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Samraat Jadhav |1073 Answers |Ask -Follow

Stock Market Expert - Answered on Dec 07, 2023

Question by B - Dec 06, 2023Translate

What are the prospects of Tribhovandas Bhimji Zaveri Shares

Ans: Strong Annual EPS Growth
Growth in Quarterly Net Profit with increasing Profit Margin (YoY)
Book Value per share Improving for last 2 years
FII / FPI or Institutions increasing their shareholding
Data looking good, the only problem is with Declining profits every quarter for the past 3 quarters (which is a red flag) so wait for this quarter and is the numbers are same, then its AVOID.

Disclaimer: Investments in securities are subject to market RISKS. Read all the related documents carefully before investing. Please consult your appointed/paid financial adviser before taking any decision. The securities quoted are for illustration only and are not recommendatory. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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Sanjeev Govila |300 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Question by Ratan - Dec 05, 2023Translate

Sir, I am 61 yrs. old. I want to start SIP of 1000 pm for 3 yrs., in which I can start, so i can get max. return?

Ans: Systematic Investment Plan is the best way to build a corpus. This also instils discipline in investing.

When going for a mutual fund, 3 years is short duration. Always invest for a longer term, say 5 - 7 years or may be even longer to make best use of the market fluctuations.

Choice of Mutual fund depends on the purpose and risk appetite.

If you are old and are a dependent (Low risk appetite): At this point it is better to stick to debt funds/hybrid funds. These are less prone to the market fluctuations since their exposure to equities is very minimal.

There are other schemes as well other than MFs:

1.Senior Citizens Savings Scheme (SCSS) -8.20% p.a. ; Rs. 1,000(Min Investment)
2.Post Office Monthly Income Scheme (POMIS) - 7.40% p.a. ; Rs. 1,500(Min Investment)

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Sanjeev Govila |300 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Asked by Anonymous - Dec 05, 2023Translate

I am state government employee and have become taxpayer from F.Y.2022-2023. I am annual Income is around 8 lakh per annum and by December 2023 I will be receiving Arrears as per modified Pay Scale approx. 8 lakhs. since the said arrears is from 2012 to 2022. How do claim the TDS on Arrears while filing return. Since its backdated income from the year 2012 to 2022 when my income was not taxable. Kindly guide me.

Ans: To claim relief for arrears under Section 89 of the Income Tax Act, 1961, please follow these steps:

• Gather the necessary documents - Salary slips for the year in which the arrears were received and the years to which the arrears pertain. Form 16 for the year in which the arrears were received

• File Form 10E - Form 10E is mandatory for claiming relief under Section 89(1). It can be filed online at the e-filing portal of the Income Tax Department.

• Recalculate tax - Using Form 10E, recalculate the tax for the year in which the arrears were received and the years to which the arrears pertain.

• Adjust taxes - Adjust the taxes for the year in which the arrears were due.

• File revised return - If you have already filed your income tax return but omitted to submit Form 10E for claiming relief under Section 89(1), you can rectify this by filing an online revised return.

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Sanjeev Govila |300 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Asked by Anonymous - Dec 04, 2023Translate

I have question on capital gain from unlisted/start up shares, what can i do to save capital gain tax?

Ans: Firstly determine whether the unlisted shares are long-term capital assets or short-term capital assets.

If the unlisted share have been held for more than 24 months, then it’s a long-term capital asset taxed at a flat rate of 20% with the benefit of indexation. Else, it is short-term capital asset and the gains would be taxed at the rate of 15%, if securities transaction tax is paid at the time of sale. In any other case, it would be taxed as per your tax slab.

To minimize the tax liability on sale of unlisted share you can opt for the following strategies:-
• Staggered selling: Consider selling your unlisted/startup shares in tranches over several years to spread out your taxable income and avoid falling into a higher tax bracket.
• Set off Capital Gain with any other Capital loss incurred on the sale of any capital asset.
• Also, Section 54F of the Income Tax Act, 1961, allows you to claim exemption from tax on long-term capital gains arising from the sale of any capital asset (except residential property) if you reinvest the entire net sale proceeds in the purchase or construction of a new residential property in India.

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Sanjeev Govila |300 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Question by N - Dec 03, 2023Translate

Dear sir Im a retired govt servant. I have a corpus of 48L in various mfs with an avg income of 12% and a complete component of SCSS, 30L. I need a monthly swp of 60k . Pl suggest. I also have a commitment of my daughter's marriage in next 3 yrs .

Ans: I’m assuming that you have invested in equity-oriented funds since your 40s or 50s and the funds are now stabilized and generating consistent return in the range of 11-13% on annual basis. On the basis of above assumption, I assume your portfolio to last till your early 70s.

Regarding the goal of daughter’s marriage, I suggest you to utilize your SCSS at the time of the goal as interest rate might be lower by time and you will get very low returns for re-investing in SCSS in that time.

As per my analysis, withdrawing 40k monthly will easily cater to your requirement till the age of 75 years.

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Sanjeev Govila |300 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Question by Pankaj - Nov 30, 2023Translate

I am 35, govt employee with having inhand salary of 1 lakh /month. I have a term plan of 1 cr and the medical facility is provided by the office covers both OPD and IPD. I have a home loan EMI of Rs 20000, 15 lakh are still to be paid, and Investing about Rs 9000 in mutual funds Quant tax saver-2500, Quant small cap-2000, Nippon small cap-2000, Mirae Asset emerging bluechip funds-2500 corpus of 2.5 lakh is generated. 10% of basic is been deducted in NPS. Please review my portfolio and suggest to me which funds and stocks, to have a balanced and diversified portfolio for maximum gain. I should repay my home loan have an interest rate of 9.55% or invest. Please help me to fix the amount I should repay in the loan and the amount I should invest to generate a corpus of 2cr in 20 years by means of stocks, SGB, mutual funds, and other instruments & average monthly expenses amount. I have realized that I am investing after spending so expenses are higher, it should be investing first and the remaining amount to be spent. Help me to have balanced diversified portfolio of multiple instruments to achieve the goal of 2 CR. Long-term Goal (20 years) Amount Retirement (other than NPS) 1cr Child education (2) 40 lakhs Child Marriage (2) 60lakhs Pankaj

Ans: Your current portfolio is well-diversified across different asset classes, including mutual funds, NPS, and an Insurance.

However, there is a significant high allocation to small-cap funds, which tend to be more volatile. By replacing Quant Small Cap Fund, you can add Parag Parikh Flexi Cap Fund (Returns variation can be seen but the risk exposure reduced drastically)

We do not have your home loan details. So, in brief if you have paid EMIs for more than half of the loan tenure then it is not advisable for prepayment considering financial mathematics. But it is good from a psychological aspect.

To achieve a corpus of 2 Cr. In 20 Years, you have to do monthly investment of Rs. 20,000 @ 12% p.a. It is achievable by selecting Equity and Hybrid Mutual Funds with right risk to reward ratio.
For achievement of other goals, complete details are not mentioned.

I would advice you to take the help of a good financial advisor and plan for the future properly.

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Sanjeev Govila |300 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Question by Sivaraman - Nov 29, 2023Translate

I worked in company A for 5 years and accumulated PF and then I joined company B and worked for 8 months and accumulated PF. Before I could link these 2 PFs account, I got a job abroad and worked there for 7 years. As my contract is over, I had to return to India. I am presently getting rental income of Rs. 12 Lakhs per annum and paying tax on that. My age is 55 years now. Can I withdraw both the PF amount totalling Rs. 15 Lakhs as on date? Is it taxable? To avoid Income tax, do I need to wait till 60 years of age?

Ans: The retirement age set by the Employees' Provident Fund Organization (EPFO) is 58 years for private sector employees. Therefore, you are not eligible for full PF withdrawal (contribution + pension). However, early retirement age is set at 55 years of age.

The taxability of your PF withdrawal depends on two factors:

• Your service period: If you have completed at least 5 years of continuous service (without any breaks exceeding 6 months), then the entire PF amount (including employer and employee contributions) is tax-free at the time of withdrawal.

• Your contributions made after 1 April 2004: If you have made any contributions to your PF account after 1 April 2004, then the interest earned on those contributions will be taxable.

Moreover, you need to verify the following to ensure the complete PF amount is tax-free:
• As your both accounts (company A and B) are not linked, you need to get them linked to avoid any tax implications.
• Whether there were any breaks exceeding 6 months in your service period.

Waiting until you turn 60 years old will not automatically make your PF withdrawal tax-free. The taxability still depends on your service period and contributions made after 1 April 2004, as mentioned earlier.

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Sanjeev Govila |300 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Question by Narayanan - Nov 29, 2023Translate

Hello Sir, I am a (46 Years Old) accountant in a small level proprietorship company. I am a BSc degree holder with a experience of Accounts and do upto finalization. I do not get a permenant job in my past experience (25Years) almost changed six companies due to different reasons (now working in a 7th company) Hence I decided to invest my current savings of (Rs. 25Lakhs) in a Income Policy from April 2024 (Monthly Payable). Whether it is good choice or not. Since this current job also not a stable one. I do not have any regular income. Also I am a single (unmarried). Need your suggession. Thanks In Advance. Narayanan

Ans: Income policies are generally considered to be low-risk investments, but they do not offer the potential for high returns. If you are comfortable with a lower return in exchange for stability, then an income policy may be a good option for you.

Currently there are some regular income policies present which offer lower rate of return (6% approx.) but the payouts are tax free.

If the monthly payouts are larger than the required amount by investing Rs. 25 Lakhs then you can also consider to invest surplus amount towards equity, only after analysing your risk profile.

I seriously think that, for you, it is a better idea to consult with a financial advisor before making any major investment decisions.

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Sanjeev Govila |300 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Question by Vipul - Nov 29, 2023Translate

I have sip in Motilal midcap, Axis Small Cap, HDFC retirement fund, Tata Digital fund, tata business cycle, icici nasdaq 100, Nippon consumption fund, I want to build corpus for future. Each scheme having sip of 5k. I am 29yr now.

Ans: Considering your current well diversified SIP portfolio of Rs 35,000/- at the young of 29 years, I would suggest you to continue your investment in a systematic manner with increase of 5-10% per annum for accumulation of good capital at the time of retirement.

I would like to suggest you to gradually reduce your allocation in sector specific funds like TATA digital, TATA business cycle fund and Nippon consumption fund as these funds invest in particular sector of economy and there is a concentration risk in these funds. You can divert the SIPs from these funds to well diversified funds in Large Cap, Flexi Cap and other long-term equity and hybrid funds.
Consulting a financial planner to prepare a holistic investment plan with details of your existing investments and financial obligations in near future will be most advisable actions for you.

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Sanjeev Govila |300 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Question by Nagalinga - Nov 28, 2023Translate

I was a PO at SBI for 1.5 years and then resigned. A Tier 1 NPS account was created for me and is still active. If I continue to invest in the account will I have any trouble withdrawing the accumulated funds when my age is 60?

Ans: "If you continue to invest in your NPS account, you will have no trouble withdrawing the accumulated funds when your age is 60. At age 60, you will be able to withdraw up to 60% of your corpus in a lump sum or in a graduated manner as per the recent amendment to NPS procedure. The remaining 40% must be used to purchase an annuity, which will provide you with a regular income stream for the rest of your life.
"

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Sanjeev Govila |300 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Asked by Anonymous - Nov 27, 2023Translate

Hi Sanjeev, I am investing in merie asset emerg (5k),parag parekh flexi cap(2k) and ICICI equity (2k)n debt mutual fund since 3 years, wanted to start Nippon India small cap with (5k),also have pf around 7lakhs, ppf 3 lakhs,2 homes loans (85k).stocks1.50 lakhs n saving 1 lakh. I am 38 years old n moderate risk taker n wanted ritired till 55, my retirement goal is 2 caror..pls suggest if m on track on this or not..Thank you

Ans: You have allocated a reasonable portion of your investments to equity funds based on your moderate risk tolerance. Long-term gains from equity funds might be larger, but they also carry more risk. Although the funds held by you are good in fundamentals and can be continued but proper advice based on your needs, goals priority and requirement that too once we are aware about holistic picture.
You are also contributing to a PF and a PPF, both of which are excellent retirement savings instruments.

However, it is critical to keep an eye on your assets and make modifications as needed. To reduce risk as you approach retirement, consider gradually shifting a part of your savings from equity funds to debt funds.

We highly recommend consulting a certified financial advisor who can provide personalized advice based on your risk tolerance, financial goals, and specific circumstances.

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Sanjeev Govila |300 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Asked by Anonymous - Nov 26, 2023Translate

If an Assessee passes away, do his legal representative needs to file tax returns for the said FY even if the deceased assesee's income falls below minimum taxable income.

Ans: Yes, the legal representative of a deceased assessee is still required to file a tax return for the assessment year in which the assessee passed away, but if the deceased assessee's income falls below the basic exemption limit, it’s not mandatory. The return filing is required because the legal representative is responsible for ensuring that all of the deceased assessee's tax liabilities are settled.

Here are some of the reasons why a tax return needs to be filed even if the deceased assessee's income falls below the minimum taxable income limit:

• To claim any tax deductions or exemptions that the deceased assessee may be entitled to.
• To pay any outstanding taxes that the deceased assessee may owe.
• To receive any tax refunds that the deceased assessee may be entitled to.

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Sanjeev Govila |300 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Asked by Anonymous - Nov 26, 2023Translate

Sir, I recently joined a new company and submitted claim to EPFO. However, EPFO has rejected my claim submission for this reason "member with date of joining in EPF as 15.7.2003 and date of exit as 17.5.2005 whereas date of joining in EPS is given as 1.7.2007 and date of exit under EPS is updated as NIL." How can I get this corrected? Please advise.

Ans: To rectify the discrepancy in your EPFO and EPS records, you'll need to follow these steps:

1. Gather Documents: Collect supporting documents that verify your employment details, including:
o Appointment letter or joining letter
o Salary slips for the relevant period
o PF contribution statements
o Any other relevant documents that verify your employment tenure

2. Submit Correction Request: Visit the EPFO regional office where your Universal Account Number (UAN) is registered. Carry the supporting documents and submit a correction request form, clearly stating the discrepancy and providing the correct dates of joining and exit.

3. Attach Documents: Attach self-attested copies of all supporting documents to the correction request form. Ensure the copies are clear and legible.

4. Submit Form and Documents: Submit the completed correction request form along with the attached documents to the EPFO officials. They will review the request and supporting documents.

5. Verify Correction: After processing your request, EPFO will update your records accordingly. You can check the status of your correction request online through the EPFO Member Portal.

6. Seek Clarifications: If you face any difficulties or delays in the correction process, contact the EPFO grievance redressal mechanism for assistance.

Please remember to provide accurate and verifiable information to expedite the correction process.

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Sanjeev Govila |300 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Question by Rajesh - Nov 25, 2023Translate

Sir I retired from crpf on 30 sep 2023 My pension is about 36 thousand and recieved 75 lacs retirement benefits I am 55 years old how to plan my future investments to recieve minimum 50 k from retirement benefits Rajesh kumar

Ans: Future investment planning is critical for financial security and reaching your targeted income after retirement.

Given your age and desire consider the following investment options:

(SCSS) Senior Citizen Saving Scheme: A savings plan intended specifically for senior citizens, with quarterly interest payments and competitive interest rates.

Mutual Funds: You can also explore mutual funds such as Debt Funds, which can provide consistent income while being less risky than equity funds. Consider Hybrid funds, which invest in a mix of equity and debt, aiming for moderate returns while managing risk.

Annuities: Consider investing a portion of your retirement benefits into a good annuity plan to get monthly payments, within specified limit to enjoy tax free returns.

To attain your objective you'll need to build a diversified portfolio with a healthy mix of risk and return. We recommend consulting a qualified advisor/personnel who can provide personalized advice based on your risk tolerance, financial goals, and specific circumstances.

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Sanjeev Govila |300 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Question by Pradeep - Nov 24, 2023Translate

In view of upwards revision of interest rate what option i should give to bank for EMI payment of home loan. option given by bank is as under: i) Pay lumpsum amt to continue with present EMI ii) Increase in loan tenor with increase in EMI iii) Increase the EMI to pay the loan within the existing tenor

Ans: You should consider the following factors to cope with finance in the revised hiked interest rate regime:

• If you have money lying idle in your bank account or have some random investments earning low yields, put it to good use. Make lump sum amount and also consider loan prepayment, which will substantially reduce your overall interest payment and helps to save interest on the loan.

• If you could afford to increase the EMI to pay the loan to maintain the loan tenure, you should go for that.

As a thumb rule, don’t opt for a loan tenure beyond 15 years. Beyond that, interest liabilities shoot up without offering commensurate benefits in the form of lower EMI. The decision to go for lump sum payment or increasing EMI depend on your upcoming requirement, goal priority and commitment’s as well. Thus, ideal situation is due cashflow analysis.

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Sanjeev Govila |300 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Question by Camilo - Nov 17, 2023Translate

Im retired at 58..My last drawn salary 70 000 pm.How much pension should ivgetvfrom epfo? Thanks

Ans: As the provided information is not sufficient, I’m not able to give you the pension amount but you can calculate by using this formula:

Pension Amount = (Pensionable Service * Average Salary) / 70

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Dec 06, 2023

Question by Janaki - Jul 02, 2023Translate

Can we divide our income of interest income of TD to file IT return

Ans: Can you please elaborate your query

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Samraat Jadhav |1073 Answers |Ask -Follow

Stock Market Expert - Answered on Dec 06, 2023

Asked by Anonymous - Dec 06, 2023Translate

upl shares purchased @771.38 in Sept 21 what to do

Ans: Degrowth in Revenue and Profit
Decline in Net Profit with falling Profit Margin (QoQ)
Decline in Quarterly Net Profit with falling Profit Margin (YoY)
Declining profits every quarter for the past 3 quarters
Till the time the above numbers do not change, price is a problem with the stock. Will suggest to hold for now and wait for next quarterly results and see if there is change in data, if not then exit the stock.

Disclaimer: Investments in securities are subject to market RISKS. Read all the related documents carefully before investing. Please consult your appointed/paid financial adviser before taking any decision. The securities quoted are for illustration only and are not recommendatory. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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Samraat Jadhav |1073 Answers |Ask -Follow

Stock Market Expert - Answered on Dec 06, 2023

Question by Ravinder - Dec 05, 2023Translate

What will done about suzlon energy

Ans: Growth in Quarterly Net Profit with increasing Profit Margin (YoY)
Book Value per share Improving for last 2 years
FII / FPI or Institutions increasing their shareholding
Hold for long term

Disclaimer: Investments in securities are subject to market RISKS. Read all the related documents carefully before investing. Please consult your appointed/paid financial adviser before taking any decision. The securities quoted are for illustration only and are not recommendatory. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Dec 06, 2023

Question by CHAITANYA - Jul 05, 2023Translate

I am 33 years old. I am working in co-op Bank since last 12 years. Should I Opt for new tax regime or not?

Ans: Selection of tax regime depends on the amount for which you are eligible for deduction under old scheme. You can calculate tax liability with the help of Income tax calculator and compare tax liability under both regime.

https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-act-2023.aspx

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Dec 06, 2023

Question by Yogendra - Jul 06, 2023Translate

How much tax my daughter will have to pay on ICICI children growth fund amount received on maturity? 5000/- was purchase price in 2001 and received 33000/- as maturity received in 2022

Ans: Kindly check scheme Usually amount received on maturity is taxable.

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Sunil Lala |71 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Asked by Anonymous - Sep 06, 2023Translate

Hallo sir, I have no job but i have 4/5 lacs in saving. So what i do for monthly earning. Please suggest. My age is54

Ans: Is it ok if you get 2500/- per month ?

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Sunil Lala |71 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Question by marines - Nov 27, 2023Translate

MY Friend is 49 and having a home loan in her name, Is it possible to add her son as co-applicant in middle of the home loan tenure. if it is not possible in the present bank, if she switch to other bank, is it possible to add her son also. pls advice, if so whether her son can also get income tax benefit for paying home loan. Pls advice.- shiju

Ans: Yes if he is earning and fits in the criteria of loan

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Sunil Lala |71 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Question by Shakil - Dec 01, 2023Translate

Hi Mr lala I have 2 cr corpus. Where should i invest as lumsum so that i can get monthly income and what is the max monthly i can get. My wish is for 2 lakh per month . I am retired Shakil

Ans: 2 Lakh per month with a Corpus of 2 Crores is too much but it's ok to have 1 Lakh per month. You can choose a good hybrid fund and start monthly withdrawal

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Sunil Lala |71 Answers |Ask -Follow

Financial Planner - Answered on Dec 06, 2023

Asked by Anonymous - Nov 28, 2023Translate

My employer provides me quarters. Therefore purely from an investment point of view, is home loan worth it? I have 30 more years to retirement. Eventhough I'm doing SIP, I'm having this fear of missing out as everyone around has home loan.

Ans: Really not required

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Dec 06, 2023

Question by Vishal - Jul 07, 2023Translate

I didn't have down payment of 20Lacs so couldn't buy home in navi mumbai so what if I buy home at Karad and now I am staying in Navi Mumbai on rent will i be able to claim HRA and home loan.Also if I bought new house after 3-4 years in navi mumbai can i claim tax benefit for both loans

Ans: Yes HRA can be claimed if own house property is in different city and due to employment, you have to stay on rent.

Further, with reference to deduction of Interest and Principle repayment on housing loan, subject to prescribed limit (Rs.2 lacs for self occupied home interest and Rs.1.5 lacs for principal repayment u/s 80C ), benefit can be taken for both houses.

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Dec 06, 2023

Asked by Anonymous - Jul 07, 2023Translate

Sir I am senior citizen retired from bankservice 8 year ago.My second daughter is now Canadian citizen after her marriage. My question is I want to gift her huge sum of money to buy a property in pune OfCourse out of my retirement corpus. can you guide me how to go about it and tax implications

Ans: Amount received from father as gift is not an Income in the hands of recipient daughter. Kindly execute gift deed for the same.

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Dec 06, 2023

Asked by Anonymous - Jul 23, 2023Translate

I have income (INR 180000) that is reported under section 10 (17A). Still, I see that despite being exempt, I am not getting any benefit in Tax return

Ans: If income is shown under exempt schedule, income should not be taxable. Kindly take help of tax consultant.

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Dec 06, 2023

Question by Prasanna - Jul 25, 2023Translate

Mahesh Sir, i am Prasanna, paying PLI premium for last 14 years and it is maturing in Apr 2024, monthly premium is Rs 2939 and sum assured is Rs 5,00,000. I will be receiving a sum Rs 9.5 lakhs , please advice me tax implication on the sum received. thank you sir,

Ans: The sum received under a life insurance policy is exempt from tax if premium paid is less than 10% of Sum assured.

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Dec 06, 2023

Asked by Anonymous - Aug 04, 2023Translate

Hello Mahesh! After working in London for 17 years & retired, I have now moved to India permanently. I receive pension in my bank account after tax deduction at source in London. Then I transfer the amount in my bank account in India for my personal use. I also have bank interest & dividend income in India. Please guide me how do I show my London pension income in my income tax return in India? Do I have to pay income tax on London pension income in India again?

Ans: Income earned by resident and ordinary resident anywhere in the world is taxable in India. However, benefit DTAA can be taken.

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Dec 06, 2023

Asked by Anonymous - Jul 27, 2023Translate

Mr.Mahesh...Pl.adv.if I as a Maternal Uncle (Mother's Brother) I can GIFT any amount more than Rs.Fifty Thousand to my Niece i.e; (my Sister's Daughter) & also to my Sister simultaneously thru Bank Channel in this FY itself,out of my I.Tax Declared Savings, since I am now 73Yrs.in age and as of now have NO other liability.

Ans: Amount received from Mother's brother (Mama) and Brother as gift is not an income in the hands of recipient.

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Dec 06, 2023

Question by Aslam - Aug 11, 2023Translate

I have filled ITR manually for A.Y 2013-14 claiming Refund of Rs 500000 ,the return was not processed within the due date by ITO, in mean time several times i am demanding for refund but no valuable answer was given, what further remedies i can opt for?

Ans: Please contact CPC and try to identify reason for the not processing return and confirm if Jurisdictional officer have power to process the return or CPC.

1800 103 0025 (or)

1800 419 0025

+91-80-46122000

+91-80-61464700

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Dec 06, 2023

Asked by Anonymous - Aug 22, 2023Translate

I am 80 years old getting annual pension of 12.7lakhs.i invest 1.5 lakhs in mutual fund.which option of old scheme or new scheme of taxation

Ans: New scheme is likely to be beneficial for you.

You can calculate tax under both regime at https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-act-2023.aspx

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Dec 06, 2023

Question by George - Aug 23, 2023Translate

Am salaried earning around 50k per month, apart from this am getting a remuneration of Rs. 6000/- per month under section 194J, the company says its mandatory to deduct tax of 10%. Is there any form which can be submitted, so that 10% is not deducted on monthly remuneration. Am not attracting any tax as have home loan, tution fees , investments, medical insurance and NPS.

Ans: You can file application online at Traces portal in Form 13 for obtaining NIL TDS certificate from TDS officer.

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Dec 06, 2023

Asked by Anonymous - Nov 15, 2023Translate

LTA amount is given by my company each year. Is that amount exempted over and above of taxed amount in the new tax regime? How to show it, can I show it accumulating 4 years amount in one year?My yearly salary is 14 Lakh approx. I fall in ITR 1.

Ans: Leave Travel Allowance deduction is not allowed under new tax regime.

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Dec 06, 2023

Question by ANAND - Nov 27, 2023Translate

Hello Mihir Sir, to add on below, please guide us whether we can consider Interest paid for MTF while calculating Capital Gains or under any other clause while filing IT Return.

Ans: No, interest is not considered as cost for calculating capital gain.

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Dec 06, 2023

Question by DINESH - Nov 26, 2023Translate

Sub: HDFC Merger with HDFC Bank : Tax implications for shareholders I often read your excellent and concise replies to the tax queries of readers which are a source of guidance for the common man. I had purchased shares of HDFC as well as shares of HDFC Bank in several tranches over a long period of 17 years from 2006 onwards. Please guide me as to how to report these transactions in Schedule 112A of ITR which does not accept fractional quantities of shares and how to calculate long term capital gains. I file my IT Returns online myself.

Ans: In case of fractional quantities, you can round off the quantities and adjust Sale consideration/Cost to the extent capital gain amount remain the same.

Further, tax on LTCG was introduced from 1.02.2018. Thus, Fair Market Value as of 31st Jan 2018 is considered as cost of acquisition calculation (provided sell value is higher and actual cost is lower).

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Ramalingam Kalirajan |45 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Dec 05, 2023

Question by amarendra - Sep 28, 2023Translate

I will retire next month. Will get approx.2.0 cr . suggest where to invest to get maximum monthly income

Ans: A combination of debt and equity is needed. Debt can be in FD, POMIS, SCSS and SWP from debt funds. Equity can be in diversified equity funds. Approximately 70% can be in debt and 30% can be in equity in a retirement portfolio. In order to arrive at a specific asset allocation ratio and withdrawal plan, pls consult a financial planner.

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Samraat Jadhav |1073 Answers |Ask -Follow

Stock Market Expert - Answered on Dec 04, 2023

Asked by Anonymous - Dec 04, 2023Translate

How is Powergrid script, should I invest

Ans: Growth in Net Profit with increasing Profit Margin (QoQ), good company for long term investments.

Disclaimer: Investments in securities are subject to market RISKS. Read all the related documents carefully before investing. Please consult your appointed/paid financial adviser before taking any decision. The securities quoted are for illustration only and are not recommendatory. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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Samraat Jadhav |1073 Answers |Ask -Follow

Stock Market Expert - Answered on Dec 04, 2023

Question by Vijayaraghavan - Dec 02, 2023Translate

Sir, I sent a query earlier but did not get reply. Anyway, I again seek your advice. I have 50 equity of Nicco Uco alliance Ltd for some time. I am a senior citizen and wish to close my DP a/c. I am given to understand this share is delisted and not traded. I contacted the company, but they didn't respond. Further I don't have any other DP a/c in my family. Due to this I am unable to close my DP a/c. Is there any SEBI authorized institution/ DP a/c to which I can transfer this share for free. If not, what is the way out for people struck in similar situation like me. I shall be thankful if you would guide me on this. Vijayaraghavan M.

Ans: Dear Vijayaraghavan Ji,
If you want to close the DP and have a share which is delisted, then the only solution left is you need to rematerialized the share that means convert it in physical and then close the DP. Your broker will help in converting these shares in physical format.
You also need to remember that you can only sell it in dmat format, so after relisting and if you need to sell, you have to dmat it again and then only sell.

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Samraat Jadhav |1073 Answers |Ask -Follow

Stock Market Expert - Answered on Dec 01, 2023

Question by NITIN - Dec 01, 2023Translate

HI,Sir - i have quess corp share qty 400 @ 498 please advise

Ans: Increasing Revenue every quarter for the past 2 quarters
Increasing profits every quarter for the past 2 quarters
Company able to generate Net Cash - Improving Net Cash Flow for last 2 years
Book Value per share Improving for last 2 years
Data is good, can expect 15% upside, but book it after the rise.

Disclaimer: Investments in securities are subject to market RISKS. Read all the related documents carefully before investing. Please consult your appointed/paid financial adviser before taking any decision. The securities quoted are for illustration only and are not recommendatory. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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Samraat Jadhav |1073 Answers |Ask -Follow

Stock Market Expert - Answered on Dec 01, 2023

Question by Shyamal - Dec 01, 2023Translate

Has REC reached its peak? If so should it be sold?

Ans: yes, profit booking is necessary as we have also reached all time high in Index.

Disclaimer: Investments in securities are subject to market RISKS. Read all the related documents carefully before investing. Please consult your appointed/paid financial adviser before taking any decision. The securities quoted are for illustration only and are not recommendatory. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Nov 30, 2023

Question by Mahesh - Nov 23, 2023Translate

i have sold my flat for white amount of 25 lakhs in Hyderabad the flat before 7 trs purchased for 13 lakhs i am not into tax zone and bout submitted ITR since 10 yrs can i avoid tax on capital gains

Ans: To claim tax exemption from capital gain earned during the year from transfer of residential property, you have to invest gain amount in new house property within 3 years (if you are planning to construct new property) OR within a period of one year before or two years after the date of transfer of old house, you should acquire another residential house.

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Nov 30, 2023

Question by RK - Nov 23, 2023Translate

Can I claim deduction u/s 80DD and 80DDB for medical expenses on my 84 year father-in-law who is dependent on me, these are also supported by Medical Certificate in Form 10-IA with Hospitalisation Bills. My employer has verified the Medical Certificate and Hospital Bills but are refusing the duduction that these are not available for a dependent “father in law”. Can you please provide a case law or precise section in the IT Act specifically providing the expenses under these sections for 84 year old dependent “father in law”.

Ans: Income tax allow deduction for amount paid to "parents" and "father in law" does not fall in the category of parents so deduction will not be allowed.

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Nov 30, 2023

Question by RK - Nov 16, 2023Translate

Can I claim deduction u/s 80DD and 80DDB for medical expenses on my 84 year father-in-law who is dependent on me, these are also supported by Medical Certificate in Form 10-IA with Hospitalisation Bills. My employer has verified the Medical Certificate and Hospital Bills but are refusing the duduction that these are not available for a dependent “father in law”. Can you please provide a case law or precise section in the IT Act specifically providing the expenses under these sections for “father in law”.

Ans: Income tax allow deduction for amount paid to "parents" and "father in law" does not fall in the category of parents so deduction will not be allowed.

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Nov 30, 2023

Question by Krishnamurthy - Nov 29, 2023Translate

i filed my itr-4 for AY 2023-24 on 26-Jun-2023. Since 26-Aug-2023 (more than three months now), status is showing as "under processing". what may be the reason for the delay??

Ans: ITRs are processed after verification under all the risk parameters through system. Sometime it take times to process the ITR.

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Mihir Tanna |727 Answers |Ask -Follow

Tax Expert - Answered on Nov 30, 2023

Question by Kuchel - Nov 29, 2023Translate

can we claim tax benefit of college fees studying aboard

Ans: No, tuition fee paid to university, college, school or other education institution situated in India is not allowable as deduction u/s 80C

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Samraat Jadhav |1073 Answers |Ask -Follow

Stock Market Expert - Answered on Nov 30, 2023

Question by Suresh - Nov 30, 2023Translate

rajesh bcg igl hind zinc adani gas guj gas jio fi mmtc renuka adani ports tube invest tata chemical garden ship this all god stock?

Ans: Following good stocks from you list:
Tube Investment
Tata Chemical
Garden Shipyard

Disclaimer: Investments in securities are subject to market RISKS. Read all the related documents carefully before investing. Please consult your appointed/paid financial adviser before taking any decision. The securities quoted are for illustration only and are not recommendatory. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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Samraat Jadhav |1073 Answers |Ask -Follow

Stock Market Expert - Answered on Nov 30, 2023

Asked by Anonymous - Nov 30, 2023Translate

What could be maximum price of GSFC

Ans: 220 in coming years

Disclaimer: Investments in securities are subject to market RISKS. Read all the related documents carefully before investing. Please consult your appointed/paid financial adviser before taking any decision. The securities quoted are for illustration only and are not recommendatory. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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Jigar Patel |208 Answers |Ask -Follow

Stock Market Expert - Answered on Nov 30, 2023

Question by dinesh - Nov 28, 2023Translate

i have mcx share 100@2800/- what is future for long term

Ans: the long-term depends on fundamental.... technical target 3300

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