Union Finance Minister Pranab Mukherjee marginally raised the Income Tax exemption limit, abolished Fringe Benefit Tax and Commodity Transaction Tax and announced some schemes to benefit the aam aadmi.
What exactly does the Budget hold for the common man? Will you benefit from the Budget proposals? Or do you really don't care? How does it affect you?
What are the best investment oportunities open to you? How best can you save taxes? In an hour-long chat on Thursday, direct tax expert Vikas Gandhi offered some valuable tips. Here is the transcript:
vikasgandhi says, Hi Freinds, welcome to today's chat session
Sir ,How much amount can one show tax exemption under 80D and 80CCC?vikasgandhi answers, at 2009-08-06 15:23:00
Maximum Limit allowed under Section 80C, Section 80CCC and Section 80CCD is Rs.100000. Regarding Section 80D, maximum limit for Medical Insurance Priemium paid for Self, Spouse and Children is Rs.15000 , if medical insurance premium is paid for parents than you get additional deduction of Rs. 15000 and if any of your parents is senior citizen that is above the age of 65 than you get Rs. 20000 deduction for medical insurance premium paid for parents.
I donated a sum of Rs.10000/- to a charitable institution which is eligible u/s 80G. But our employer is not ready to give the benefit of Deduction u/s 80G in computing TDS. Give ur opinion.vikasgandhi answers,
As regards donations made to charitable instituions which is eligible for 80G deduction, even if your employer does not give you the benefit of deduction while filing your Income Tax Return you can claim this deduction under section 80G and you will become eligible for refund for the extra tax which has been deducted.
Salaried Employee, not getting HRA for the first five months of service in an organisation, but subsequently w.e.f. sixth month started getting HRA, How for the first five months , deduction u/s 80GG can be claimed ? thanks in advance.vikasgandhi answers,
Deduction under section 80GG can be claimed only if you do not receive HRA benefit throuhghout the year .
i have two house both on my name & 2nd house which i recently purchased has a loan of 30L. Can i claim tax exemption on this loan? If i show that i have rented 1st house.vikasgandhi answers,
You can claim interest due on loan taken for purchase of a house. If you own two houses and one of which is given on rent, you can claim interest for both the houses.
Hello Vikas, I had purchased a property recently by taking housing loan. My earnings from the property is negative after considering the maintainance cost etc., Can we deduct this loss from our total earnings apart from considering principle + interest payment ( Maximum considered )vikasgandhi answers,
Deduction for Repairs, maintenance, etc of property is allowed at a flat rate of 30% of Income arrived at after deducting Municipal Taxes paid. This deducton is allowed irrespective of the fact whether actual expenses are incurred or not. No seperate deduction is allowed for the same.
Is rental income can be adjusted with interest on borrowed money? vikasgandhi answers,
Interest due on laon taken to Purchase a House Property can be adjusted against the Income earned from renting of that House Property.
who is eligible for ITR 4 vikasgandhi answers,
ITR - 4 is required to be filed by Individuals or HUFs having Income from a proprietory business or profession.
Sir, can 2 home loan interest be availed under the tax saving?vikasgandhi answers,
Yes, you can claim 2 home loan interest.
I joined in new organisation in April 09. As per new CTC I have to pay the tax. When I have to pay the tax.vikasgandhi answers,
Your organisation would be deducting tax on behalf of you. Check your Salary slips. You can demand your tax calucation from your HR / Accountant. In case your company has not deducted any tax till now, inform them to start deducting as soon as possible.
i have two house, both are in different places, both on my name & 2nd house which i recently purchased has a loan of 30L. Can i claim tax exemption on both the loan interstates?vikasgandhi answers,
You can claim principal repayment and interest due for home loan only against the property purchased by utilising such home loan. There is no restriction on number of property against which deduction for home loan is allowed. Only condition needs to be satisfied is that the property should be purchased by utilizing such home loan and you should have ownership in such property.
i have started a hardware sales shop with a partnership, i work of a MNC my income from company is 8L and i made a loss of 3L. Now do i have to pay a tax on 8L or 8L-3L. Please advise vikasgandhi answers,
Business Loss cannot be adjusted against Salary Income.
I am paying around 50K per annum as insurence premium in different schemes. Can i show part of this premium under my wife's the 80C claim, please advise. vikasgandhi answers,
Spouse can claim the insurance premium only if he/she has paid the insurance premium. Since you have paid the Insurance premium, the same cannot be claimed by your wife.
My brother has gifted me 1 lac cheque on the eve of yesterday's Rakshabanhan. Whether does it attract any Tax? I am salaried employee. Pls advise.vikasgandhi answers,
No, it does not attract any tax.
What kind of expenditure will come under Sec 80D vikasgandhi answers,
Medical Insurance Premium paid for Self, Spouse, children and parents falls under Section 80D.
what happen if we not submit our ITR forms...?vikasgandhi answers,
If you so not file your Income Tax Return within the due date of filing of Income Tax Return, than Interest is payable at the rate of 1% per month under Section 234A for late filing of Income Tax Return. In case you Tax Liability after deducting TDS is more than Rs.5000, than you will be liable to pay Interest under Section 234B and Section 234C.
Sir, HRA exemtion for a salaried individual is min. of (i) 50 % of Salary, (ii) Actual HRA received, or (iii) Rent Paid - 10 % of Salary. WHETHER THIS CALCULATION CAN BE DONE SEPARATELY FOR 12 MONTHS OF A FINANCIAL YEAR.vikasgandhi answers,
Yes, all the figures considered for calculation should be on per month basis.
i have two home loan , can i get a tax benifit on each flat . if yes pl suggest hw vikasgandhi answers,
Yes, you can claim interest due on loan taken for purchase of a house. If you own two houses, you can claim interest for both the houses
Thank You for todays chat session. See you all next Thursday.