i go for it or should i invest in Tax Savers.
Mahesh Padmanabhan answers, Objective of both investments are different. In case you have an open tax situation wherein you have scope to invest further in eligible tax secrities then it is advisable to go in for tax saving instuments. In case this is not the objective then you can go in for gold investment
Karthik asked, I have to revive my lic policy which has lapsed for the past 2 years. The total amount to be paid is Rs.18000/-. Can I claim the entire amount for tax rebate?
Mahesh Padmanabhan answers, The penal payment for reviving the policy would not be available for deduction but the insurance premiu can definitely be claimed subject to the overall cieling of Rs. 1 Lakh of section 80C
JV asked, I have taken house loan and taking tax benefit too...but thing is that I have given that flat on rent and I have also taken a flat on rent....so should I have to show the rent amount in tax return or not....?
Mahesh Padmanabhan answers, The rent paid by you would enable you to avail HRA deduction in case your salary structure has the same. The rent received by you would need to be declared as income. You would be eligible to claim deduction for the entire interest paid/payable by you on such loan and additionally be eligible for a 30% standard deduction on the adjusted annual rent income
vinayc asked, Sir, I worked for one year and then this july i quit for further studies. but i withdrew my PF. and the amount i got was after TDS@33%. so i wanted to know can i claim that tax back this year. i workd for 3 months in this FY
Mahesh Padmanabhan answers, Tax is applicable on PF withdrawal in case you have not put in 5 continuous years of service. You would need tocompute the total income for the current year and see if you fall in the 30% tax bracket or in lower tax bracket. in case you fall in the lower tax bracket then you can claim refund of the excess tax
Birju asked, From outside india whichever money sent this amount taxable in india? can we directly put it to ordinary saving account? or NRE/NRI account required?
Mahesh Padmanabhan answers, Income earned outside India by a non-resident and originally received outside India, which is later remitted to india is not taxable in India. You would be advised to convert your savings account in India into Non Resident Ordinary account and transfer money into this account.
SANJEEV asked, BONUS FROM LIC IS EXEMPT FROM TAX
Mahesh Padmanabhan answers, Yes, but not in the case of Keyman Insurance
gagan asked, What is the maximun tax benifit on monthly convenyance allowance can be claimed for incom tax exepmtion. And what are the supporting documents needed ?
Mahesh Padmanabhan answers, If you are referring to the transport allowance, then the amount is Rs. 800 per month which is tax free and the balance is taxable
san asked, Can I file my IT returns for FY 2006-07
Mahesh Padmanabhan answers, Yes you can but only upto March 31, 2009
cmd asked, I had incurred loss on sale of Shares in Jan-08 and yet to file the returns for the same? Can I claim the loss on share and also carry forward for next year?
Mahesh Padmanabhan answers, In order to carry forward the loss you need to file the original return within the time frame specified i.e. in case of individuals (without tax audit) upto July 31. As you have crossed the timeline though you can still file the return but you would not be eligible to carry forward the loss and set it off against future gains
sandy999s asked, Hi padmanabhan,IS purchase of non-convertible debentures comes under any TAX deduction under like 80C
Mahesh Padmanabhan answers, NO
rkk asked, I have purchased shares of one company on different dates and at different rates. Shares are my long term investment. I have sold part of these shares in the current year through stock exchange paying STT. For calculation of cost of share should I average out cost or use FIFO method for computing capital gain?
Mahesh Padmanabhan answers, Use the FIFO method
srinivas asked, Sir, If a gross salary of women is 2.70 lakhs per annum ...How much can invest in PPF for this year to avoid tax?
Mahesh Padmanabhan answers, The ciling cap on investment in PPF is Rs.70000 per annum
rajesh asked, Hi Mahesh, I was working abroad in Gulf for last 1 year feb to jan08. Now I will work in Mumbai. How do I handle taxes for the last year.. what should I give to my new employer? Pl suggest.
Mahesh Padmanabhan answers, This query would need more elaboration with details of your travel dates in & out of India, please write separately to info@relaxwithtax.com
millennium asked, hi mr. mahesh, is it true that we need to submit bills for LTA tax exemtion..
Mahesh Padmanabhan answers, There was a recent court judgement that stated that bills are not required to be submitted to the employer for the purpose of claiming LTA. However, employers would need to safeguard against any tax queries that they may require and hence insist upon the prof to be submitted
bhushan asked, hi i'm a lecturer and i've taken admission for PhD my fees for PhD is Rs 20000/- can i show this as an investment under 80 c
Mahesh Padmanabhan answers, No the deduction u/s 80C for tution fees is for full time education of dependent children
vijaybelur asked, An employer while extending the benefit to his employee u/s 24 towards interset on Housing Loan , is it necessary for the employer to obtain declaration from the employeee in Form 12 E seeking details of his income from other sources?
Mahesh Padmanabhan answers, The declaration is in form 12C and this declaration is mandatory
naagendra asked, One of my Friend has Commission Business with profit of rs.3.5 lacs & residing in a rented home. He invested Rs.1,53,850/- in Many Life Insurances U/s 80c to 80 cccc The Maximum Limit is Rs.1,00,000/-. Additional to This he is in a rented House. whether he is eligible to 80GG Rent of rS.24000/- so Total Deduction should be Rs.1,24,000/- its ok or maximum Rs.1 lac
Mahesh Padmanabhan answers, Yes he can claim the deduction u/s 80GG
nikil asked, 5 yrs of continuous service for non applicability of tax on PF withdrawl is with one company (similar to gratuity provisiobn) or this 5 yrs. can be with 2 to3 companies
Mahesh Padmanabhan answers, it can be with multiple companies, but should be continuous without any withdrawal in between
amol asked, for the 5 time.... Sir if i am having salary income and using personal car for commuting will i get any benefit of depreciation or any other benefit or interest on car loan paid?
Mahesh Padmanabhan answers, No you would not get any deduction against yur salary income
puja asked, sir now best lic or nsc
Mahesh Padmanabhan answers, Income from LIC is tax free and interest from NSC is taxable. Hence LIC is better. However, the time frame of investment is also relevant, while NSC takes 6 years to mature, LIC may take a longer term
Nishant asked, Hi, LTCG on property is calculated considering a 3 year holding period. What should be considered as the starting date of that 3 year period. The purchase date or the construction completion date or the date of possession? Please help.
Mahesh Padmanabhan answers, Completion of construction should be taken as the benchmark as the registration can be done o commencement of building of property
Laxman asked, Can I show loss on shares in my income tax returns and save tax ? Please let me know
Mahesh Padmanabhan answers, There are rules for setting off losses against income and hence in case you have eligible income that can be used for set off, you can save tax by such set off
pankaj asked, Sir, kindly explain to what extent, gifts received in cash or kind are taxable?
Mahesh Padmanabhan answers, Gift received in kind is not taxable but in the form of money is taxable in case it is not received from specified relatives and is in excess of Rs. 50000 in a year
hussain asked, I am geting electricity rimbursement 1200/- per month. whether this amount is taxable
Mahesh Padmanabhan answers, In case you are receiving the same from your employer then the same would be taxed as perquisites along with your salary
brij asked, If i take a home loan in name of mine and my wife then whom would get the benefit both if yes then howmuch would both get it
Mahesh Padmanabhan answers, Both you & your wife would get the benefit of the home loan. But your wife should have definite source of income to justify the repayment of the loan
Yogesh asked, I have got 80,000 Rs. to invest. where should i invest to save the income tax, other than LIC ?
Mahesh Padmanabhan answers, Eligible investment options to save taxes are ELSS MFs, ULIP, PPF, NSC, 5 year term deposits, 5 year time deposit of Post Office etc.
anil asked, Can a person open more than one PPF account?
Mahesh Padmanabhan answers, No,but you can open separate accounts in the name of your spouse & children
david asked, Dea Mahesh, Ifmy minor son gets gift from realtions like me or grandfather or uncle in cash or kind, jewellery is it taxable. 2. if i gift my minor son cash received as gift from diffrernt people as cash / kind/jewellery is it taxable to me. 3. Is a minor allowed to have a PAN card and can he be a an assesee.
Mahesh Padmanabhan answers, Your minor son can get gifts from your relatives without any tax impact. Minor is allowed to have a PAN card
surajit asked, I have two flat in two different city ( Jamshedpur & Kolkata) Both are on Home Loan. Can I get tax benifit for both the loan
Mahesh Padmanabhan answers, Yes you can avail of the interest benefit on both houses but at your choice you would need to show 1 house as self occupied and the other as let out even it has not been actually let out
Mahesh Padmanabhan says, Dear Friends, thank you for participating in this interactive session, we would need to sign off now. Have a good day. Team RelaxwithTax
Mahesh Padmanabhan is principal advisor -- direct taxes group, RelaxWithTax Consultants Pvt Ltd (http://www.relaxwithtax.com), a Mumbai-based personal taxation and finance solutions provider.
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