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Answered on Feb 11, 2025

Answered on Feb 11, 2025

Question by Chander - Feb 10, 2025Hindi

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Should I pay tax on my LIC and Max Life annuity income of ₹297,000?

Ans: Annuity payouts are generally taxable as income under the head 'Salaries' in the year they are received so if your income from salaries and interest is below the taxable limit then no tax

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Answered on Feb 11, 2025

Question by gourisankar - Feb 10, 2025Hindi

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Should I Shift One of My Small-Cap Mutual Funds to a Flexi-Cap Fund?

Ans: Hello, depending on the other assets that you hold is when i can answer if you should have multiple kinds of funds or just one category
For example you can follow this rule for portfolio creation :
Aggressive portfolios - small cap 30%, mid cap 30%, multi cap 15%, large and mid 15%, thematic 10%
Remember that past performance is not a guarantee for future returns, and it's always important to review your investments periodically to ensure they remain aligned with your financial objectives.
Do let me know your views on this on my LinkedIn profile, attaching my profile :
https://www.linkedin.com/in/ca-vivek-lala-21a2038b?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app

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Answered on Feb 09, 2025

Question by Vijayaraghavan - Feb 09, 2025Hindi

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Is capital gains income included in new tax regime?

Ans: Capital gains is different and has its own deductions whereas income is seperate with its own deductions
So yes there will be some tax as per the final computation

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Answered on Nov 04, 2024

Question by NARENDRA - Oct 01, 2024Hindi

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90-Year-Old Indian Citizen Selling Pune Flat: What's the Income Tax?

Ans: Hello, it is the same as it was by using the CII to calculate the tax
Do let me know your views on this on my LinkedIn profile, attaching my profile :
https://www.linkedin.com/in/ca-vivek-lala-21a2038b?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app

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Answered on Nov 04, 2024

Question by SA - Oct 20, 2024Hindi

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55-year-old inherits property, wants to know tax implications of Rs. 150 lakh sale

Ans: Yes the tax will be applicable as if your are the owner of the property when it was purchased by your mom
There are different ways to calculate the taxes

Do let me know your views on this on my LinkedIn profile, attaching my profile :
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Answered on Nov 04, 2024

Asked by Anonymous - Oct 25, 2024Hindi

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Joint FDs and Savings Account: Managing Inheritance Without Tax Burden

Ans: Hello, the tax has to be paid by you. If not then you can file the ITR for your late father and show the income in his account and pay the taxes as applicable

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Answered on Oct 25, 2024

Asked by Anonymous - Aug 11, 2024Hindi

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Sir, It assessess cash Gift from specified relatives exempt under new tax regime or not.

Ans: Yes, it depends on the cash gifts amounts accepted

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Answered on Oct 25, 2024

Asked by Anonymous - Aug 12, 2024Hindi

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sir, A Doctor running a two hospitals . 2 nd hospital rent to another Doctor and advance ,rent from another Doctor . Doubt: Rental income commerical property or house property treated and advance from another Doctor without interest accepted.

Ans: Both are incomes, one is business income and second is rental income from commercial property

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Answered on Oct 25, 2024

Question by krishnan - Aug 13, 2024Hindi

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hello Sir! good day. I was an NRI for 14 years in Singapore and still continue to work for the organization in Singapore and draw my sal in Singapore in my account in Singapore . I hold NRE FDs /FCNR deposits/ NRI SB /NRO account . I returned to India due to some personal issues and my organization allowed to work from home . I still hold Employment pass in Singapore . I am still undecided about returning to Singapore which my company is okay with this idea. I am at the moment in cross roads . My question is I have been filing my income tax every year and for AY 2024-25 I filed RNOR status as i was not away from India for not more than 180days . My question is 1. Do I have to change all my NRE and FCNR deposit which i hold in a nationalised bank to RFC account and convert my NRE and NRO account to residency . I am not clear at the moment about staying back in India but can go back to Singapore still qualifying for the 180days rule. 2. Do i have to clsoe my account in Singapore and bring the proceed to India?. 3.Whom should I intimate about my account status. To the bank where i hold deposit ? thanks

Ans: Hello, need some more details for the same
Do let me know your views on this on my LinkedIn profile, attaching my profile :
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Answered on Oct 25, 2024

Asked by Anonymous - Aug 16, 2024Hindi

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I have received a property in blood relation from my brother ,which was purchased in 2003 by him 450000 ,the value now in blood relation 125000,who have to pay capital gain, I have sold this property un2024 in 3200000 ,this is residential property, I have to pay capital gain tax ? Or if I purchased commercial property of 32 lakh Will I have to pay capital gain tax Barjindera singh

Ans: Hello, need more details for the same
Do let me know your views on this on my LinkedIn profile, attaching my profile :
https://www.linkedin.com/in/ca-vivek-lala-21a2038b?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app

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Answered on Oct 25, 2024

Asked by Anonymous - Aug 17, 2024Hindi

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Sir, A person sec 44ad provision itr filed.but assessess purchase of gold jewellery value rs:3 lacs two times f.y.23-24 Question: Assessess purchase of gold jewellery transaction show in itr returns compulsory

Ans: Gold is purchased after the tax is paid on the income earned
So nothing to be shown regarding gold in ITR

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Answered on Oct 25, 2024

Asked by Anonymous - Jul 26, 2024Hindi

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Selling Penthouse for 2.3 Crore: Tax Implications for Ashok Ghai?

Ans: Hello, need some more details for the same
Do let me know your views on this on my LinkedIn profile, attaching my profile :
https://www.linkedin.com/in/ca-vivek-lala-21a2038b?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app

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Answered on Oct 25, 2024

Question by Chacko - Aug 26, 2024Hindi

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A neighbour sold land and price gained was shown correctly in income tax return; but the buyer showed only half the price in land transfer registration documents. If so, is (1) my neighbour or (2) the land buyer who showed only half actual price paid or (3) both liable for prosecutions? Thanks

Ans: Hello, both are wrong as the documents cannot be made by just one party, it has to be signed by both the parties.

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Answered on Oct 25, 2024

Question by RMA - Oct 18, 2024Hindi

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I am a 63 years old senior citizen , wish to get approximately 1 lakh per month for my monthly expenses . Want to know how much amount to invest in mutual funds in SWP. Please suggest mutual funds name to invest .After how much period of investment i will be able to get SWP amount in my account .

Ans: Hello, i am glad you have the knowledge of SWP and you wise to invest in Mutual funds for the same
For an SWP of 1L per month, you have to invest 2crs ( SWP rate is 6% )
Looking at your age and since i don't have the understanding of your other investments, you should make a balanced portfolio
Listing the funds as follows which we have to invest using an STP of 10 to 20 weeks :
Aggressive Hybrid - 10%
Large and mid cap - 20%
Multicap - 20%
Mid cap - 20%
Small cap - 20%
Thematic funds - 10%

SWP can be started when the STP is fully done

Do let me know your views on this on my LinkedIn profile, attaching my profile :
https://www.linkedin.com/in/ca-vivek-lala-21a2038b?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app

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Answered on Oct 25, 2024

Asked by Anonymous - Oct 22, 2024Hindi

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Please advise whether it is wise to withdraw PF and invest in Stock or Mutual Fund for the below scenario . Age 39, resigned from Indian MNC , while I was abroad, almost 3yrs ago and I understand PF interest will not be paid after 3yrs. (PF is held in the trust account of MNC) . While my PF is earning interest currently, my previous organisation is charging me 10% TDS. I might relocate to India in the future and might join an Indian company but I risk losing the benefit of earning interest until I join back in India. And, I lost the tax component charged as TDS for the interest earned in MF.

Ans: Hello, it all depends how much debt exposure you would like to take in your portfolio
At your age, you are going to have an active income for the next 15yrs, so your equity to debt exposure can be about 90% to 10%
And generally your debt exposure should be liquid for emergency purposes
Also for the TDS deducted for any reason, you can claim it back by filing the ITR regularly.
Do
let me know your views on this on my LinkedIn profile, attaching my profile :
https://www.linkedin.com/in/ca-vivek-lala-21a2038b?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app

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Answered on Oct 25, 2024

Question by Harris - Oct 22, 2024Hindi

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HELLO Mr. LALA, DO YOU OFFER REGULAR PERSONAL SERVICES TO PRIVATE CLIENTS TO NRIs?

Ans: Hello, yes i do
Do visit my page on LinkedIn for more details
https://www.linkedin.com/in/ca-vivek-lala-21a2038b?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app

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Answered on Oct 15, 2024

Question by nikhin - Oct 12, 2024Hindi

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Investing in a residential flat and need advice on section 54F claim?

Ans: Yes if you follow all the rules for claiming the benefit

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Answered on Sep 30, 2024

Asked by Anonymous - Jun 26, 2024Hindi

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Joint Savings Account Interest: Who Reports It? My Wife and I Need Answers!

Ans: The first holder will have to show the interest

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Answered on Sep 30, 2024

Question by BHARAT - Jul 25, 2024Hindi

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Vivek, are there any exemptions in STCG on selling equity shares? (Like the 1.25 lakhs in LTCG)?

Ans: It depends on if you have any other income apart from STCG

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Answered on Sep 30, 2024

Question by mustafa - Jul 29, 2024Hindi

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Should I club profit from shares with my salary and other income for tax?

Ans: It is taxed differently

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Answered on Sep 30, 2024

Asked by Anonymous - Aug 01, 2024Hindi

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How can a senior citizen reduce income tax on short-term capital gains?

Ans: Hello, if you are a senior citizen you get a higher tax slabs in terms of your taxes
My suggestion would be that avoid trading in the market and have a long term vision. If the STCG is generated because of SWP, that's a part of the process and you can avoid the tax on the same using the tax slab benefits for yourself.

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Answered on Sep 30, 2024

Question by Alok - Aug 06, 2024Hindi

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Will I get tax exemption on LTCG if I reinvest in a new house in 2025-2026?

Ans: Hello, yes you will be getting the tax exemption but just make sure you are following the definition of the Income tax.
You have to show it in the year you sell, if selling as of today, it will be show in AY 25-26

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Answered on Sep 30, 2024

Asked by Anonymous - Sep 28, 2024Hindi

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How can a 42-year-old with a wife and 9-year-old son invest 40 lakhs for long-term returns?

Ans: Hello, currently the markets are high is the tone you would hear on all social media's but it's still far behind from the ACTUAL all time high's in terms of PE.
We are currently doing an STP of 15-30 weeks for our clients in case of any fresh money being invested and we are focusing more on Large and mid cap and multi cap funds, so you use the same strategy and maybe reshuffle your portfolio as and when the mid and small caps become cheaper
Do let me know your views on this on my LinkedIn profile, attaching my profile :
https://www.linkedin.com/in/ca-vivek-lala-21a2038b?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app

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Answered on Sep 22, 2024

Question by RAMENDRA - Sep 22, 2024Hindi

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Sold property in March 2023, booked new flat in September 2024 and possession in November 2024: What are LTCG implications?

Ans: Hello, it depends on the date of agreement of the new house

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Answered on Sep 11, 2024

Question by Piyush - Aug 31, 2024Hindi

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Inheriting Shares and Charity: Tax Implications?

Ans: First the shares have to be transferred to your name and then you can sell the shares and pay tax
Yes tax has to be paid if any

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Answered on Sep 11, 2024

Asked by Anonymous - Aug 31, 2024Hindi

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45-Year-Old Business Owner: Can I Opt for the Presumptive Scheme under Section 44AD?

Ans: For any rental income, it has to be considered under rent and not professional income

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Answered on Sep 11, 2024

Asked by Anonymous - Sep 10, 2024Hindi

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I'm a Student Wanting to Take an Education Loan and Invest: Good idea?

Ans: Hello, that can be a good idea on paper, provided you know that you will get a job after 2 years of studying and you can start with your EMI immediately. Just to put it in numbers :
Loan amount after 2 yrs at 9% - Rs.2376200
EMI will start after 2 yrs , lets assume you select 5 yrs, so the total interest cost will be - Rs.583360
Total Interest = 959560
Value of 12L after 7yrs at 13% cagr = Rs.2823126

VS the second option of taking a loan of 8L and having the same scenario , the interest cost will be = 150480 + 233409 = 383889

Hence by taking a loan of 20L and investing 12L in equity MF for 7 yrs total is a much more beneficial option

Do let me know your views on this on my LinkedIn profile, attaching my profile :
https://www.linkedin.com/in/ca-vivek-lala-21a2038b?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app

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Answered on Aug 25, 2024

Asked by Anonymous - Aug 23, 2024Hindi

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5000 for SIP: One Large Cap or Three Smaller Ones?

Ans: Hello, there are multiple options of funds in mutual funds to be invested in. The selection of funds depends on your duration of investment , understanding of the volatility of the markets which in turn will make your funds volatile depending on the category of funds.
According to me if your time duration is more than 7 yrs , you can do the following ( assuming your emergency corpus is taken care of ) :
Small cap - 2000
Mid cap - 2000
Multicap - 1000

Please note that these suggestions are based on your stated goals and the information you provided. It is always a good idea to consult with a financial advisor in person to better understand your risk tolerance, time horizon, and specific financial goals.

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Answered on Aug 25, 2024

Question by PK - Aug 22, 2024Hindi

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Can I use my retirement savings to build a house? (Kumaraswamy, Central Govt pensioner)

Ans: You can withdraw any amount as its tax paid money , so nothing to be worried of
You can do as you please with your savings or investments

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Answered on Aug 25, 2024

Asked by Anonymous - Aug 23, 2024Hindi

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Want to Invest 5 Lakhs for a Second Income? Here's What You Need to Know

Ans: Hello, you can create a balanced portfolio in mutual funds by selection 2 funds for the same
One can be a multicap fund and other can be a large and mid cap fund 50% each
Your SWP amount should not exceed 6% of the corpus invested
Also if you have active income and don't need any passive money, you should defer the SWP as per the cash flows

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Answered on Aug 22, 2024

Asked by Anonymous - Aug 19, 2024Hindi

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NRI With ULIP: Should I Cancel Policy for Apartment Down Payment?

Ans: Hello, the ULIP can be redeemed after 5yrs anytime and the money received will be based on the NAV of the fund selected by you
No tax implications in India as the investment is in ULIP, you have to ask your CPA or your accountant for the tax liabilities in the country of working

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Answered on Aug 11, 2024

Question by PATEL - Jul 02, 2024Hindi

Confused about ITR filing: Share trading and loan interest income (wife's income - Rs.2,95,000)

Ans: Hello, ITR 2 is to be filed

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Answered on Aug 11, 2024

Asked by Anonymous - Jul 09, 2024Hindi

In 2022, I inherited 7 lakhs but didn't file ITR. Will I face difficulties?

Ans: Hello, as per the data given , nothing seems to be taxable as its all below the taxable limit

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Answered on Aug 11, 2024

Question by NARESH - Jul 11, 2024Hindi

I took a loan with interest at bank rates from a family member. Can this be an expense on ITR?

Ans: Interest can be taken as expense if you are having business income

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Answered on Aug 11, 2024

Asked by Anonymous - Jul 19, 2024Hindi

LTCG Equity Mutual Fund Redemption Gains: Is the 1 Lakh Exemption Gone?

Ans: AY 24-25 is 1L , for AY 25-26 its 1.25L

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Answered on Aug 11, 2024

Asked by Anonymous - Jul 23, 2024Hindi

Govt Employee Working in Odisha DCCB: Can I Invest in FNO and Intraday Trading?

Ans: I don't think so there is such rule against FNO trading.
It is advised not to be done if you are doing it part time , if you are interested please learn about it and do it full time rather than part time
FNO and intraday trading is taxed under business income

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Answered on Aug 11, 2024

Question by sg - Aug 02, 2024Hindi

Capital Gains Relief after Selling a House - What are my options?

Ans: The tax implication will be 1.3L , which according to me you should pay and invest the money in liquid assets for your future money needs. You can create a balanced portfolio of mutual funds and take a 6% SWP at max from the portfolio created
Do read my latest post on LinkedIn for the same

https://www.linkedin.com/in/ca-vivek-lala-21a2038b?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app

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Answered on Aug 11, 2024

Question by Vijay - Aug 05, 2024Hindi

Transferring Property for Mutual Funds: Tax Implications and Solutions for Siblings

Ans: Yes its better to transfer or gift mutual funds as the tax implications on gain will be in your hands at redemption
In case of sale of house , you will have to make gift deed and other documents which will have costs

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Answered on Aug 11, 2024

Asked by Anonymous - Aug 10, 2024Hindi

Confused 26-Year-Old Doctor Seeks Investment Advice: Mutual Funds, Stocks, Gold, or Silver?

Ans: Hello, mutual funds are equities but managed by a professional. Stocks are good if it's your full time job. Since you are a doctor , it's advised to invest in mutual funds
Gold and silver should be for consumption and not for investment unless you are in a wealth preservation mode rather than wealth creation mode

Do let me know your views on this on my LinkedIn profile, attaching my profile :
https://www.linkedin.com/in/ca-vivek-lala-21a2038b?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app

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Answered on Aug 11, 2024

Question by Shammsunder - Aug 10, 2024Hindi

Shammsunder Nikam - Need Advice on Accumulating 2 Crore Through Mutual Funds in 5 Years

Ans: Hello, there are 2 ways to invest money in mutual funds , one is SIP's and other is Lumpsum
If you have an active income, then your sip amount should be 2.38L to get to 2crs in 5yrs @13% xirr
If you want to invest a lumpsum amount then your investment has to be 1.08 crs to get to 2crs in 5yrs at 13% cagr

Remember that past performance is not a guarantee for future returns, and it's always important to review your investments periodically to ensure they remain aligned with your financial objectives.

Do let me know your views on this on my LinkedIn profile, attaching my profile :
https://www.linkedin.com/in/ca-vivek-lala-21a2038b?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app

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Answered on Aug 11, 2024

Question by Gardenia - Aug 11, 2024Hindi

30 years old, need 5 lakhs for 15 years - which mutual fund?

Ans: Hello, this depends on your age and other investments done by you
But since your time line is 15yrs , you can go for an aggressive portfolio
Mid cap - 40%
Small cap - 40%
Multicap - 20%

Remember that past performance is not a guarantee for future returns, and it's always important to review your investments periodically to ensure they remain aligned with your financial objectives.

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Answered on Aug 11, 2024

Question by Anil - Aug 11, 2024Hindi

Should My 73-Year-Old Father Pay Capital Gains Tax on His Rs 25 Lakh Property Sale?

Ans: Hello, if property is sold , then yes he definitely has to pay tax on it at 20% after indexation ( consult a CA as he will give a much precise answer in terms of tax outflow once you give him all the details )
There are multiple ways to save taxes , but my suggestion would be to pay taxes if any and to invest that money in an asset which yields good growth or a decent monthly income with growth and liquidity since your father is 73yrs old
In case of investments in Mutual Funds , you can select the following portfolio options for a retired person :
Equity hybrid - 20%
Large and mid cap - 30%
Multicap - 30%
Mid cap - 20%

Please note that these suggestions are based on your stated goals and the information you provided. It is always a good idea to consult with a financial advisor in person to better understand your risk tolerance, time horizon, and specific financial goals.

Do let me know your views on this on my LinkedIn profile, attaching my profile :
https://www.linkedin.com/in/ca-vivek-lala-21a2038b?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app

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Answered on Aug 10, 2024

Asked by Anonymous - Aug 08, 2024Hindi

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Accounting Discrepancy: Revised Returns and Tax Audit Implications

Ans: Yes , if there is a valid reason for the same

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Answered on Aug 10, 2024

Asked by Anonymous - Aug 09, 2024Hindi

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Income Tax: Should I disclose cash gift from father exceeding Rs.20 lakhs when assessing tax below Rs.3 lakhs?

Ans: Yes return needs to be filed
No limit on gift received from relatives as per the income tax definition , but make sure the money received as gift is tax paid money by the person who is transferring it to you

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Answered on Aug 10, 2024

Asked by Anonymous - Aug 09, 2024Hindi

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Personal Expenses Limit for Assessee: 6 Lacs in FY 2023-24?

Ans: Personal expenses cannot be claimed for business incomes

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Answered on Aug 10, 2024

Asked by Anonymous - Aug 10, 2024Hindi

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How Often Can I Receive Cash Gifts From Family in India?

Ans: Please be specific with amounts and what will be the purpose of the cash gifts

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Answered on Aug 08, 2024

Asked by Anonymous - Aug 08, 2024Hindi

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Can I be penalized for a large cash balance on hand at year-end?

Ans: No penalty as such , but if that cash is cash income then you have to declare while filing the ITR

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Answered on Jul 23, 2024

Question by rmingle - Jul 16, 2024Hindi

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Should my wife pay tax on selling land she bought for Rs.1.35 lakhs and sold for Rs.12 lakhs in 2002-2024?

Ans: Yes , after indexation the tax will be 20%

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Answered on Jul 23, 2024

Question by P - Jul 18, 2024Hindi

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ITR Refunds Delayed: What's causing the hold-up, Badrinath?

Ans: It can take upto 3 months for the same , please keep patience

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