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Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Jan 23, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Asked by Anonymous - Jan 14, 2024Hindi

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Hi, I have got Rs.25 lacs as gift from my father. He redeemed his investments in MF and is paying capital gain tax. how to show this money in my IT returns

Ans: He will have to pay the advance tax firstly and then show the gains from sale of MF under long term capital gains if the investment was held for more than 1year and the tax rate is 10% above 1L of gains

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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Sir, I had invested in two MFs and I got divident of Rs 1.20 lakhs in one and Rs 55,000 in another. What is the amount I should show as income in my IT returns and what is the taxable amount I have to pay. Shall be thankful for your guidance.

Ans: You should show all the income and their sources in your IT returns. Since we do not know your complete portfolio and other holdings, estimating exact amount would be a problem. However, we suggest your consult your Chartered Accountant for any clarification.

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Asked by Anonymous - Jun 20, 2023Hindi

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Dear Sir, I had two MF investments and after one and half year, I got Rs 1.20 and Rs 50,000 dividends respectively. How much income I should show in my IT returns and what is the amount of tax payable. Shall be grateful for your guidance.

Ans: Dividend income is taxable under the head Income from other sources. Tax rate will depend on total income and tax regime opt during the year.

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Asked by Anonymous - Jun 21, 2024Hindi

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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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Hello sir , im an neet dropper preparing for 2025 . My marks are coming like 280 - 310 . I just want 550+ marks , can i get it in 60 days my syllabus about to finish , im very tensed sir and moreover my question practice is less too , i don't get time to revise physics and practice as i have test one day then gap and again test , so sur please help me atleast get 550+ marks . Its very difficult for me to think straight my parents have lot of expectations

Ans: Target: 550+ Marks
Biology: 340+ (Out of 360)

Chemistry: 140+ (Out of 180)

Physics: 70+ (Out of 180)

Stop over-stressing about tests. Use them to identify weak areas.

You are not alone — many NEET toppers had the same fears. They turned it into fuel, not fear.

Talk openly with your parents — they love you and will support you no matter what.

Focus on daily progress, not the big target.

Sleep well, eat light, and stay hydrated.

Resources You Can Use:
Biology: NCERT + MTG NCERT at Your Fingertips + Previous Year Questions.

Chemistry: NCERT + N Awasthi (Physical), M S Chauhan (Organic), NCERT Qs (Inorganic).

Physics: NCERT summary + DC Pandey objective questions + PYQs (NEET Focused).

Please remember: You're already much closer to your goal than you think. You just need direction, not perfection. My daughter will give NEET this year. Good luck

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In 1995 Dec 2 i have received 100 Debenture in jindal vijayanagar steel. What is status right now?

Ans: The NCDs issued in 1995 were scheduled for redemption in installments over the 6th to 9th years, concluding by 2004. If you haven’t received the redemption amounts, it’s possible that the payments were returned due to address changes or other issues .
Reach out to JSW Steel’s Investor Relations or their Registrar and Transfer Agent (RTA) to inquire about the status of your debentures. Provide details like your folio number, certificate numbers, and any correspondence received.
If the debenture amounts remain unclaimed, they might have been transferred to the Investor Education and Protection Fund (IEPF). You can search for unclaimed amounts on the IEPF website.

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Sub: Education (Engineering) Sir / Madam Please recommend a short time (5-6 weeks) course on basic Python which will help student to get an understanding on the forthcoming semesters learning. Online / offline mode; anything as you feel good. For offline, location - Kolkata. My daughter will be completing 1st year (2nd Sem) computer engineering with data sc specialization by early May and want to utilise the upcoming summer vacation. (Note: 1st year dealt with basic engineering and basic Science subjects primarily, nothing much wrt Computer Engineering / DS). Regards

Ans: MCSE Course Better, find similar course at Kolkata

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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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