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Old 28th August 2012, 04:23   #271
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TDS!

For Fixed Deposits if the interest accumulated in particular branch exceeds Rs 10000 per year, you are liable to pay TDS.

Is it at the Banks discretion or is that a blanket rule. I recall reading somewhere that its partly at the banks discretion, based on the type of account.

Please do let me know.
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Old 28th August 2012, 08:00   #272
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Default re: Income Tax savings, Investments and Insurance

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Originally Posted by alter.e.go View Post
TDS!

For Fixed Deposits if the interest accumulated in particular branch exceeds Rs 10000 per year, you are liable to pay TDS.

Is it at the Banks discretion or is that a blanket rule. I recall reading somewhere that its partly at the banks discretion, based on the type of account.

Please do let me know.
If its above 10000, bank deducts TDS, but that doesn't mean its taxfree below 10000. Even if the interest is Rs. 500, it may be liable for tax. And even for interests greater than 10000, the TDS they deduct may be less than your tax bracket - so again in that case, you are liable for the extra tax.
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Old 28th August 2012, 10:16   #273
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Hi,

Me and my wife together have taken ahousing loan of 30L from LIC. But the amount gets deducted every month from my wife's ICICI account. During tax filing can i also file for tax exemption as the loan is a joint loan taken in both of our names. If yes what tis the procedure to apply for exemption.

Thanks in advance for your answers.
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Old 28th August 2012, 11:21   #274
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How do you invest in GOLD. I.e. not buy god biscuits, but through a demat account like kotak etc., Is there a "electronic" form of GOLD to invest? I am told GOLD ETFs are not really GOLD, but funds linked to GOLD.
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Old 28th August 2012, 11:30   #275
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How do you invest in GOLD. I.e. not buy god biscuits, but through a demat account like kotak etc., Is there a "electronic" form of GOLD to invest? I am told GOLD ETFs are not really GOLD, but funds linked to GOLD.
Tanveer,
You will find all details here.
Gold ETF - What You Need to Know
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Old 28th August 2012, 11:31   #276
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Default re: Income Tax savings, Investments and Insurance

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Originally Posted by bullet-tooth View Post
Me and my wife together have taken ahousing loan of 30L from LIC. But the amount gets deducted every month from my wife's ICICI account. During tax filing can i also file for tax exemption as the loan is a joint loan taken in both of our names. If yes what tis the procedure to apply for exemption.
In my case, its the opposite. Home Loan is from ICICI bank.

EMI goes from my HDFC bank account but, the loan is in our joint name since my wife was an employee of ICICI bank when we took the loan and got a killer deal of 7.5% fixed on our loan.

We both claim exemption on principal and interest in our respective filing from last 5 years.
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Old 28th August 2012, 12:32   #277
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Originally Posted by tsk1979 View Post
How do you invest in GOLD. I.e. not buy god biscuits, but through a demat account like kotak etc., Is there a "electronic" form of GOLD to invest? I am told GOLD ETFs are not really GOLD, but funds linked to GOLD.
The best way to invest into gold is buying it in NSE spot exchange. Once you have a demat account linked to a commodity trading account, you can buy the gold i.e; e-gold with minimum unit as 1gm. You get the 99.9% pure gold, with lowest additional charges(brokerage) at current SPOT rate. When need arises you can sell the gold then and there or can convert the same into physical quantity to take delivery. This type of investing is better if you invest a particular amount every month or schedule as convenient to you ala SIP way.

NSE spot exchange link : National Spot Exchange Limited

BTW it is the least expensive way of owning gold with complete protection(safety) too

Last edited by Vasuki : 28th August 2012 at 12:34.
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Old 28th August 2012, 12:37   #278
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In my case, its the opposite. Home Loan is from ICICI bank.

EMI goes from my HDFC bank account but, the loan is in our joint name since my wife was an employee of ICICI bank when we took the loan and got a killer deal of 7.5% fixed on our loan.

We both claim exemption on principal and interest in our respective filing from last 5 years.

if you have a joint loan, both are eligible to claim exemption.

you just need the annual statement from the bank, mentioning both names. get two original copies and submit with your tax proofs for exemption!
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Old 28th August 2012, 12:57   #279
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The best way to invest into gold is buying it in NSE spot exchange. Once you have a demat account linked to a commodity trading account, you can buy the gold i.e; e-gold with minimum unit as 1gm. You get the 99.9% pure gold, with lowest additional charges(brokerage) at current SPOT rate. When need arises you can sell the gold then and there or can convert the same into physical quantity to take delivery. This type of investing is better if you invest a particular amount every month or schedule as convenient to you ala SIP way.

NSE spot exchange link : National Spot Exchange Limited

BTW it is the least expensive way of owning gold with complete protection(safety) too
How do I link my kotak demat account for commodity trading? Sorry, totally clueless about all this!
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Old 28th August 2012, 13:36   #280
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if you have a joint loan, both are eligible to claim exemption.
True. But you have to divide it - i.e. interest paid is 2 Lakhs - then each cannot take exemption for 2 lakhs. The total interest exemption claimed by both should not add to more than 2 lakhs.
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Old 28th August 2012, 14:16   #281
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True. But you have to divide it - i.e. interest paid is 2 Lakhs - then each cannot take exemption for 2 lakhs. The total interest exemption claimed by both should not add to more than 2 lakhs.

with a 30 lac loan and resultant interest, yes the division and splitting is taken care of is my assumption

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Old 28th August 2012, 22:31   #282
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How do I link my kotak demat account for commodity trading? Sorry, totally clueless about all this!
Your broker, here kotak, may also be operating in commodity segment. Tell him you want do trading under NSEL, to buy e-gold/ e-silver. He can then link your demat account to the newly opened commodity based trading account.
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Old 29th August 2012, 09:56   #283
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Default Re: Income Tax savings, Investments and Insurance

The normal demat account we have for trading in shares can't be used for spot trading. For that a new one, NSE (spot exchange) demat account has to be opened. This may or may not be with the same service provider.
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Old 30th August 2012, 06:48   #284
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The normal demat account we have for trading in shares can't be used for spot trading. For that a new one, NSE (spot exchange) demat account has to be opened. This may or may not be with the same service provider.
Thanks for correcting me. Since they come under different entities, SEBI & FMC, you need another demat account. BTW for those who are not interested in taking physical deliveries of gold they need not have demat account at all. They just need the commodity trading account.
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Old 28th September 2012, 16:17   #285
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Default Re: Income Tax savings, Investments and Insurance

I have never really invested in Company Fixed deposits (always in Bank FD's).
But the interest rates are a little higher for Company deposits.

Anything to be wary of.
Some companies are offering quite a decent rate of return.

http://www.moneycontrol.com/fixed-in..._main.php#data
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