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Last Updated: August 17, 2007 08:42 IST
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 have not mentioned the assessment year and the details are not clear. I'll suggest you to log on to www.taxsmile.com and use the tax calculators provided on that site.
grbbabu asked, Hi Vikas. Good afternoon. myself and my wife are working. We both want to take the HRA EXEMPTION on 50:50 basis. The rental agreement is there in the name of both of us. Is that sufficient to claim the HRA exemption. Or while paying the rent, we should pay the rent in two cheques(one is mine and another one is my wife's cheque)? Also please let me know whether we have to do anything else for this?
vikasgandhi answers, The rent should be paid in two cheques, one in your name and another one in your wife's name. Also you both should receive the rent receipt in your individual names.
lakshmi asked, Hi, I have bought a new flat and this would be completed by 2008 dec,Can i claim the EMI that i will be paying for Interest on housing loan for this year?
vikasgandhi answers, This is pre-construction interest and it can be claimed from the year in which you receive the possession and total pre-construction interest will be allowed in five equal annual installments starting from the year in which you receive the possession.
Faisal asked, Hi, is it necessary for a salaried person to file Form 16, even if income is not taxable. In case yes, is then the employer responsible for any such failure?
vikasgandhi answers, No, it is not necessary for a salaried person to file Form 16, whether income is taxable or not. All the new forms are annexureless forms.
vksbrd asked, In last financial year 2006-07, I worked for 2 companies. In first company I worked for 4 months and they may have deducted my TDS but not they have not given me form 16-A so far,What is to be done ? At present I am working a company in which also I do not received the form 16-A.Please let me what will be the procedure to file income tax saral form as I have not file the same so far and last date also to be known. V K Sharma
vikasgandhi answers, First of all, you will require Form 16 from both the companies and not 16-A. The due date for for salaried employees was 31st July, 2007. The forms have changed and saral is not acceptable. For preparation of your return in new forms, you can log on to www.taxsmile.com
Sunil asked, Hello sir, I want to know that whether maturity of NSC comes in the taxable income?
vikasgandhi answers, On maturity of NSC, the principal amount received will be exempt. However if the interest was not delared on accrual basis every year, than the differential amount will be taxable as interest.
1616 asked, Under Section 80D, what is the limit of tax relief for the current financial year?
vikasgandhi answers, For financial year 2007-2008, the limit is Rs. 15,000. If you are a senior citizen, ie., have completed 65 yrs of age, than the limit is Rs 20,000.
vikasgandhi says, It was nice chat session. Since the time limit is over, I am logging off for now. Bye.
Chat with Vikas every week!
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