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8 Responses to Have Questions on Tax? AskClearTax

  1. Ranjeet Gupta March 31, 2015 at 1:48 am #

    I have purchased one residential plot please let me know whether registration fee and stamp duty would be covered in income tax saving if yes then in which section and what is the precedure.

    • cleartax-team March 31, 2015 at 10:57 am #

      Sir, please note deduction for stamp duty and registration charges under section 80C is available only for House Property.

  2. sanjay April 5, 2015 at 4:44 am #

    Sir, I have purchased home loan jointly and one year taken tax benefit by both (husband wife ) . Now I wish to take tax benefit only by one – single person . Can it possible? Plz guide me.

    • cleartax-team April 6, 2015 at 3:58 pm #

      Yes, if you are paying the entire loan installment and your wife is not contributing to it, you can claim the entire tax benefit yourself.

  3. nandu asrani April 5, 2015 at 9:49 am #

    I have income from interest income from fixed deposits and interest from SBI bonds totalling to six lacs can i deposit 150000 in ppf and claim exemption from income tax ?What will be my tax liability please email and oblige Thanks.

    • cleartax-team April 7, 2015 at 11:14 am #

      Anybody earning any type of income can open & deposit in a PPF up to Rs 1,50,000 in a financial year (you can open a PPF account if you are less than 60 yrs old). Yes, of course you can claim deduction under section 80C by deposits in PPF.

      You can use our Income Tax Calculator to find out your tax liability https://cleartax.in/paytax/taxcalculator.

      If your total income is Rs 6lakhs and you have no other income and you are less than 60 yrs old, you can save about Rs 27,000 in taxes by investing in PPF.

  4. vilas khanwalkar April 6, 2015 at 9:24 am #

    I have sold my 1998 purchased house on 08/12/2014 and received total selling cost on 07/01/2015. I have purchased new under construction house registration of which will be done on 01/05/2015 and whole amount received from previous sell is utilised. Mean while I have not opened any capital gain account.About 80% of amount is already paid from the same bank account in which I received selling cost. Please suggest what should I do.

    • cleartax-team April 7, 2015 at 11:13 am #

      For claiming capital gains exemption from sale of a house property – you only need to invest the capital gains. You can calculate your capital gains by reducing indexed cost of purchase from the sale price. You are also allowed to deduct expenses directly related to the sale. This will give you the amount of capital gains earned by you. If you invest the entire capital gains – your gains shall be exempt and you will not pay any tax on them. You must show these in your Income Tax Return under the head ‘Capital Gains’.

      The capital gains should be invested before the return filing date to claim exemption, which has been done by you.

      You can read in detail here https://blog.cleartax.in/selling-property-know-capital-gains/

      If you have any questions or need help with your Return, write to us support@cleartax.in and we will assist you!