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Mihir Tanna |831 Answers |Ask -Follow

Tax Expert - Answered on Nov 22, 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

Question by Rakesh on Jul 25, 2023Hindi

Money

Sir, I got two P&L from Angel one, one is downloaded from the app i.e.without dates and after that I asked to share P&L with dates to show Quarter wise break then I got P& L with dates but there is a difference of around Rs.925 in profit. pls help to advise how to show in ITR. Rgds Rakesh

Ans: In Income tax return, you are expected to show correct amount of income. Kindly check reason for such difference.

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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Financial Planner - Answered on Jun 09, 2022

Question by Commodore - Jun 09, 2022Hindi

Money

I am Super Senior VETERAN, DOR 01 SEPT 1998. I have been filing my ITR regularly. 2) I shall appreciate your help to calculate Profit/Loss on Share/M.F Txt. 3) I have redeemed Tata Infrastructure Fund Folio No. 142726 , Qty 1496 units, Amt Rs.38473/ Dt 23/11/2020. 4) My Purchase was a) 489.939 units at Rs 10000/- Dt.01/03/2007b) Units 1069.68 at Rs 30000/- @28.05 Dt.23/01/2008 5) PLZ Calculate LTCG/LOSS. Also let me know if Purchase NAV will be based on NAV 31ST JAN 2018. 6) For Share Txt of VEDANTA QTY 210 Sell & L&T QTY 5 Sell, I will give details on receipt of your comment on Tata M.F. Redemption.

Ans: Grandfathering would be applicable for you while computing the capital gains for Tata Infrastructure Fund. The Cost of Acquisition to be considered would be the higher of:

(i) Cost of Acquisition of the asset and

(ii) Lower of:

Fair market value of the asset as on January 31, 2018 and
Full value of consideration received / receivable on transfer of the capital asset.

The computation for the same is tabulated below. I had assumed it is under dividend mode based on the NAVs provided:

Capital Gains Computation
Sl No	Description	Date	Units	NAV	Amount
1	Sales Consideration	23-11-2020	489.939	25.717246	12,600
	Purchase 1	01-03-2007	489.939	20.410704	10,000
	Cost of Acquisition - on FMV	31-01-2018	489.939	32.27	15,810
	As per grandfathering principle - COA				12,600
2	Sales Consideration	23-11-2020	1006.061	25.717246	25,873
	Purchase 2	23-01-2008	1006.061	28.045771	28,216
	Cost of Acquisition - on FMV	31-01-2018	1006.061	32.27	32,466
	As per grandfathering principle - COA				28,216
		Long Term Capital Loss			-2,343

Advait Arora |1263 Answers |Ask -Follow

Financial Planner - Answered on May 11, 2023

Question by bhavesh - May 06, 2023Hindi

Money

am holding Praj Industries for almost 8-9 months now. My BUYING price was 420 appx. Right now its come down to 360 levels. Unable to understand when the company is booking profits every quarter , why is the same not reflecting in its share price?

Ans: Very futuristic company with immense potential. it is consolidating right now. sooner or later markets will give it higher valuations due to the growth it is doing. HOLD the stock for some time.

please note : Investing strategies depends on your risk appetitive, so Please consult your financial advisor and then take further decision.

Mihir Tanna |831 Answers |Ask -Follow

Tax Expert - Answered on Jul 07, 2023

Asked by Anonymous - Jul 07, 2023Hindi

Money

Hello sir, i have booked loss by selling LIC shares allotted in IPO. However it is not showing in AIS, but dividend payed is showing. Still i can show in ITR filing to adjust against short term capital gains/losses. Please advise.

Ans: Transactions appearing in AIS is for reference. Taxpayers are advised to show correct details of Income/Loss incurred during the year.

Sanjeev Govila |458 Answers |Ask -Follow

Financial Planner - Answered on Jul 23, 2023

Question by Madhu - Jul 20, 2023Hindi

Money

Sir I am receiving salary income of Rs 9 Lakhs per annum and also I have received an amount of Rs 20000 on account of car rental how to show income in ITR and which ITR

Ans: The ITR-2 form need to be filled in your case. Also, you can claim deductions for your salary and rental income as well.

You need to follow the below mentioned steps:-
• Under the "Income from Salary" Head, you will need to enter your salary income.
• Under the "Income from Other Sources" Head, you will need to enter your car rental income.
• Also, you can claim the standard deduction of Rs 50,000 for your salary income.
• You need to calculate the taxation on basis of the above details and pay tax accordingly.

Ramalingam Kalirajan |2317 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 23, 2024

Question by Rakesh - Dec 07, 2023Hindi

Money

Hello Sir,Pls advise where to show partial withdraw of PPF amount in ITR. Rgds Rakesh

Ans: The good news is that partial withdrawals from your PPF account are exempt from income tax in India. This is because PPF falls under the Exempt-Exempt-Exempt (EEE) category, meaning contributions, interest earned, and maturity amount are all tax-free.

Therefore, you don't need to specifically show the partial withdrawal amount anywhere in your Income Tax Return (ITR) form.

Here's a breakdown of the tax treatment for PPF:

Exempt on Contribution: The amount you deposit into your PPF account every year is deductible under Section 80C of the Income Tax Act, 1961.
Exempt on Interest: The interest you earn on your PPF balance is not taxed.
Exempt on Maturity/Withdrawal: The maturity amount or any partial withdrawals from your PPF account are tax-free.
However, it's still a good idea to keep records of your PPF transactions, including any partial withdrawals. This can be helpful in case the Income Tax Department asks for clarification during tax assessment. You can maintain these records physically or electronically.

Latest Questions

Ramalingam Kalirajan |2317 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 16, 2024

Asked by Anonymous - May 10, 2024Hindi

Money

I got a job in Dubai and salary is 3.3 Lacs per month. After EMIs and monthly expenses i have net savings of 1 Lac. As NRI Can you please suggest some SIP and how and how much should i diversify like MF, Bonds, Gold, ETFs, etc. Thank you.

Ans: Congratulations on your new job opportunity in Dubai! It's great to hear that you're planning ahead for your financial future as an NRI. Let's discuss some strategies to make the most of your net savings of 1 lac per month through systematic investment plans (SIPs) and diversification across various asset classes.

Understanding SIPs and Diversification
SIPs offer a disciplined approach to investing in mutual funds, allowing you to invest a fixed amount regularly. Diversification across different asset classes helps spread risk and maximize returns over the long term.

Mutual Funds: A Core Investment Option
Considering your monthly savings capacity, allocating a portion of your savings to mutual funds can be a prudent choice. Opt for a mix of equity and debt funds based on your risk tolerance and investment horizon.

Equity Mutual Funds for Long-Term Growth
Equity mutual funds have the potential to deliver higher returns over the long term but come with higher volatility. Invest in diversified equity funds or thematic funds aligned with your investment goals and risk appetite.

Debt Mutual Funds for Stability
Debt mutual funds provide stability and regular income by investing in fixed-income securities such as bonds and treasury bills. Allocate a portion of your portfolio to debt funds to balance out the risk from equity investments.

Gold as a Hedge Against Market Volatility
Including gold in your investment portfolio can act as a hedge against market volatility and inflation. Consider investing in gold mutual funds or gold exchange-traded funds (ETFs) to gain exposure to this precious metal.

International Funds for Geographic Diversification
As an NRI working in Dubai, you can benefit from geographic diversification by investing in international mutual funds. Look for funds that provide exposure to global markets and sectors outside of India.

Regular Review and Adjustment
Periodically review your investment portfolio to ensure it remains aligned with your financial goals and risk tolerance. Adjust your asset allocation as needed based on changing market conditions and life circumstances.

Seeking Professional Advice
Given the complexity of managing investments across different asset classes, consider consulting with a Certified Financial Planner (CFP) who has experience working with NRIs. A CFP can provide personalized advice tailored to your financial objectives and help you navigate the intricacies of international investing.

Conclusion
By diversifying your investments through SIPs across mutual funds, bonds, gold, and international funds, you can build a robust investment portfolio that aims to generate wealth over the long term while managing risk effectively. Remember to review your investments regularly and seek professional guidance when needed to make informed decisions.

Best Regards,

K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

Ramalingam Kalirajan |2317 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 16, 2024

Question by Ankit - May 10, 2024Hindi

Money

HELLO SIR, I AM 37 YEARS OLD AND OWNS A PROPERTY OF WORTH 90 LAKHS RIGHT NOW BOUGHT 8 YEARS BACK FOR 60 LAKHS. MY EMI IS AROUND 43K PER MONTH FOR ANOTHER 20 YEARS. ME AND MY WIFE EARNS AROUND 110000 PER MONTH. MONTHLY EXPENSE IS AROUND 35K. I HAVE 1 KID. HAVE I DONE RIGHT INVESTMENT OR IS THERE ANY OTHER WAY AROUND.

Ans: It sounds like you've been diligently managing your finances and investing in property, which is a significant accomplishment. Let's take a closer look at your situation and explore potential strategies to optimize your financial position.

Assessing Your Current Investment: Property Ownership
Owning a property valued at 90 lakhs, which you purchased eight years ago for 60 lakhs, indicates a healthy appreciation in value over time. Property can be a valuable asset that offers potential long-term growth and stability.

Evaluating Financial Commitments: Mortgage and Monthly Expenses
With an EMI of 43k per month for another 20 years, it's essential to ensure that this obligation fits comfortably within your budget. Considering your combined monthly income of 1,10,000 and expenses of 35k, it seems like you're managing your finances responsibly.

Considering Future Financial Goals
As a family with one child, planning for the future is crucial. It's commendable that you're proactively assessing your investment decisions to ensure financial security and growth.

Exploring Alternative Investment Opportunities
While property investment can be lucrative, diversifying your portfolio with other assets may provide additional benefits. Consider exploring investment options such as mutual funds, stocks, or retirement accounts to supplement your existing holdings.

Consulting with a Certified Financial Planner
Given your financial goals and current assets, consulting with a Certified Financial Planner (CFP) can provide valuable insights and personalized recommendations. A CFP can help you assess your risk tolerance, identify investment opportunities, and create a comprehensive financial plan tailored to your needs.

Conclusion
Overall, your investment in property has proven to be a wise decision, considering the appreciation in value over time. However, exploring alternative investment avenues and seeking professional financial advice can further enhance your financial well-being and help you achieve your long-term goals.

Best Regards,

K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

Ramalingam Kalirajan |2317 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 16, 2024

Asked by Anonymous - May 16, 2024Hindi

Money

Firstly, thanks for patiently answering everyone's questions ????. Can you please suggest a suggest a MF which i wznt to invest in for next 10 years for my kids higher education. I see lot of children related mutual funds but unable to decide on one. I am ok to take high risk since ny inv would be for more than ten years.

Ans: Investing for your child's education is a thoughtful decision that requires careful consideration. I appreciate your dedication to securing their future. Let's delve into selecting the right mutual fund for this purpose.

Understanding Your Investment Horizon and Risk Appetite
Investing for your child's education over a ten-year period is a commendable strategy. Since you're comfortable with high risk, you have the potential for higher returns over the long term.

Evaluating Mutual Fund Options
When considering mutual funds for your child's education, it's essential to focus on funds with a proven track record of long-term growth. Look for funds managed by experienced professionals with a history of delivering consistent returns.

Active vs. Passive Management: Making the Right Choice
While index funds offer low fees and broad market exposure, they may not outperform actively managed funds, especially during volatile market conditions. Actively managed funds, overseen by skilled fund managers, have the flexibility to adapt to market changes and potentially outperform the market indices.

Emphasizing the Benefits of Active Management
Actively managed funds offer the advantage of professional oversight, where fund managers actively research and select investments to maximize returns and mitigate risks. This approach can be particularly beneficial in volatile markets, helping to navigate uncertainties and capitalize on emerging opportunities.

Disadvantages of Direct Funds and the Benefits of Regular Funds through a Certified Financial Planner
Direct investing requires significant time and expertise to research, select, and monitor investments effectively. By working with a Certified Financial Planner (CFP), you gain access to professional guidance and personalized investment strategies tailored to your financial goals and risk tolerance. Through a Mutual Fund Distributor (MFD) with a CFP credential, you can benefit from ongoing support and portfolio reviews, ensuring your investments remain aligned with your objectives.

Making an Informed Decision
Consider mutual funds with a focus on sectors or themes aligned with your child's educational aspirations. Diversification is key to managing risk, so opt for funds with a well-balanced portfolio across various asset classes.

Conclusion
Investing in mutual funds for your child's higher education requires a thoughtful approach that considers your investment horizon, risk tolerance, and the expertise of fund managers. By leveraging the benefits of active management and seeking guidance from a Certified Financial Planner, you can make informed decisions that lay the foundation for your child's bright future.

Best Regards,

K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

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Question by Jitendra - May 16, 2024Hindi

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what should be equity exposure in investment?

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My girlfriend is ignoring me ...what should I do to get her attention back?

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Study Abroad Expert - Answered on May 16, 2024

Asked by Anonymous - May 14, 2024Hindi

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I am looking for advice for my son who is now in 12th standard ( Commerce subjects with Applied maths ). I want to send him abroad for his further studies. Could you please advise the courses he can take, countries he can opt for and the approximate costs involved. He is an average student.

Ans: Hello. Thank you for contacting us. It is understandable that you are concerned about your son’s future early on. Since your son is in 12th grade with commerce subjects and applied mathematics, he can choose to pursue business admission or management, economics, accounting, finance, or economics in his bachelor’s. It would be good if you encouraged him to do some extracurricular activities in order to strengthen his university applications.

In terms of countries, the USA, UK, Canada, Australia, and Germany are some of the best countries to pursue an accounting program. Furthermore, the cost of studying in each country would vary. It is preferred that you let us know if there is any specific country in mind so that we may be able to guide you further.

For any further queries, please get in touch with us. We have a team of expert counsellors who can guide you through any concerns or questions you may have.

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CAT, XAT, CMAT, CET Expert - Answered on May 16, 2024

Asked by Anonymous - May 03, 2024Hindi

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Hello sir , I have just secured 94% in MAT 2024 I am confused which college to choose for MBA in finance with good ROI

Ans: There are not many good colleges that take up MAT as an entrance test. But can try the following
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Question by Lingaraj - May 03, 2024Hindi

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I have over 14 years of work experience in one of the leading PSU Banks both in credit and operation. In academics i have done MBA and also completed CAIIB but don't have any technical degree. Wanted to shift my career in MNC Banks. So whether I need to do any technical/ professional course.And also suggest what are the opportunities available in various domains along with its requirements in these MNC Banks to build career.

Ans: I dont think you need to do any course unless you are looking at shifting to a different domain. Directly apply to MNC banks. Contact placement agencies and take their advice. There are placement agencies that cater to Banks who could help you get the desired role. Can also directly apply to different banks.

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CAT, XAT, CMAT, CET Expert - Answered on May 16, 2024

Question by Anirudh - Apr 29, 2024Hindi

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Dear Sir, I am a 34-year-old individual with ten years of experience working in a public sector bank. I graduated with a Bachelor's degree in Science (B.Sc.) with Physics, Chemistry, and Mathematics (PCM) in 2011, achieving a Second Division. Currently, I earn a monthly income of one lakh rupees. I am contemplating whether pursuing an MBA could elevate my career to new heights or if it is more suited for technical students. Could an MBA potentially offer me another chance to reshape my life? Thank you for your guidance. Sincerely, Anirudh

Ans: Doing Executive MBA could definitely help you in your career. But considering that you are already earning 1 lakh per month, try doing MBA from only the top institutes. You would have to prepare for GMAT exam.

Patrick Dsouza |259 Answers |Ask -Follow

CAT, XAT, CMAT, CET Expert - Answered on May 16, 2024

Question by Adbitya - Apr 28, 2024Hindi

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Sir, i qm currently working at a PSU for the past 5-6 years. Although the remuneration nis okay for now. But the growth opportunities are limited. And also my work profile is different from my bachelors (CS degree). Is it too late to get into tech ? Is MBA going to help in the longer run ?

Ans: Its not late. you can look at either doing Executive MBA from some of the top colleges or doing some relevant course that would help your switch. Problem with switching to IT would be that you would have to start as a fresher.

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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