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Anil Rego |377 Answers |Ask -Follow

Financial Planner - Answered on Dec 17, 2020

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by Satish on Dec 17, 2020Hindi

Money

I am a 62-year-old singleton retiree living on interest income from my FD. Every year TDS used to get deducted from this interest income and I used to submit 16A form given by the bank to claim refund. I have also invested in Equity Mutual Funds from these interest amounts in different AMCs in the past few years, and though I used to do switches, I have NOT done any profit booking as there is no need for me to do so.

Now my query is as per new ITR should I show the investments in these MFs too? Right now, the 26AS form only shows the TDS deducted.

Ans: You need to include short/long term capital gains/losses of mutual funds while filling your ITR, along with interest income.

Switches from one scheme to another will be treated as transfer under the IT act 1961 and will be subject to levy of capital gain tax, even if the gains are reinvested and not removed.

Whenever you switch or sell any mutual fund, you need show it as the sale value and compute the capital gain/loss by reducing the corresponding purchase value from the sale value.

The mutual fund capital gains will not show up in your 26AS statement, but still needs to be declared in your return.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Anil Rego |377 Answers |Ask -Follow

Financial Planner - Answered on Jan 28, 2021

Question by Amit - Jan 28, 2021Hindi

Money

I am a salaried employee and worked for a Pvt company. I left the Job is Nov'19 previous year and took a sabbatical for 6 months for my family. On my last day, I submitted all my investment proofs and as per my calculations, the final TDS should have been NIL and I should have been eligible for refund of TDS which was deducted in earlier months. When I received Form-16 for FY1920 on the end of Oct'20, I found they had missed out considering my deduction us/24 (b). Interest on housing Loan was missing and due to which my refund amount was reduced. When I checked with Company, they refused to consider it now and asked me to consider it while filing my ITR. Please let me know, can I consider the same while filing my ITR and how do I get it considered to save on my tax return?

Ans: Yes, you can. Even though your employer has not considered the same and the TDS has been deducted, you can still get a refund by disclosing the interest on your home loan and any other deductions not considered by your employer, while filing your ITR.

Hardik Parikh | Answer |Ask -Follow

Tax, Mutual Fund Expert - Answered on Jul 27, 2023

Question by Rajesh - Jul 08, 2023Hindi

Money

Dear Mr. Parikh, I am 86 years age and retired from IOCL (PSU). Last year I sold 2 nos. of Mutual Fund. The difference between sale and cost price was about Rs. 13296 which is less than the taxable limit of Rs. 100000/-. A sum of Rs. 10834/- was deposited as TDS. I propose to fill - ITR Form 1 including the Capital Gain of Rs. 13296 in the Exempt Income (for Reporting Purpose). Kindly advice whether this is in order or should I fill - ITR Form 2 ?

Ans: Dear Rajesh,

Firstly, I appreciate your diligence in managing your taxes. Now, coming to your query, the choice between ITR-1 and ITR-2 depends on the nature of your capital gains.

ITR-1, also known as Sahaj, is for individuals with income up to Rs. 50 lakh from salary, one house property, other sources (interest, etc.), and agricultural income up to Rs. 5,000. However, it does not allow you to report capital gains.

On the other hand, ITR-2 is for individuals and HUFs not having income from profits and gains of business or profession. It includes the provision to report capital gains.

In your case, since you have capital gains from the sale of mutual funds, even if it's less than the taxable limit, it would be more appropriate to file ITR-2. The TDS that has been deducted can be claimed as a refund in your return if your total income is below the taxable limit.

Please consult with a tax professional or chartered accountant to ensure you're following the correct procedure as per the latest tax laws.

Remember, it's always better to be accurate in your tax filings to avoid any future discrepancies or issues with the tax department.

I hope this helps.

Best Regards

Samkit Maniar |174 Answers |Ask -Follow

Tax Expert - Answered on Jun 21, 2024

Asked by Anonymous - Jun 21, 2024Hindi

Money

Respected Sir, I invested in ICICI PRUD MF Rs. 40000 on 30-11-2005, and purchased NFO units (NAV=10, No. Of Units= 3911.980) after a gap of nearly 18 Years, in the month of August 2023, I made redemption request for all units for all units, and received Rs. 416799 with TDS deducted Rs. 6925. While Filing current IT RETURN, you are requested to guide me under which income head i have to show this said amount, and whether i have to pay tax liability on whole amount , any exemption therein. Regards

Ans: Form : ITR 2
Income head : Capital gains
Tax liability depends upon your other income sources. If only this is the amount of income then no tax liability.

Please consult with your CA as well on this.

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Dr Nandita Palshetkar |13 Answers |Ask -Follow

Gynaecologist, IVF expert - Answered on Nov 26, 2024

Asked by Anonymous - Oct 30, 2024Hindi

Health

Hi Madam, I am 47 year old woman and my husband is 50 year old. We have a son who is 16 year old. I am a housewife. My husband is busy with his startup work and my son is independent and good in his studies. At this point of my life, I feel lonely and keep thinking of adopting a child. Can I still think of adoption of a child. Please advice.

Ans: Noted
Wife 47 yrs and husband 50 years having son 16 yrs old, having a startup business
Can adopt a child but not of same gender which you have from the marriage
The minimum age difference between the child and the prospective adoptive parent must at least 25 years
Composite age of husband and wife is 97 years (if composite age between 90 to 100 years. Can adopt child above 2 years and upto 4 years)

Dr Nandita Palshetkar |13 Answers |Ask -Follow

Gynaecologist, IVF expert - Answered on Nov 26, 2024

Asked by Anonymous - Oct 22, 2024Hindi

Health

Sir, i am 42 and if i marry a 46 years old lady can we have kids of our own ? Both of us are never married and worried about this -

Ans: Noted
Husband 42 yrs
Wants to marry a woman 46 yrs and concerned about conception
Firstly, ita important to understand that as age advances the egg forming capacity of women diminishes and same with males, the sperm quality, quantity, motility also gets affected.
We need to evaluate the AMH LEVEL in woman to detect the ovarian function and other hormonal test also.
We need to do semen analysis in males after 3 to 4 days of abstinence
Chances of conception above 40 is 3 to 5 percent
But it's not impossible and can happen with assisted reproductive techniques.
Ivf Icsi techniques

Dr Nandita Palshetkar |13 Answers |Ask -Follow

Gynaecologist, IVF expert - Answered on Nov 26, 2024

Question by paresh - Nov 24, 2024Hindi

Health

I am 43 years old, my periods come for 1-2 days, I have been having acidity for 5-6 months, I have gained weight, hair fall occurs, water comes out from the breasts, is this a symbol of menopause, if yes then what medicine should I take?

Ans: At age of 43, there is a hormonal imbalance which can result in weight gain, scanty menses, hair fall, discharge from nipple.
It can be due to stress, diet changes or lifestyle changes
Watery discharge from nipple can be due to impaired, raised prolactin level which can and treated with medicine under supervision of your doctor
To check for hormones
TSH, prolactin, LH, FSH, estradiol level, and correct accordingly
Weight gain can be taken care by correcting hormonal imbalance, dietary changes (including proteins less carbs, less oily and fatty food), exercises (Zumba, cardio, daily walks)
Hair fall can be taken care of by improving nutrition, including vitamin A, C, D, iron, biotin, zinc, protein, essential fatty acids and taking supplements under doctor supervision

Dr Nandita Palshetkar |13 Answers |Ask -Follow

Gynaecologist, IVF expert - Answered on Nov 26, 2024

Asked by Anonymous - Nov 21, 2024Hindi

Health

Sir/Ma'am, my wife aged 36 years old suffering from constipation as well as TSH 9.7. we are blessed with two children girl 12 yrs and 6 yrs old boy. She is undergoing treatment under a good Consultant Physician (Ex Resident AIIMS New Delhi) Dr Kamal Bandhu at Samastipur Bihar. She was treated for low Hb and Calcium by single dose Encicarb IV and medicine. Lal path lab report for Hb -9.5 and HB1ac -5.7, Vitamin B12- 135 and vitamin D- 45. Recently she missed the period after last period was on 18 Oct 24 but till now no period came. Urine pregnancy test was also carried out twice with the help of two different UPT strip and result was negative twice. We are not in physical contact since 19 Sep 24 due to job location. Kindly suggest in case she missed her period

Ans: History noted
Since she missed her periods, tsh higher side
Urine pregnancy test twice negative
I would advise
1) to get one usg pelvis done to rule out any cyst
2) hormonal test
Tsh , prolactin
Since TSH is high, advisable to start thyroid medications tab thyronorm to bring down the tsh level to within normal limits
If usg pelvis is normal
Can give withdrawal bleed in form of progesterone pills to get periods.
Keep a watch on further cycles
If still irregular, then to keep on cyclic oral contraceptive pills to regularize periods
To maintain menstrual diary
To control TSH LEVEL

Dr Nandita Palshetkar |13 Answers |Ask -Follow

Gynaecologist, IVF expert - Answered on Nov 26, 2024

Asked by Anonymous - Nov 22, 2024Hindi

Health

Hi doctor, I am 44 years old, and my menstrual cycle is currently 20 days. I got my period on September 30, 2024, and then I took an emergency contraceptive pill (i-pill) on October 9. I had my regular period on October 21. Now, I have missed my second period; today is October 22, and I still have not started. How long should I wait for my period to arrive, or should I take a pregnancy test? This was my first time using an i-pill, so I would like some advice. Is it normal to have a delay after taking an I-pill? How many days could it be delayed? Please suggest what I should do.

Ans: Hey, since you are 44 years, you are in your peri menopausal phase which causes hormonal imbalance
But since have consumed IPILL, which is an emergency contraception, periods can be up to a week late and sometimes even later. If your period is more than a week late, we recommend taking a pregnancy test. You may have some irregular bleeding after you take the Ipill, and before your next period. This can range from spotting to heavy bleeding.
So please do home pregnancy test once to rule out pregnancy. If its negative, then await normal regular periods.

Dr Nandita Palshetkar |13 Answers |Ask -Follow

Gynaecologist, IVF expert - Answered on Nov 26, 2024

Question by Twisha - Nov 19, 2024Hindi

Health

Hello mam, I am a girl 18years old I had pcod since my period started I got my period when I was 13years that time everything was ok but after few months I was bleeding heavy getting menses 2-3in a month so my mom got very worried and she takes me to a gynaecologist and she prescription and tablets like "novelon"and then I am ok but after that I didn't get my periods for few months and also that time lockdown happened so we can't go to a gynaecologist and then after everything got normal and hospitals we go to the doctor and she asked from how many time you don't get your menses and then I replied from past 6months and she shouted on me and immediately told me to have ultrasound and after seeing the reports she said you have pcod then the rest of the story you know I am still suffering from this disease I don't get my periods if I don't take the tablets now I can't understand what to do even I changed a lot of gynaecologists but nothing happened and they this is a incurable disease you have to take tablets for lifetime and also I am not even financially strong

Ans: Polycystic ovary syndrome (PCOS) is a hormonal condition that can cause irregular or absent menstrual periods.
Higher amounts of androgens in PCOS can interfere with egg development and ovulation, leading to skipped or absent periods.
One of the best ways to cope with PCOS is to maintain a healthy bodyweight, eat nutritious foods and exercise regularly.
LIFESTYLE CHANGES:
Eating healthy foods, exercising regularly, and maintaining a healthy weight can help regulate your menstrual cycle
BIRTH CONTROL PILLS:
Combination oral contraceptives (COCs) can help regulate menstrual periods and treat acne and hirsutism. It can take up to six months to see if birth control is effective.
ANTIESTROGENS:
These medicines can help with skin and hair growth problems
METFORMIN
This diabetes medicine can help control ovulation and androgen levels, which can make menstrual cycles more regular
Supplements containing
Myo ionositol, chirositol, vitamin D, chromium also helps in maintaining pco

Radheshyam Zanwar |1070 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Nov 26, 2024

Question by Vikas - Nov 25, 2024Hindi

Career

Neet Wale jee de sakte hai

Ans: Hello Vikas.
NEET aspirants can give the JEE (Mains) without any hurdle. But the JEE is based on PCM. Hence, to be admitted to the engineering branch, the aspirant must have cleared mathematics as an optional subject.
Best of luck for your upcoming NEET and JEE exams.

If satisfied, please like and follow me.
If dissatisfied with the reply, please ask again without hesitation.
Thanks.

Radheshyam

Dr Dipankar Dutta |702 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on Nov 25, 2024

Asked by Anonymous - Nov 25, 2024Hindi

Career

Hello, I have completed my MSc from Biotechnology I am interested in R and D but not getting proper guidance. Can you help me with some good carrier options please ?

Ans: If you are interested in R&D you should do PhD. You may get scholarship also. See websites of the premier Universities to know criteria.

Asked on - Nov 25, 2024 | Answered on Nov 25, 2024

Thank you I will definitely do it. But can you also let me know about other options rather than PhD or NET exam?

Ans: You can join Pharma Companies as scientists. One of my friends is working at Emami

Dr Dipankar Dutta |702 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on Nov 25, 2024

Asked by Anonymous - Nov 25, 2024Hindi

Career

I have completed btech in mechanical engineering in 2021.Due to preparation of government job. I am currently looking for job. please suggest me which course provide guaratee job

Ans: Sorry. I do not know any course which provide job guarantee. Best course will be M.Tech from IITs

Milind Vadjikar |692 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 25, 2024

Asked by Anonymous - Nov 20, 2024Hindi

Money

My EPS amount is stuck. How to get it ? you mentioned about Composite claim form in some of the answers. How to get that as well. Can you please explain in detail?

Ans: Hello;

What is the reason for EPS being held-up?

Your employer or EPFO should clarify to you on this aspect.

Based on the reason we can take corrective steps to clear the matter.

Composite claim form(CCF), aadhar and non aadhar type, both are available on epfo portal. It has replaced the earlier form no. 19, 10 C and 31.

Best wishes;

See more questions »

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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