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Tejas Chokshi | Answer |Ask -Follow

Tax Expert - Answered on Jun 23, 2023

CA Tejas Chokshi has over 20 years of experience in financial planning, income tax planning, strategic and risk advisory, banking and financial products and accounting and auditing.
He is an information system auditor, a forensic auditor and concurrent bank auditor.
Chokshi, who has a master’s degree in management, audit and accounting from Gujarat University, has completed his CA from the Institute of Chartered Accountants of India.... more

Question by Rajendra on Jun 17, 2023Hindi

Money

I am 82 and wannt to gift good qty share to my 12 yrs old grand daughter for a period of 8 year , pl suggest Rajendra Bhatia

Ans: you can gift this thorugh a gift deed, which may be registered as well. The gifted shares would be part of the capital of your grand daughter and would be reduced from your capital on liability side and from shares on your asset side.

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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Question by RITESH - Apr 26, 2023Hindi

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RITESH SHAH My Daughter is currently 6 years old, I want to gift her these shares and the holding period can be more than 25 years. Kindly provide your valuable Guidance whether I should proceed ahead or switch to other companies. 1. Abbott India - 25 Shares @ 20000. 2. Nestle India - 25 Shares @ 19500.

Ans: While both are MNC companies and have done well in the past, I prefer you instead gift a diversified equity mutual fund. The fund would manage the underlying stocks and provide better diversification than a 2 stock portfolio.

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Mutual Funds, Financial Planning Expert - Answered on Apr 29, 2024

Asked by Anonymous - Dec 23, 2023Hindi

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Hello, My 8-year-old daughter has received around Rs. 3,00,000/- as a gift from relatives, which is now in her account. I am looking to invest this amount for the next 10-12 years without any need for frequent monitoring. Please provide suggestions on this matter. Regards,

Ans: Congratulations on your daughter's generous gift! Investing this amount for her future is a wonderful idea. For a long-term investment horizon of 10-12 years with minimal monitoring, consider options like a mix of equity mutual funds or a balanced fund. These funds provide growth potential while spreading risk across different assets. Additionally, you might explore options like a Children's Mutual Fund or a Sukanya Samriddhi Yojana for specific benefits tailored to children's savings. It's essential to choose investments aligned with your risk tolerance and financial goals. Also, ensure you understand the investment vehicle's terms and conditions, including any lock-in periods or withdrawal restrictions. Regularly review the investment's performance and adjust the strategy as needed, but remember to keep the long-term perspective in mind. Consult with a Certified Financial Planner to tailor a plan that suits your daughter's future needs and aspirations.

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Stock Market Expert - Answered on Feb 13, 2024

Asked by Anonymous - Feb 11, 2024Hindi

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Hi Sir i have 5 lakhs and i am new for stock investment need to gift after 10 year my daughter, pls suggest the stock .

Ans: As per regulatory compliance no new stock recommendation can be mentioned, I would suggest you to visit a SEBI Registered Investment Advisor and seek advice from them. The following link will help you to find the nearest Adviser for you.
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=13

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Stock Market Expert - Answered on May 30, 2024

Question by RITESH - May 25, 2024Hindi

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Hello Greetings! I have a Six year old Daughter and I am already invested approx 20 lakhs and continue to do so as SIP in the following Stocks and wish to pass these Stocks to my future generations. 1. Nestle India. 2. Abbott India. 3. Saregama India. 4. Elantas Beck India. 5. Foseco India. 6. Tata Investment Corporation. 7. Trent Ltd. 8. Tata Technologies. 9. Force Motors. 10. Oracle India Financial Solutions. 11. Linde India. 12. Esab India. Kindly advise and suggest accordingly. I am long on my Investments. Regards. Thank you.

Ans: how much is the SIP amount?

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Mutual Funds, Financial Planning Expert - Answered on Nov 26, 2024

Question by Ajay - Nov 15, 2024Hindi

Money

Is RBI Retail Direct safe to invest. Is it managed by RBI only. I am confused due to cybercrimes, people making fake websites. Please suggest?

Ans: RBI Retail Direct: A Secure Platform

Yes, it is safe. RBI Retail Direct is managed directly by the Reserve Bank of India.

Official Control: It operates under RBI’s supervision, ensuring high security standards.

Avoid Fake Websites: Only use the official portal rbiretaildirect.org.in. Verify the URL carefully.

Cybercrime Awareness: Use secure devices, and avoid sharing login credentials.

Invest with confidence as it is regulated and monitored by RBI.

Best Regards,

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www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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Mutual Funds, Financial Planning Expert - Answered on Nov 26, 2024

Asked by Anonymous - Nov 12, 2024Hindi

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Sir I am a senior citizen whose land has been given by POA to a developer 18 years back and till 2024 the developer hadn’t developed the property due to his financial problems . So I cancelled my POA a year back . Now I need to fence my land but the developer has his fencing around the whole plot which he acquired to develop and my plot is a part within it . How do I go about this legally ?I requested him to allow me to fence my part but there has been no reply . I am at the age where going to court will not solve this in my lifetime . Kindly advice .

Ans: You should consider these steps to resolve the issue effectively:

Send a Legal Notice: Engage a lawyer to send a legal notice to the developer, formally requesting permission to fence your land.

Mediation: Try to resolve the matter through mediation or arbitration to avoid prolonged court proceedings.

Local Authorities: Approach local municipal or revenue authorities with proof of ownership to assert your rights over the property.

Hire a Private Fencing Service: With legal advice, consider fencing your plot if the developer remains unresponsive.

These steps can provide quicker resolution without lengthy litigation.

Best Regards,

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www.holisticinvestment.in
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Tax Expert - Answered on Nov 26, 2024

Question by Basab - Aug 26, 2024Hindi

Money

Would you please clarify the following doubts in regards to MF related ITR filing? 1. While filling ITR2 for MF, is the fair market value of units as on 31.01.18 is required,if units are purchased only last year and intend to sell this year. 2. Where I would get FMV as on 31.01.18 for my older units.Is it the NAV on 31.01.18? 3. For units which were initiated/started after 31.01.18, and purchased two/ three years back, only sell price and acquisition cost are sufficient? 4. Are the FMV available in AIS in ITax portal? Thank you

Ans: 01. FMP is required only in cases, where Shares/MFs were purchased before 31.01.2018.
02. Shares/MFs purchased last year or after 31.01.2018 will not require any such details.
03. I feel, FMV is not available in AIS (IT Portal).
Most welcome for any further clarifications. Thanks.

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Asked by Anonymous - Nov 12, 2024Hindi

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Dear sir, Please suggest remedy for the situation in which my previous Employer has deducted TDS on salary for May'2024 and deposited with income tax as reflecting in Form 26 AS as salary credited & but has actually not paid the salary amount. The mode of salary payment is online bank transfer.

Ans: 01. Please keep in touch with your employer & claim your unpaid salary.
02. I hope this is not a case, where you have not served proper notice before leaving the job & your employer has adjusted your salary payable against notice period salary.
Most welcome for any further clarifications. Thanks.

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Tax Expert - Answered on Nov 26, 2024

Question by Ramesh - Nov 15, 2024Hindi

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My old Pf account without UAN no i am drawing the reduced pension from 2013 onwards at t age of 50 years n then I have joined t organization in t year 2010 in this new PF no n UAN no is available my pension contribution is available my service is totally 9 years 6 month how to draw t pension contribution in full r merge t amt to t old PF no without UAN no plz guide

Ans: It is advisable to merge your both PF accounts. In fact you should have continued with your old PF account, even in new employment. This would have increased your pension admissibility. Visit your concerned PF Office & work out the best option, possible at this stage.
Most welcome for any further clarifications. Thanks.

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Tax Expert - Answered on Nov 26, 2024

Asked by Anonymous - Nov 16, 2024Hindi

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I make a gift of Rs.50 lacs to my sister through bank transfer. She then invests it in Fixed Deposit or some house property in her sole name. The Interest Income earned from such Fixed Deposit or the Rental Income earned by her will be taxed in her hands or in my hands. I am informed that such Income will be taxed in the my hands as Income from Other Sources and not taxed at the hands of my sister. What is the logic of this taxation?

Ans: 01. Your view seems to be correct that income from gifted amount to your sister, shall be chargeable to tax in your hands only.
02. Logic of this treatment of Income is to close the ways to transfer of assessee's income in the hands of his relatives. This practice is adopted to avoid or reduce tax liability.
Most welcome for any further clarifications. Thanks.

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Asked by Anonymous - Nov 26, 2024Hindi

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I have retired from private job 7 years ago at the age of 44. I have not withdrawn my pf and getting interest every year on the same. Is it correct to continue the pf or should I withdraw?

Ans: Hello;

Your EPF account will continue to get interest upto 58 years of age so you may hold it till that time.

Although EPFO has a rule that epf accounts will become inoperative after 36 consecutive months of no contribution except interest but they have a policy decision of honouring interest payment on corpus till member age of 58, despite this rule.

Best wishes;

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Gynaecologist, IVF expert - Answered on Nov 26, 2024

Asked by Anonymous - Nov 22, 2024Hindi

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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.

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Tax Expert - Answered on Nov 26, 2024

Asked by Anonymous - Nov 02, 2024Hindi

Money

I recently sold a piece of land inherited from my father for ?62 lakh. Since both of my parents are deceased, I am their sole legal heir. Under Section 54EC of the Income Tax Act, I am eligible to invest up to ?50 lakh in government bonds to save on long-term capital gains (LTCG) tax. These bonds offer an interest rate of 5.25% and have a lock-in period of five years. After making this maximum investment of ?50 lakh, I am left with a remaining amount of ?12 lakh. I would like to know if there is any way to utilize this remaining ?12 lakh without incurring LTCG tax on it. Additionally, I currently have a personal loan with an outstanding balance of ?10 lakh, and I am considering using this ?12 lakh to pay off that loan. Can I use these funds to close my loan without triggering any LTCG tax implications?

Ans: 01. You have sold the land for Rs.62,00 lakhs. This is the Sale amount & not Capital Gain.
02. Please work out LTCG by reducing Cost of Land from this sale amount. May be you LTCG is less than 50.00 lakhs & it serves your purpose.
03. However, I would like to suggest you to invest the amount in any residential property, which would enable you to save LTCG tax and also provide you lucrative return, instead of 5.25%, as offered by the bonds. It would also reduce LOCK-IN period from 5 to 3 years.
Most welcome for any further clarifications. Thanks.

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Tax Expert - Answered on Nov 26, 2024

Question by Deep - Oct 30, 2024Hindi

Money

I have 2 under-construction flats of 35L each ( i.e. total 70L ) which I had got via government lottery in the name of my Mother and Father respectively. Based on the status I think it will take another 2 years to be completed ( i.e. by 2026 ) and then I intend to sell them immediately after getting possession. This sale should fetch me around 1.2 Cr. I am planning to buy a new flat which would cost around 1.9 Cr and I will take a home loan to the max possible extent based on eligibility ( my yearly gross income is 40L ). The flat is a new launch and is expected to be completed and handed over by 2028. Will I be eligible to claim capital gains tax ( STCG or LTCG? ) exemption on that sale mentioned before, if I buy this flat now?

Ans: 01. You have to purchase a new house property within 2 years after Sale of Flat, to enable you to be entitled for exemption u/s 54. Kindly watch timeline, between sale & purchase of Flats.
Most welcome for any further clarifications. Thanks.

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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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