Q&A: tax saving

Question: #1: Tax saving?
Monthy i am paying for the chit. Can i show this as a tax savings or investing money in chit company does not come under tax saving? - asked by Adipudi

Answer: ... - answered by: Bharat
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Question: #3: how much will be my tax saving if I purchase asingle family home ?
Basically how much can I save as tax ? . What is the maximum amount can I deduct from my income ?. Now I live in rental apartment.With regards, - asked by i-love-god

Answer: ... - answered by: Wayne Z
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Question: #5: Do I need to reinvest in tax saving bonds (Sec 54)after they mature or can I invest anywhere I want?
Based on your answers I understand that if I invest the long term capital gains amount after selling house property, I have to pay tax only on the interest received on the long term capital gains tax saving bonds (Sec 54). After the bonds mature is it essential to invest in similar bonds or can I invest in other investment options like shares, mutual funds etc.? - asked by maze_nav

Answer: ... - answered by: N.J.Reddy
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Question: #7: Income tax saving from two different housing loansfor two different properties?
I have purchased a flat in 2004 and i am claiming for rebate since then in my income tax for hosuing prinicipal and interest component. Recently in 2008 i purchased another flat with a new housing loan. Does the interest component of second flat also be considered for tax exemption including the earlier one?Please clarify.ThanksSandeep - asked by sandeepagarwals

Answer: ... - answered by: N.J.Reddy
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Question: #9: Can I write off a part of a loss for tax saving?
I have invested $10,200 the past 3 years in a stock that has continued to decline. This year the stock had a reverse split of 40 to 1. I had 73,000 shares. Now I have 1825 shares. 2 1/2 years ago 10,000 share cost $4,000. Now 10,000 share = 250 share and cost 102.50. The stock looks to jump in the near future.Can I sell the 250 for the loss in 2006 and repurchase in 2007 for the lower price. Does this make tax logic?I do not want to sell the entire stock. I want to just sell 250 share that cost 4,000 keeping 1575 share and repurchase more in 2007. Thanks - asked by David H

Answer: ... - answered by: mukwonago53149
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Question: #11: Is there a tax saving for installing new windowsin your home?
- asked by G mon

Answer: ... - answered by: miss schocking le schlonk
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Question: #13: Please suggest some ELSS scheme i.e tax savingfunds which are going to declare dividend in thecoming days.?
Please suggest some ELSS scheme i.e tax saving funds which are going to declare dividend in the coming days. - asked by Ahmed A

Answer: ... - answered by: yogi123
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Question: #15: How is increasing tax on petrol saving the world?
Why are we putting up with all these additional taxes to counter global warming. What is Gordon doing with the extra tax on fuel, the extra tax on flying? People - it's a bl***ing con. Even the BBC is collecting money to save the earth. It saves putting up the licence fee. One could begin to get cynical!! - asked by nipper

Answer: ... - answered by: jb
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Question: #17: will the government look at my saving account andtax me?
Ok I get a gift of $2000 every month cash none taxed from my relative. I put it in my saving account. will the government tax me for this money? Also will finanical aid be effected by this money I am currently a student. - asked by unknown11233

Answer: ... - answered by: v b
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Question: #19: why are Conservatives talking about getting rid ofthe gas tax and not getting rid of the tax on fuelsaving ?
cars? or at least doubling the tax on gas quzzlers? and whould that lower the price of gas and save it too instead of just bankrupting the country by not paying our taxes? - asked by גַּבְרִיאֵל

Answer: ... - answered by: man of ape
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Question: #21: What is the best way to plan Income-Tax saving inIndia for 2007-2008?
- asked by D M K

Answer: ... - answered by: N.J.Reddy
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Question: #23: Best Tax saving Fund with divedend option?
Hi all,Please suggest me the best Tax saving mutual fund which can give me best divedendsThanksKishoreHi already invested in Principal Personal tax saver ..Is there any other fund which is going to give the divedend - asked by malla k

Answer: ... - answered by: RR
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Question: #25: i am beginner investor, wants to invest in taxsaving mutual funds....?
i dont have any idea about mutual funds. The main reason i want to invest in mutual funds is to avoid tax and so, i want to know the details of the tax saving mutual funds. For example, i want to invest around 20k. If i do so, the whole 20k will be non taxable only, right? can you please provide me clear details ? Please provide some written data rather than giving some links(as i have already searched in web) ;)i dont have any idea about these jargons like dividend,returns? - asked by vinney_143

Answer: ... - answered by: N.J.Reddy
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Question: #27: Do I have to pay tax on a saving account interest?
What if I never remove money from the account or add money to the account. This would mean I am paying tax on almost the same amount of money each and every year. What is good is the interest if it taxed up. also If I had bought something collectable instead and then sold it for profit I would have paid no tax. - asked by Steve T

Answer: ... - answered by: Mike
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Question: #29: is scotland different to england Can savinginheritance tax be carried over to 2nd partner on1st partners dea
can the allowance be carried over to the wife on her death thus saving £600000 before inheritance tax at 40% starts - asked by mary j

Answer: ... - answered by: Philip W
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