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November 25, 2008 12:56 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 there 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 replied to many such readers' queries. Here is the transcript:
vikasgandhi says, Hi Freinds, welcome to today's session
RAJAN asked, Can I gift part of my capital gain (by selling some property) to my spouse? Who will be liable to pay taxes on this? Thanks much
vikasgandhi answers, at 2008-11-20 15:36:26You can gift part of your Capital Gain to your Spouse. However, you will be liable to pay entire tax on the Capital Gain made by you. You can save tax on the Capital Gain by purchasing another Residential Property or Investing in Bonds (National Highway Authority of India, Rural Electrification Corporation of India).
RAJAN asked, If I earn capital gain of Rs.25 lacs by selling some inherited property, can I invest this capital gain in buying two properties of smaller denomation or I am supposed to allow buy one one property from the capital gain earned.
vikasgandhi answers, There is no need to invest the entire Gapital Gain in single property. you can invest the same in more than one property.
Sanjay.Singh asked, Hi Sir, is it true that if you send money to your parent as a gift, that will be deducted from your taxable amount. Thanks You Very Much In Advance.
vikasgandhi answers, No, gifts given to your parents will not be deducted from your taxable income.
Sunil asked, Hi I have booked Short Term Capital loss of Rs 5 lacs in the stock market. Can I set it off against my salary income or against interest earned on my FD / Post Office SB
vikasgandhi answers, No, Short term Capital Loss can be set-off only against Capital Gains. It cannot be set-off against Salary or Interest income. It can be carried forward provided the return is filed within the due date of filing Income Tax Return.
rohandeshpande9890 asked, If my parents send me money as a gift will it be deducted from taxable amount.
vikasgandhi answers, No, gifts from relatives are not deducted from taxable Inocme. Parents are covered under the definition of relatives.
RAJAN asked, Thanks for the reply. One more query. Can I buy two properties from the capital gain (earned by selling one property) Thanks
vikasgandhi answers, Yes, you can buy two properties from the capital gain earned by selling one property
Sanjay.Singh asked, Hi Sir, is it true that if you send money to your parent as a gift, that will be deducted from your taxable amount.
vikasgandhi answers, No, money send to parents as a gift will not be deducted from your taxable income.
prasad asked, Is there any limit of taking LIC [Get Quote] policies for claiming IT exemption?
vikasgandhi answers, Yes, deduction from Taxable income can be claimed in respect of Investments made in LIC policies upto Rs.100000.
prasad asked, Is there any limit of taking LIC policies for claiming IT exemption?
vikasgandhi answers, Yes, deduction can be claimed from Taxable income in respect of premiums paid on LIC policies upto Rs.100000.
sdgfsdf asked, is principal and interest of educational loan both exempted
vikasgandhi answers, Only interest of educational loan is allowed as deduction from Taxable Income. Proncipal repayment is not allowed as deduction.
vikasgandhi says,
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