You have a question about house rent allowance, medical allowance or even a general tax query.

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I am a housewife with an annual income that falls way below Rs 1,00,000. This includes the short-term capital gains I make from buying and selling shares.

Do I have to pay a 10% capital gains tax, apart from the Securities Transaction Tax?

- Mrs. M Roy

As your total income is below the threshold exemption limit you would not be required to pay tax on short-term capital gains made by you.

• Your queries on capital gains answered

I joined a new company on February 1, 2005. My previous employer had already deducted tax till January 2005. But, my present employer did not deduct tax for the months of February and March, 2005.

As I have not yet filed my tax returns, will I have to pay the interest on the tax?

- Brahma Mahesh Prasad

Let me answer with specific reference to your case.

Taking into account the total salary income for the financial year, if the total tax deducted falls short of the required amount and if you are required to pay some more tax, then interest will be levied.

You would be required to pay interest on three accounts:

1. For deferment of the tax: not paying adequate tax within the timelines

2. Delay in payment of tax: failure to pay requisite tax within the year

3. Failure to file your income tax returns within the timelines defined.

Read Why you must file a tax return to see the timelines and penalties imposed.

I have paid stamp duty to register my house. Is there a provision of tax relaxation for this amount paid? My apartment was registered this year. Total registration cost was around Rs 1,00,000. Is this cost deductible from income for calculation of tax?

- Abhash Veer Singh

Yes. There is tax relaxation for the stamp duty and registration charges for transfer of house but within the limits specified under section 80C (currently Rs 1,00,000).

Read Save money by taking a home loan.

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