What are the things, to calculate taxable income(India), will be reduced from the Gross Income?

If I purchase some property like Land or Gold, or if I invest in Share Market, Mutual Fund, Commodity Exchange, will it reduce my taxable income? What difference if I invest here for short & long terms?

Public Comments

1. All of these activities (except investing in Tax Saving Schemes of Mutual Funds) will not save you income tax. Even share market investments may increase your taxable income depending on whether you have sold it shortterm or not.
2. If you are having bank deposits or other deposits before your investments in Land, gold, share market, then these investments will reduce your income because your deposits will be converted and you will not get the interest on deposits . Your profit or loss starts when you sell them. If the land and gold are sold with in 3 years, then those gains are treated as short term capital gains and will be taxed as per slab rates . If sold after 3 years then the gains are long term capital gains and taxed @20% flat rate . If you sell shares with in one year, then you have to pay short term capital gains @15%. If sold after 1 year no tax at all on gains if any .
3. Donations to charity like prime minister`s relief fund, CM`s relief fund,,to free meal scheme in Hindu temples only can be deducted 100% from gross income for IT.