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Aspiring Engineer: NIT Silchar Mechanical or VNIT Nagpur Chemical?

Pradeep

Pradeep Pramanik  | Answer  |Ask -

Career And Placement Consultant - Answered on Aug 07, 2024

Pradeep Pramanik is a career coach, placement consultant and director at Fast Track Career Consultants, which provides career counselling, soft skills training and placement consultancy services.
Pradeep, who hails from Bhagalpur in Bihar, has worked in the pharmaceutical industry for 15 years in sales, marketing, training and product management roles in companies like Lupin Pharmaceuticals, Elder Pharmaceuticals and Ranbaxy Laboratories.
During his tenure in the pharma industry, he has worked in different states including Bihar, Jharkhand, Andhra Pradesh, Telangana, Karnataka, Maharashtra, Tamil Nadu and West Bengal.
In 1998, he launched Fast Track Career Consultants with the aim of helping youngsters find jobs through the right career counselling, training and placement services.
They also offer HR analysis and appraisal services.
Over the years, he has been invited by management and engineering institutions to discuss education and employment policies, entrepreneurship, soft skills and emerging careers in India.
He has published four books on career counselling and contributed articles to print publications.... more
Asked by Anonymous - Aug 06, 2024Hindi
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Career

NIT Silchar mechanical vs VNIT Nagpur chemical . Kindly suggest

Ans: Dear , The choice of Stream is entirely yours , both streams are also good at the same time NITs have their own strenghts . In early placement Mechanical Engg scores over chemical but in terms of Salary Chemical scores over Mechncial.
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I AM AN KARTA OF AN HUF. THERE IS SOME INVESTMENTS BY HUF IN ELSS MF WHICH HAS LOCK IN PERIOD OF 3 YEARS. I AM PLANNING TO FULLY DISOLVE MY HUF, AND DISTRIBUTE THE ASETS TO ALL THE MEMBERS OF HUF. HOWEVER BECAUSE OF LOCK IN PERIOD, I CAN NOT SELL MY ELSS MF. HOW DO I OVERCOME THIS SITUATION AND FULLY DISSOLVE MYHUF.
Ans: ? Understanding Your Current HUF Investment

– Your HUF has investments in ELSS mutual funds.
– ELSS funds have a strict lock-in of 3 years from investment date.
– During the lock-in, units can’t be redeemed or transferred.

? Legal Restriction During Lock-in Period

– ELSS units are non-transferable during lock-in.
– Even if HUF dissolves, these cannot be assigned to members.
– This is an SEBI regulation and applies to all ELSS units.

? HUF Dissolution and Asset Transfer Planning

– You can dissolve the HUF legally through a partition deed.
– But you cannot transfer ELSS units till lock-in ends.
– Other HUF assets can be partitioned and distributed.

– For ELSS, you must retain them under HUF until each unit’s lock-in ends.
– Once the lock-in is over, units can be redeemed or distributed.

? What You Can Do Now

– Step 1: Identify the investment date of each ELSS SIP or lump sum.
– Step 2: Create a schedule of lock-in end dates for each investment.
– Step 3: Initiate partition of all other movable and immovable assets.
– Step 4: Retain ELSS in HUF name till lock-in ends.
– Step 5: Dissolve HUF formally after that or close only after transferring.

? Treatment of ELSS Units During Dissolution

– Even if you dissolve the HUF now, ELSS cannot be passed to members.
– Mutual fund company won’t process ownership change during lock-in.
– Legal title remains with HUF till maturity of lock-in.

? Operational Way Forward

– Maintain HUF PAN and bank account till lock-in ends.
– One option: dissolve HUF except for ELSS units.
– Keep HUF active only to hold ELSS units till lock-in ends.
– After 3 years from each investment, redeem and distribute proceeds.

? Partition Deed with Clause for ELSS

– Prepare a written partition deed listing all HUF assets.
– Mention ELSS investments and their lock-in dates separately.
– State clearly that ELSS will remain under HUF till lock-in ends.
– Add clause to distribute ELSS proceeds post lock-in as per agreement.

? Taxation Implications

– During lock-in, ELSS continues to be taxed in HUF’s name.
– LTCG above Rs. 1.25 lakh taxed at 12.5%.
– Short-term capital gains (if any from other assets) taxed at 20%.
– Post lock-in, when redeemed, gain is taxed under HUF.
– You can distribute only net amount to members.

? Family Agreement & Clarity

– Ensure all members of HUF agree on partition terms.
– Take written consent from each member to avoid future issues.
– Keep a notarised deed and record asset valuation clearly.

? Role of Certified Financial Planner

– A CFP can help create a step-wise strategy.
– Also helps in timing redemptions, handling taxation, and planning future reinvestments.
– If members want to reinvest ELSS proceeds individually later, CFP can guide well.

? Avoiding Errors

– Don’t try to transfer ELSS units to individuals before lock-in.
– This will violate fund terms and SEBI rules.
– Mutual fund house will reject any such transfer request.

? Future Planning Post Redemption

– Once ELSS units are redeemed, you can distribute as per partition terms.
– Each member can invest that in personal mutual funds.
– Regular mutual funds (non-ELSS) can then be held in their individual names.

– For new investments, avoid ELSS under HUF if dissolution is planned.
– Use individual accounts or family trust structures if needed.

? Final Insights

– You cannot bypass the ELSS lock-in through dissolution.
– You must wait for 3-year period to end for each investment.
– Till then, HUF must remain active to hold ELSS legally.
– All other assets can be divided through a proper partition deed.
– Plan dissolution in phases if needed.
– Maintain transparency among members.
– Once ELSS unlocks, redeem and distribute based on prior agreement.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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