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Mihir Tanna |1041 Answers |Ask -Follow

Tax Expert - Answered on Aug 02, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Asked by Anonymous - Jul 13, 2023Hindi

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My father had invested in fixed deposits and i was the nominee. after his death the FDs were closed . The FD principal amount along with interest was credited to my saving account. I still need to file income tax return of my father. i want to know that the interest of FDs will be considered as part of my father income or i have to add them to my income and pay the taxes.

Ans: Interest income earned upto the date of death will form part of deceased income.

Interest income earned from date of death till maturity will form part of legal executor (separate PAN)

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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Hardik Parikh |106 Answers |Ask -Follow

Tax, Mutual Fund Expert - Answered on Jul 23, 2023

Asked by Anonymous - Jul 21, 2023Hindi

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Hello Sir, My father died on 20th may 2022. It took some time to close all his Pension ,FD, SCSS ,LIC ,mutual fund policies. In his 26AS form it shows entries for Pension , FD Mutul Fund and SCSS along with TDS deducted. Is it possible that I fill the return of my father as it so that i can claim the TDS as his income is non taxable and show all interest earned after 20th May and interest given during closer of FD, SCSS and LIC policy in my return and pay the tax.

Ans: I'm sorry for your loss. Dealing with financial matters after the passing of a loved one can be challenging. Here's a simplified explanation of how you can handle this situation:

1. Filing Tax Return for Your Father: As per the Income Tax Act in India, the legal heir is responsible for filing the income tax return on behalf of the deceased person. This return should include the income earned by your father until the date of his death, which includes the Pension, FD, SCSS, and Mutual Fund incomes. If the total income is below the taxable limit, you can claim a refund for the TDS deducted.

2. Interest Earned After Death: The interest earned after your father's death on his investments (like FD, SCSS, and LIC) is considered your income. You should include this in your income tax return and pay the necessary tax.

Remember, to file your father's return, you need to register yourself as a 'Legal Heir' on the Income Tax website.

Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Nov 04, 2024

Asked by Anonymous - Oct 25, 2024Hindi

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Hi My father have a savings account and a few FDs. He passed away a month ago. I am a joint account holder. I want to transfer all the amount to my mothers account in the same bank of which again i am a joint account holder. The issue is after my fathers death i will be made the primary account holder of the account. Once i preclose all the fds then the interest will be shown as income to me. Though i transfer all the amount to my mother, how to avoid tax on the interest from FDs which is now in my name?

Ans: Hello, the tax has to be paid by you. If not then you can file the ITR for your late father and show the income in his account and pay the taxes as applicable

T S Khurana |427 Answers |Ask -Follow

Tax Expert - Answered on Mar 24, 2025

Question by Minal - Dec 14, 2024Hindi

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Let us assume Mr A does a fixed deposit of Rs 50,000,00 in year 2022-25. He earns Rs 8,50,000 as interest on it. Now, on maturity of this FD, if Mr A deposits the same 50 lakhs as further FD and the interest amount Rs 7.25 lakhs (after tax deductions) as another FD in his wife's name, on whom will be the income tax liability and how much ?

Ans: 01. Mr.A would be liable for tax payment on Rs.8.50 (L) interest earned on FDR of Rs.50.00 (L) during the period 2022-23, 2023-24 & 2024-25. The Interest shall be declared & tax paid for each year under reference.
02. When Mr.A deposits the amount in FDR in favour of his wife, Interest earned on it shall be clubbed with the Income of her husband u/s 64 if I.T.Act.
Most welcome for any further clarifications. Thanks.

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Dr Upneet Kaur |25 Answers |Ask -Follow

Marriage counsellor - Answered on Mar 31, 2025

Asked by Anonymous - Mar 30, 2025

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I am a 25 year girl. I am in love with a 42 year men. He is also in love with me but he is married too. What should I do ?

Ans: Hello mam. Mam, knowing that he is married and has a family to support it is not a good decision to move ahead in this relationship. He might be having a mid life crisis and feels that he is in love with you but he should concentrate on his family and you should presently concentrate on your career. Your parents also might not approve this alliance.
Plz rethink on this advice and take the right decision. Take care!
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Insurance, Stocks, MF, PF Expert - Answered on Mar 31, 2025

Question by Souvik - Mar 31, 2025Hindi

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Hi sir My father is in possession of following shares that he is not able to trade or convert to money 1. Hindustan Financial Management Limited - 200 2. Pal - Peugeot Limited - 100 3. Maxworth Country India Limited -100 4. LAN Eseda Steel Limited - 100 5. Sanghi Polyster Limited - 100 What can be done about these

Ans: Hello;

These seem like stocks of defunct companies hence no more traded on the exchanges.

Check with a broker before you decide to write these off.

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Insurance, Stocks, MF, PF Expert - Answered on Mar 31, 2025

Question by Siddharth - Mar 31, 2025Hindi

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I am 43 years old. I have invested in VPF since 2008 and it has grown to 64lacs currently. But have not invested in NPS at all. Should I divert my monthly investment to NPS and start from zero or should I continue to invest in VPF to take advantage of compounding? Please suggest.

Ans: Hello;

Interest on employee contribution to provident fund(EPF+VPF) in a financial year above 2.5 L is taxable after Budget 2021.

Hence it is recommended that you may divert your monthly investments into NPS tier-1 account.

You may select active choice and allocate maximum possible to equity and the rest between Govt securities and corporate bonds.

Note that withdrawals from NPS are highly restricted, before 60 age, being a pure retirement product.

The corpus accumulated in PF may be retained since it will continue to compound at the Interest rate.

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Dr Dipankar Dutta |1070 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on Mar 31, 2025

Asked by Anonymous - Mar 31, 2025Hindi

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Sir, My father forced me to B-tech engineering degree. I completed my B-tech in chemical engineering in 2008 but our college didn't gave any placementin core chemical. I wanted to go for higher education like M-tech or MBA, but my father didn't make that happen. I gave many interviews from outside in pvt sector and not selected in the final interview. I also qualified in PSUs and same thing happened not qualified in the final selection process. In PSUs also they are wanting higher education. Recently I have done one internship in AI with project from Skillible and one internship in cyber security with project from Edunet foundation. I have 2 years of experience as a math expert in Chegg India. What will I do, please suggest. My father has completely ruined my life.

Ans: Nodody can ruin your career if you have the potential. Your father is not your enemy.
1. Further Education (If Feasible)
If higher education was a roadblock before but is now an option, consider pursuing an M.Tech (Chemical/AI/Cybersecurity) or an MBA (Operations, Data Analytics, or IT Management).
Distance learning programs from IITs, NITs, IIMs, and ISB could also be beneficial.
GATE 2025: If you're still interested in PSUs, qualifying GATE again with a high rank could give you opportunities.

2. Alternative Careers in Mathematics and Teaching
Since you have experience as a math expert at Chegg, you could look at:
Government teaching jobs (NET, SET exams).
Private coaching (IIT-JEE/NEET coaching institutes like FIITJEE, Aakash, etc.).
Online tutoring platforms (Vedantu, Unacademy, Byju’s, Cuemath, etc.).
Actuarial Science or Data Analytics, which involve heavy mathematical modeling.

These are few options. Many are available. Work hard.

Milind Vadjikar |1144 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Mar 31, 2025

Question by Siddharth - Mar 31, 2025Hindi

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I have invested in VPF since 2008 and it has grown to 64lacs currently. But have not invested in NPS at all. Should I divert my monthly investment to NPS and start from zero or should I continue to invest in VPF to take advantage of compounding? Please suggest.

Ans: Hello;

Please specify your current age so as to advise suitably.

Thanks;

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Tech Careers and Skill Development Expert - Answered on Mar 31, 2025

Asked by Anonymous - Mar 30, 2025Hindi

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Best private engineering colleges in odisha...

Ans: Kalinga Institute of Industrial Technology (KIIT)

Radheshyam Zanwar |1510 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Mar 31, 2025

Asked by Anonymous - Mar 31, 2025Hindi

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Sir I got 95 percentile in JEE mains 2025 can I get admission in nit allahabad(cse) with sc category and home state

Ans: Hello dear.
There is a strong chance to get admission to CSE at one of the NITs. If everything goes well, you may also get Allahabad. Best of luck to you. Thanks
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MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Mar 31, 2025

Asked by Anonymous - Mar 31, 2025Hindi

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Sir I got 95 percentile in JEE mains 2025 can I get admission in nit allahabad(cse) with sc category and home state

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Asked by Anonymous - Mar 31, 2025Hindi

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Sir I got 95 percentile in JEE mains 2025 can I get admission in nit allahabad(cse) with sc category and home state

Ans: Hello dear.
There is a strong chance to get admission to CSE at one of the NITs. If everything goes well, you may also get Allahabad. Best of luck to you. Thanks
Follow me if you like the reply.
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Asked by Anonymous - Mar 30, 2025Hindi

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Hey... Five years ago, I confessed my feeling to my crush. She declined my proposal politely and asked me to be friends. I respected her decision of putting down my proposal but i didn't want to in friendzone so I broke my contract with her. Since then we never encountered each other. After fuve years one of our mutual friends met her and she was asking him about me. She did ask him about me twice. I know this can be her normal behavior. I want to know if she thinks about me or if she wants to get connected?

Ans: Dear Anonymous,
Like you mentioned, it is very normal for old friends to enquire about each other, especially if they have not been in touch for a long time. It might be the same in this case. The only way to tell for sure is to ask her. If you are interested in reconnecting, you can think about the same and ask her once you are back in talking terms. But I would recommend not assuming anything and getting your hopes up.

Best Wishes.

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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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