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R P Yadav  |304 Answers  |Ask -

HR, Workspace Expert - Answered on Apr 22, 2024

R P Yadav is the founder, chairman and managing director of Genius Consultants Limited, a 30-year-old human resources solutions company.
Over the years, he has been the recipient of numerous awards including the Lifetime Achievement Award from World HR Congress and HR Person Of The Year from Public Relations Council of India.
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Asked by Anonymous - Mar 09, 2024Hindi
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Hello sir, What subjects should the student pickup in 11 th grade to study Law and what are the different competitive exams for studying law? Does the student need any coaching for these competitive exams?

Ans: Hi,
After completion of 12th, one can apply for LLB in any private institute, college or universities. The admission in the institute depends on the marks obtained in class 11th and 12th.
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Sushil

Sushil Sukhwani  |343 Answers  |Ask -

Study Abroad Expert - Answered on Jun 20, 2023

Asked by Anonymous - Jun 19, 2023Hindi
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Hi , My son has chosen Law group for 11th and he is interested to pursue law further. What are the courses he can take after 12th in India / aborad , to continue hos bachelors degree.
Ans: Hello,

To begin with, thank you for contacting us. There are a number of possibilities available both in India and overseas if your son decides to pursue a career in law after graduating from high school. He can continue his Bachelor's degree by enrolling in the following courses:

1. B.A., B.Sc., and B.Com. Integrated LLB: Numerous universities in India offer integrated five-year programs that combine a Bachelor's degree with a Law degree. These programs offer a thorough understanding of the law and its applications in a variety of disciplines.

2. Bachelor of Laws (LLB): Your son can enrol in a three-year LLB program after earning a bachelor's degree in any field. After completing their undergraduate degrees, this is the conventional path for students who desire to specialize in law.

3. Juris Doctor/Doctor of Jurisprudence (JD): Your son can enrol in a Juris Doctor program if he is thinking about studying law abroad. It is a professional graduate legal degree that is available in nations viz., the United States, Canada, and Australia. The JD program is typically three years long and is intended for students having a bachelor's degree in any field.

4. Bachelor of Civil Law (BCL): The Bachelor of Civil Law is a postgraduate legal degree that provides an in-depth study of several legal areas in some nations, including the UK. It is a one-year program for students who have previously earned a law degree or the equivalent.

5. Bachelor of Legal Studies: Some nations, notably the US, offer this as an undergraduate degree. It offers a thorough grounding in legal ideas and can act as a springboard for further legal study or careers in related disciplines.

6. Pre-law Bachelor of Arts or Science degree: For students interested in obtaining a legal degree, certain colleges have undergraduate programs designed just for them. To foster the critical thinking and analytical abilities needed in the legal profession, these courses concentrate on topics like political science, history, and ethics.

7. Diploma/Certificate Courses: Institutes provide a number of certificate and diploma programs in a variety of legal specialties. These courses which are frequently less time-consuming than degree programs, offer particular knowledge and abilities in fields like Criminal Law, Human Rights Law, Intellectual Property Law, Business Law, and Cyber Law. These classes might range in length and provide concentrated knowledge helping you better grasp specific legal subjects.

Your son should examine the precise prerequisites and admission processes for the courses he is interested in, as they may differ between universities and nations. He can also make a decision based on aspects like his professional objectives, the institution's standing, the location, and the availability of internship or practical experience chances.

For more information, you can visit our website.

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Mayank

Mayank Kumar  |189 Answers  |Ask -

Education Expert - Answered on Jul 26, 2023

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Hello Sir, My Son recently cleared SSC exam with 87.8%. He wants to pursue LAW please guide us for the same along with the other professional courses. regards
Ans: Hi Mrunal, Congratulations to your son on securing 87.8%. If he's so keen on pursuing LAW, then he must do thorough research before taking a call. Law is a diverse field with various specializations available - like criminal law, corporate law, family law, or environmental law. It's important that he identifies his interest first.

Next important step would be identifying the right programs that will get him the maximum career benefits. He could opt for a 3-year LL.B. program after completing his undergraduate degree in any discipline or a 5-year integrated LL.B. program which can be pursued directly after 12th. For admission to prestigious law schools offering integrated LL.B. programs, your son may need to appear for law entrance exams like CLAT (Common Law Admission Test), AILET (All India Law Entrance Test), LSAT (Law School Admission Test), etc. Make sure to stay updated about the exam dates, eligibility criteria, and application processes.

It's important to also compare different law schools based on their faculty, infrastructure, placement records, and specializations offered to be able to make an informed career choice. Today we have a range of online and blended programs available that comes with stronger hands-on element and are at par with offline /offer similar university accreditations. Strong writing skills, internships for gaining practical experience and registering for the BCI after course completion to practice law in the country, are important.

Also, before you suggest alternate career options to him, it's important to check about his interests and passions - Encourage open discussions about his career aspirations, and consider seeking guidance from career coaches or professionals in the fields he is considering.

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Sushil

Sushil Sukhwani  |343 Answers  |Ask -

Study Abroad Expert - Answered on Nov 22, 2023

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My Son, in class 10th wanted to pursue his career in Law/Legal abroad after 10+2. With AI coming big way, I think Law/Legal will have huge impact. Please suggest if it has bright future or may be very challenging ? Also, help me understand what is the path available to pursue legal studies in countries like Canada, European Countries, Australia etc., Any best Universities you can recommend.
Ans: Hello Mahesh,

To begin with, thank you for contacting us. I am glad to hear about your son’s interest in pursuing a career in Law overseas after he completes his 12th grade. As an answer to your query, I would like to inform you that taking in account the changing landscape of Artificial Intelligence (AI) and its effects on a broad range of professions, including law, your son’s desire to practise law overseas seems encouraging. Remember, with the introduction of technology, major changes are being brought about in the legal arena. Artificial Intelligence (AI) may change some facets of the legal profession, but it also creates new opportunities in areas viz., data privacy, legal tech, and AI ethics in the legal system. It would therefore, seem that the future of law will be both difficult and fruitful, requiring flexibility as well as a fusion of legal knowledge with technical developments.

You would be glad to know that outstanding programs are offered by a number of countries to those aspiring to pursue law overseas. The University of British Columbia, University of Toronto, and McGill University in Canada are regarded for their law schools. Coming to European countries, the University of Cambridge, the London School of Economics (LSE), and Oxford University in the UK, as well as Leiden University in the Netherlands, are highly regarded. Law schools at Australian universities viz., Australian National University (ANU), the University of Melbourne, and the University of Sydney, are also renowned. As an answer to your query concerning the path available to pursue legal studies in these aforementioned countries, I would like to tell you that this path generally entails earning an undergraduate i.e. Bachelor’s degree, usually in any area of study, after which one needs to complete a legal degree i.e. Bachelor of Law (LLB) or Juris Doctor (JD), and then possibly undertake specialized programs or internships. In order that your son chooses the program that best resonates with his passion and objectives, I would recommend that he conducts an extensive study on particular program offerings, the competence of the faculty, as well as the curriculum’s primary emphasis.

For more information, you can visit our website.

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Ramalingam

Ramalingam Kalirajan  |1776 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 09, 2024

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I want to take Quant mutual fund. Which one should I go with? Quant mid cap Quant small cap Quant infrastructure Quant psu fund I am 23 and I have good risk appetite.
Ans: Given your age and risk appetite, investing in mid-cap and small-cap funds can offer growth potential over the long term. However, it's essential to consider factors such as fund performance, investment strategy, and risk management before making a decision.
Quant Mutual Fund offers several options across different categories. Here's a brief overview of each option you mentioned:
1. Quant Mid Cap Fund: This fund primarily invests in mid-cap stocks, which have the potential for high growth but also come with increased risk. Mid-cap funds are suitable for investors with a higher risk appetite and a long-term investment horizon.
2. Quant Small Cap Fund: Small-cap funds invest in stocks of small-sized companies, which have the potential for significant growth but are also more volatile and risky. Investors with a higher risk tolerance and a longer investment horizon may consider investing in small-cap funds.
3. Quant Infrastructure Fund: This fund focuses on investing in companies operating in the infrastructure sector, such as construction, energy, and utilities. Infrastructure funds can provide exposure to a specific sector but may be more volatile and cyclical.
4. Quant PSU Fund: PSU (Public Sector Undertaking) funds invest in stocks of government-owned companies, which are known for stability and steady dividends. These funds may offer a defensive investment option for investors seeking lower risk exposure.
Before investing in any Quant Mutual Fund, it's crucial to review the fund's track record, investment objective, portfolio composition, and expense ratio. Additionally, consider consulting with a Certified Financial Planner to ensure the fund aligns with your overall investment strategy and financial goals.
Remember, while mid-cap and small-cap funds offer growth potential, they also come with higher risk. Ensure you have a diversified portfolio and a long-term investment horizon to ride out market fluctuations.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

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Ramalingam

Ramalingam Kalirajan  |1776 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 09, 2024

Asked by Anonymous - Apr 08, 2024Hindi
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Equity Investment Using Loan ? ( 15 Lakhs ) Hi , I am contemplating to acquire a personal loan of 15 Lakhs at 10.45% interest. And invest lumpsum it in High Volatility Equity Mutual Funds giving a Return of about 25-30% on average Example: Quant Mutual Funds ( Midcap, Smallcap, Flexicap ) , Nippon India ( Midcap, smallcap) and Momentum Type Mutual Funds. Please suggest if I should go for it. Also I'm open to hear some better ways to go about investing aggressively using Loan. And also making the most out of my loan eligibility for acquiring gains.
Ans: Taking a personal loan to invest in high volatility equity mutual funds can be risky and may not be suitable for everyone. Here are some factors to consider before proceeding with this strategy:
1. Risk: Investing in high volatility equity funds involves a significant level of risk, especially when using borrowed funds. While these funds have the potential for high returns, they also carry the risk of significant losses, especially in volatile market conditions.
2. Interest Cost: The interest rate on personal loans can be relatively high compared to other forms of borrowing. At 10.45%, the interest cost can eat into your investment returns, potentially reducing your overall gains.
3. Market Uncertainty: The stock market can be unpredictable, and there are no guarantees of returns, especially in the short term. Investing borrowed money in equity funds exposes you to market fluctuations and the possibility of losses, which can impact your ability to repay the loan.
4. Loan Repayment: You'll be required to repay the personal loan, along with interest, regardless of the performance of your investments. If your investments underperform or incur losses, you may struggle to meet the loan repayment obligations, leading to financial strain.
Considering these factors, it's crucial to evaluate your risk tolerance, investment horizon, and financial situation before using a personal loan for aggressive equity investment. Additionally, seeking advice from a Certified Financial Planner can help you assess the suitability of this strategy and explore alternative investment options that align with your goals and risk profile.
If you're looking to invest aggressively, consider options like Systematic Investment Plans (SIPs) in equity mutual funds using your existing savings or surplus income. SIPs allow you to invest regularly over time, reducing the impact of market volatility and minimizing the need for borrowing.
Remember, prudent investing involves balancing risk and reward, and it's essential to make informed decisions based on your financial circumstances and long-term goals.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

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Ramalingam

Ramalingam Kalirajan  |1776 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 09, 2024

Asked by Anonymous - Apr 07, 2024Hindi
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Sir I have paid a lump sum advance of Rs 75000 for CGHS LIFETIME CARD, I am a pensioner, can I take income tax deduction for this, if yes, in which financial year the deduction has to be taken? Can I claim deduction of the entire amount for the same financial year?
Ans: As a pensioner, you may be eligible to claim a deduction for the lump sum advance paid towards the Central Government Health Scheme (CGHS) Lifetime Card under Section 80D of the Income Tax Act. Here's what you need to know:
1. Deduction Eligibility: You can claim a deduction for the premium paid towards health insurance, including the CGHS Lifetime Card, for yourself and your family members. The maximum deduction allowed under Section 80D is up to Rs. 25,000 per annum for individuals below 60 years of age and up to Rs. 50,000 for senior citizens (aged 60 years and above).
2. Financial Year: The deduction can be claimed in the financial year in which the payment for the CGHS Lifetime Card was made. If you paid the lump sum advance of Rs. 75,000 in the current financial year, you can claim the deduction in the same financial year when filing your income tax return.
3. Claiming Deduction: You can claim the entire amount of Rs. 75,000 as a deduction under Section 80D, subject to the maximum limit applicable based on your age. If you have other health insurance premiums or medical expenditures eligible for deduction under Section 80D, ensure that the total deduction claimed does not exceed the maximum limit allowed.
It's important to retain the receipt or any documentation related to the payment made for the CGHS Lifetime Card as proof while filing your tax return.
Consult with a tax advisor or Certified Financial Planner to ensure compliance with tax regulations and maximize your deductions based on your specific financial situation.

Best Regards, K. Ramalingam, MBA, CFP, Chief Financial Planner, www.holisticinvestment.in

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Ramalingam

Ramalingam Kalirajan  |1776 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 09, 2024

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Sir, NRI having only LTCG (taxable) and interest income which is less than one lakh. I want to file ITR at the earliest and is ready with details but a part of the interest income is yet to appear in AIS. I presume that the data will get populated by the middle of June. But as I have all the figures, can I proceed with ITR filing NOW or will it be considered contradictary with AIS?
Ans: You can definitely file your ITR now, even though a part of the interest income isn't reflected in the AIS (Annual Information Statement) yet. Here's why:

NRIs with LTCG and low interest income: As an NRI with only LTCG (taxable) and interest income below one lakh, you qualify to file ITR-1 (Sahaj).

Discrepancy with AIS: A minor difference between your reported income and the AIS data might not be a major issue. The income tax department usually sends notices for significant discrepancies.

Here's what you can do:

File with the information you have: Go ahead and file your ITR using the interest income details you possess.

Mention the discrepancy: While filing, you can explain the missing interest income in the ITR form itself. Briefly state that you expect it to be reflected in the AIS by mid-June.

Revise if needed: If the missing interest income gets populated in the AIS later, you can revise your ITR accordingly. There's a window for revising ITRs after the initial filing.

Here are some additional points to consider:

It's always best to report accurate income. Including the estimated interest income demonstrates your transparency.

If you're uncomfortable filing now, you can wait until the AIS data is updated by mid-June. However, there's no penalty for filing early.

Ultimately, the decision is yours. Filing now with an explanation or waiting for the AIS update are both viable options.

It's recommended to consult a Chartered Accountant (CA) specializing in NRI taxation for personalized guidance.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

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Ramalingam

Ramalingam Kalirajan  |1776 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 09, 2024

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My wife had purchased 200 units of UTI-CCGF in the year 1996. I am not sure what is the value as of today and how these can be surrendered? I have the allocation certificate with me. Let me know where these can be submitted and encashed.
Ans: I can definitely help you with information on UTI-CCGF and the surrender process. Here's what you can do:

Find the UTI Investor Service Center: UTI Investor Service Centers handle investor queries and transactions. You can find the center closest to you through a web search for "UTI Investor Service Center near me" or on the UTI website https://www.utimf.com/.

Contact UTI: Alternatively, you can contact UTI's customer care for assistance. Their phone number and email address should be available on the UTI website.

Documents Required: Have the following documents ready when you contact UTI:

Allocation certificate mentioning the investment in UTI-CCGF.
Proof of identity (your wife's ID proof)
Proof of address (your wife's address proof)
Bank account details (where you want the redemption proceeds to be deposited).
UTI Investor Service Center or customer care can give you the updated value.

Surrender Process: The UTI Investor Service Center or customer care will guide you through the surrender process. It typically involves submitting a redemption request form along with the required documents. The funds will then be credited to your bank account within the specified processing timeframe.

Since the investment was made in 1996, it's possible the scheme might have undergone mergers or restructurings. UTI Investor Service Center can clarify this and guide you accordingly.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

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Ramalingam

Ramalingam Kalirajan  |1776 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 09, 2024

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I want to sell my foreign stocks (US listed company) worth about 40 lakhs rupees. I want to understand how much tax I would need to pay considering federal tax laws or Indian tax laws. Is there a way I can somehow save tax by investing this amount in some other fund?
Ans: I can help you understand the tax implications of selling your foreign stocks in India.

Tax on Capital Gains:

Indian tax laws apply in this scenario. Profits from selling foreign stocks are considered capital gains.

Long-term capital gains (LTCG): If you've held the stocks for more than 24 months, they qualify for LTCG. The tax rate for LTCG is 20% plus applicable surcharge and cess. There's also a benefit of indexation, which adjusts the purchase cost for inflation, potentially reducing your tax liability.

Short-term capital gains (STCG): If you've held the stocks for less than 24 months, they qualify for STCG. STCG is taxed at your income tax slab rate plus applicable surcharge and cess.

Minimizing Capital Gains Tax:

LTCG benefit: Try to hold your stocks for more than 24 months to benefit from the LTCG tax rate and indexation.

Tax-efficient investing: Consider investing the proceeds from your stock sale in tax-efficient options like Equity Linked Savings Schemes (ELSS) to potentially offset capital gains. Remember, ELSS comes with a lock-in period of 3 years.

Consulting a Chartered Accountant (CA):

Taxes can be complex, and a Chartered Accountant (CA) can help you calculate your exact tax liability and explore tax-saving options based on your specific situation.

Disclaimer: I cannot provide specific tax advice. Please consult a qualified tax professional for personalized guidance.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

...Read more

Ramalingam

Ramalingam Kalirajan  |1776 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 09, 2024

Ramalingam

Ramalingam Kalirajan  |1776 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 09, 2024

Asked by Anonymous - Apr 24, 2024Hindi
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I am 36 year old NRE with an annual in hand salary of about 1 cr. I have previous savings of about 2.4 cr in SA and Fixed deposit. I have an HDFC life sanchay policy maturing in 2037. My monthly expense is about 1.5 lakhs. What would be the optimum saving to retire at the age of 45. I own an apartment in my city with the home loan paid up. I have currently no debts.
Ans: It's great to see you planning for your retirement at an early age! Let's outline a strategy to help you achieve your goal of retiring at 45 while maintaining your current lifestyle.

With an annual in-hand salary of 1 crore and monthly expenses of 1.5 lakhs, you have a significant surplus income. Given your age and financial situation, you have a good opportunity to save and invest wisely to build a substantial retirement corpus.

Starting with your previous savings of 2.4 crores in savings accounts and fixed deposits, you have a solid foundation. Consider reallocating a portion of these savings towards long-term investment vehicles that offer higher returns, such as mutual funds, stocks, or real estate investment trusts (REITs). This will help your money grow more efficiently over time.

Your HDFC life sanchay policy maturing in 2037 provides an additional source of income in the future. However, it's essential to review the policy terms and projected returns to ensure it aligns with your retirement goals.

Given your surplus income and relatively short timeframe to retirement, aim to save and invest aggressively. Consider allocating a significant portion of your income towards retirement-focused investment vehicles like equity mutual funds, which have the potential for higher returns over the long term.

As for the optimum savings amount to retire at 45, it's essential to work with a Certified Financial Planner to create a personalized retirement plan based on your financial goals, risk tolerance, and investment horizon. They can help you determine the ideal savings rate and investment strategy to achieve your retirement objectives comfortably.

In summary, by maximizing your savings and investing wisely in a diversified portfolio of assets, you can work towards retiring at 45 while maintaining your desired lifestyle and financial security.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

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Ramalingam

Ramalingam Kalirajan  |1776 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 09, 2024

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I am currently 18 year. Currently i have a income of 60k per month for only 2 years and i have loan for 60 thousand also i have to do college for 4 years which cost me 4.5 lakh. Please suggest me where should i diversify the rest of amount for financial freedom
Ans: It's impressive to see you thinking about financial planning at such a young age! Let's craft a strategy to make the most of your income and set you on the path to financial freedom.

Given your monthly income of 60,000 rupees and a loan of 60,000 rupees, it's essential to prioritize debt repayment to avoid unnecessary interest costs. Allocate a portion of your income towards clearing the loan as soon as possible.

For your college expenses totaling 4.5 lakhs over four years, consider setting up a separate savings account or investment vehicle specifically for this purpose. Since your college tenure is relatively short-term, opt for low-risk options like fixed deposits or debt mutual funds to ensure the safety of your principal amount.

Now, for the remainder of your income, it's crucial to focus on building a strong financial foundation for the future. Consider diversifying your investments across different asset classes to mitigate risk and maximize returns over the long term.

Since you have a relatively short investment horizon of two years for your income, opt for safer options like fixed deposits, recurring deposits, or short-term debt mutual funds. These investments offer stability and liquidity, making them suitable for achieving your financial goals within the specified timeframe.

As you progress in your career and your income grows, consider gradually shifting towards more aggressive investment options like equity mutual funds or stocks to build wealth over the long term. However, ensure you have a solid understanding of these investment vehicles and seek guidance from a Certified Financial Planner before venturing into them.

Remember, the key to financial freedom lies in disciplined saving, prudent investing, and continuous learning. Start early, stay focused on your goals, and you'll pave the way for a secure and prosperous future.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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