I have 37000 shares of galatico Services purchased at 18.00. what should I do. Should I hold or sell my shares

Ans: Hello;

If you have invested for the long term(7+ years) then you should not get bogged down by such short term market volatility and drawdowns causing negative returns.

However some allegations of unfair practices against Quant AMC have surfaced.

In the backdrop of these events you may move your investment to another fund in the same category.

Happy Investing;
X: @mars_invest

Ans: You should get the amount back through banking channel only. You would have to pay any tax on it, since this is not your income, but just return of temporary loan without interest, to your friend.
Most welcome for any further clarifications. Thanks.

Ans: Your question is incomplete without details of :
(a). Tax Savings, if any.
(b). Other Income details including Interest earned from Saving Bank Accounts.
(c). Please also specify financial year under reference.
Most welcome for any further clarifications. Thanks.

Ans: Your portfolio may be of any amount, it is only when you sell the same it will be taxed. Keeping a portfolio does not attract any income tax.
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Ans: Grandfather can gift any amount to his grandson, which shall not be taxable in the hands of grandson. As suggested Gifted amount should only be through banking channels.
IT Department can demand an explanation (u/s 68) from the grandson & he needs to explain this entry, to the satisfaction of assessing officer.
I feel, details provided in your quarry can be explained to AO without any difficulty.
Most welcome for any further clarifications. Thanks.

Ans: Please visit some Aadhar Center to address your problem.
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Ans: Yes. Since your income (Rs. 3.80 L) would be more than the minimum income chargeable to tax (Rs.3.00 L), you need to file your ITR.
Most welcome for any further clarifications. Thanks.

Ans: 01. Let me confirm your figures as, Salary Income Rs.22L, Interest from FDR Rs. 60L & MF Gains Rs. 25L.
02. Kindly avail normal tax savings like, u/s 80-C, Mediclaim u/s 80D, Pension Plan etc.
03. Besides above you would also be getting Standard Deduction from Salary (Rs,75,000.00), Rebate from Interest Income (Rs,10,000.00) & Exempt amount from LTCGs (Rs,1,25,000.00), if income from MFs is covered under Long Term Capital Gains.
03. You need tax planning in advance. You may shift some of your investments in Residential Property by taking some amount of loan also. Interest & repayment of loan would further add to your tax planning, besides it may give you benefit of appreciation in its value. If your income from MFs is by selling some units/shares, you may probably shift Selling of these funds by few months & shift LTCG to next financial year.
Most welcome for any further clarifications. Thanks.

Ans: No. You son won't be liable to pay any income tax on this transaction, since this is a loan not an income of your son. You are advised to complete this transaction through banking channels only.
Most welcome for any further clarifications. Thanks.