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Hardik Parikh |106 Answers |Ask -Follow

Tax, Mutual Fund Expert - Answered on Jul 25, 2023

Hardik Parikh is a chartered accountant with over 15 years of experience in taxation, accounting and finance.
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more

Asked by Anonymous - Jul 24, 2023Hindi

Money

Hello Hardik Sir , thanks for your reply to my query dated 21 Jul. I still have doubt in point no 1 whereby by you have suggested that i should include the income of deceased till the date of death while filing return of deceased . The point which needs clarification is that in 26AS you will see the income earned and TDS deducted till the deceased accounts are closed. But As suggested i will be showing income till the day when my father died which will be less than that shown in 26As but the TDS shown is on higher income so there will be mismatch. If you say that TDS is also to be proportionally divided than how it has to be done ? How will scrutiny officer or software will understand the bifurcation done and nit send notice?

Ans: Hello again,

I understand your concern about the mismatch between the income shown in Form 26AS and the income till the date of your father's demise. Here's how you can handle this situation:

1. While filing the return for the deceased, you should indeed include the income earned till the date of death. This is as per the Income Tax Act of 1961.

2. Regarding the TDS, it is deducted based on the estimated income for the entire year. However, since your father passed away during the year, the income earned till the date of his death is less than the estimated annual income.

3. In such a case, you can claim a refund of the excess TDS deducted while filing the income tax return. The Income Tax Department will process this refund.

4. If there is a scrutiny by the Income Tax Department, you can provide the necessary documents and explain the situation. The department is aware of such circumstances and they will understand the bifurcation.

5. It's always a good idea to consult with a tax advisor or chartered accountant to ensure that the tax return is filed correctly.

I hope this clarifies your doubt.

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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Mihir Tanna |1040 Answers |Ask -Follow

Tax Expert - Answered on Aug 17, 2023

Asked by Anonymous - Jul 18, 2023Hindi

Money

hello Sir, My father died on 20th May 2022. As per rules getting death certificate took around 30 day and then started applying for closing his bank account ,fds etc. which took some time. As per AIS form (from income tax department) he has received interest in say month of july or august 2022 as closer took time. I will be filing income tax return for the last time as deceased heir. The interest which he has receive after 20th may 2022 will be considered as part of his income or i have to show as my income. Moreover he had LIC policy which was closed in dec 2022 the closer amount ( principal and interest) was credited to my account. The interest from LIC will be part of his income or my income as this is not reported in AIS form. Your early reply will be highly appreciated.

Ans: Interest income earned upto the date of death will form part of deceased income. Interest income earned from date of death till maturity/amount transferred to legal hair; will form part of legal executor (separate PAN).

Thus, in your case, The interest which he has receive after 20th may 2022 will be considered as part of his income. The interest from LIC will be part of your income.

Hardik Parikh |106 Answers |Ask -Follow

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

Asked by Anonymous - Jul 21, 2023Hindi

Money

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.

Hardik Parikh |106 Answers |Ask -Follow

Tax, Mutual Fund Expert - Answered on Jul 26, 2023

Asked by Anonymous - Jul 26, 2023Hindi

Money

Hello Hardik Sir, , Once again thanks for your prompt reply. I had contacted a CA but unfortunately I could not get the proper advice or clarity i wanted. so I want to understand if following solution can also be considered . We file the return of deceased as per the 26AS so that there is no problem in getting TDS refund as the total income of deceased is less than the taxable limit. But while filling my return I include all interest earned after the date of death of deceased in my income and clearly mentioning this with proper remarks under heading "income from other sources" in my ITR .

Ans: Hello,

I understand your concern and it's great that you're thinking about this in detail. Based on the information available, any income earned after the date of death from the assets inherited from the deceased is taxable in the hands of the legal heir.

So, if you're the legal heir, you should include this income inherited from the deceased in your own income while filing your own income tax return. This is in line with your proposed solution of including all interest earned after the date of death of the deceased in your income and mentioning it under the heading "income from other sources" in your ITR.

However, it's always a good idea to consult with a tax advisor or a chartered accountant to understand the specific implications based on your individual circumstances.

I hope this helps!

Latest Questions

Milind Vadjikar |1136 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Mar 25, 2025

Asked by Anonymous - Jan 26, 2025Hindi

Money

Hello sir, I am aged 39 years with job of income 1L per month. Monthly investment of 15k in SIP, including 5k in liquid fund to meet my short term expenses like insurance. I have around 3l invested in SIP. I have 2 houses with him loan of 60 lakhs with emi of 33k. Monthly expenses of around 20k. Credit card expenses of around 10k. I have no savings. I have 2 kids. I am planning to sell 1 house, but still not been successful, since I think I have overinvested. I have no money to meet my short term or urgent expenses. Please advise how can I become stable.

Ans: Hello;

Isn't it possible for you to rent out the second house and use the rental income to boost your investment?

If the rentals are not good enough then it makes sense to sell the second house and utilise funds to close home loans and invest for higher education of kids and retirement.

Getting out of real estate investment is not easy. It may take long time some times.

Try listing on nobroker, magicbricks, 99acres apart from agent channel to get a buyer.

Keep an emergency fund aside worth 6 to 8 month of expense coverage, always.

How about EPF and NPS? You may have some through your employer.

Best wishes;

Milind Vadjikar |1136 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Mar 25, 2025

Question by Namrata - Jan 26, 2025Hindi

Money

Hello! Advait ji, My Mom is 82 and gets family pension. She has 70 lakhs FD maturing in March 25. I would like to invest 10 lakhs in FD as emergency fund. Kindly advice how to invest the remaining 60 lakhs, which is risk free and gives good returns (better than FD) She has the following investment - 1. 10 lakhs in Edelweiss Multicap Fund - Gr 2. 2 lakhs 40 thousand in HDFC Flexicap Fund -Gr 3. 2 lakhs 40 thousand in HDFC Midcap Opportunities Fund 4. 2 lakhs 50 thousand in Invesco India Focused Fund 5. 2 lakhs 50 thousand in LIC MF Infrastructure Fund 6. 2 lakhs 50 thousand in Motilal Oswal Large and Mid-Cap 7. 2 lakhs 40 thousand in Nippon India Large Cap Fund 8. 2 lakhs 40 thousand in Nippon India Multicap Fund 9. 2 lakhs 40 thousand in Nippon India Small Cap Fund 10. 2 lakhs 40 thousand in Quant Small Cap Fund. Total Mutual fund investment of 32 lakhs. Apart from MF she has invested in Bajaj Allianz Life insurance plan, where she will investRs 2 Lakhs per year for 10 years. This is a guaranteed plan. She is comfortable running the house with her pension. However, please suggest shorter duration investments (5 yrs) Regards Namrata

Ans: Hello;

She may opt for any of these investment avenues:

1. Post office time deposit scheme(FDs offered by post office for 1,2,3 & 5 year tenure); Joint holding allowed; Premature withdrawal allowed after 6M. (Current ROI 6.9-7.5%)

2. NSC with a fixed tenure of 5 years; No premature withdrawal allowed. Can be held jointly(Current ROI 7.7%)

3. KVP: Although tenure is 9 yrs and 5 months, you may do premature encashment after 2.5 years; joint holding allowed;(Current ROI 7.5%)

You may approach a reliable postal agent to process these investments to avoid hassle of frequent post visits and associated hardships.

These are backed by GOI so no risk of default.

Hope this meets your requirements.

Best wishes;

Dr Dipankar Dutta |1061 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on Mar 25, 2025

Asked by Anonymous - Mar 15, 2025Hindi

Career

I got 89.37 percentile in jee main 2025 My dad is army person I am Delhi girl Any chance of getting a college

Ans: You are asking the same question 2nd time. My answer will be same - Since your dad is in the Army, you might be eligible for seats under the AWES (Army Welfare Education Society) & other defense quotas in various colleges. Your home state is Delhi, which gives you a home quota advantage in DTU, NSUT, and IGDTUW. See previous years' cut off

Dr Dipankar Dutta |1061 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on Mar 25, 2025

Asked by Anonymous - Mar 15, 2025Hindi

Career

90.33 percentile in jan attempt ews oc candidate from mp what best colleges can i get

Ans: Congratulations on securing a 90.33 percentile in the January session of JEE Main 2025 under the EWS category from Madhya Pradesh. With this percentile, you have a fair chance of gaining admission to several esteemed institutions. Below is a tailored analysis to guide your college selection:
National Institutes of Technology (NITs)
Based on previous years' trends, candidates with a 90+ percentile in the EWS category have secured seats in the following NITs:

NIT Manipur
NIT Sikkim
NIT Mizoram
NIT Jalandhar
NIT Goa
NIT Hamirpur
NIT Durgapur
NIT Puducherry
NIT Raipur
Note: Admission to specific branches, especially high-demand ones like Computer Science and Engineering (CSE) or Electronics and Communication Engineering (ECE), may be competitive. You might have better prospects in branches such as Mechanical Engineering, Civil Engineering, or Metallurgical Engineering.
2. Indian Institutes of Information Technology (IIITs)
Your percentile also positions you well for admission into several IIITs, including:

IIIT Pune
IIIT Nagpur
IIIT Lucknow
IIIT Vadodara
These institutes offer quality education in information technology and related fields.
See previous years' cut off

Dr Dipankar Dutta |1061 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on Mar 25, 2025

Question by Ayush - Mar 23, 2025Hindi

Career

I am a first year student at MIT Manipal,currently pursuing Electrical and Electronics engineering(EEE),and I am have been given a choice to apply for branch change in my institute either to CSE,Mathematics and Computing(MnC) or ECE in my second year. I did not study Computer Science in 11th and 12th, and I coding in C for the first time as part of my 1st year syllabus.I am not very much interested to coding,but I am learning it since it is there in the course syllabus. My parents suggest switching to CSE, but they are not engineers and do not have insights into the current job market. Since my batch will be passing out in 2028, I want to understand the job scenario for CSE, MnC, ECE, and EEE graduates by then. Among these,which branch provides better opportunities for core engineering jobs with good or decent salary and stability? I have heard that many ECE graduates end up in IT jobs due to lack of core industries-is that true?Would ECE be a better alternative to CSE for core jobs or is it better to stay in EEE? Also between CSE, ECE, and EEE, which has less competition in the job market while still offering good career prospects? Additionally, I want to know which branch is broader, with ample opportunities in both the government and private sectors, especially for core jobs with good pay and stability. base on futuret rends, would it be a wise decision to change my branch, or should I continue with EEE?

Ans: Happy to see that you have asked very logical questions. I can say that, since you are already in Electrical and Electronics Engineering (EEE) at MIT Manipal and have the opportunity to change to CSE, Mathematics and Computing (MnC), or ECE, your decision should be based on:

Your Interests (Core Engineering vs Coding)
Job Market Trends for 2028 and Beyond
Competition & Industry Demand

Future Job Market (2028 & Beyond) for Each Branch
Branch Core Job Scope IT/Software Jobs Govt Jobs Competition Salary Stability
CSE Low (Software Focused) High Limited Very High High but Unstable
MnC Medium (AI/ML, Finance) High Limited High High but Research-Oriented
ECE Medium (VLSI, Chip Design, Telecom, IoT) High Moderate (ISRO, DRDO, PSU) High Medium-High
EEE High (Power, EVs, Automation, Energy, PSU) Moderate High (Railways, NTPC, BHEL, Govt) Low-Medium High & Stable

Should You Switch to CSE, MnC, or ECE?
If You Want Core Engineering Jobs with Stability
Best Option: Stay in EEE

If You Want a Balance Between Core & Software Jobs
Best Option: ECE

If You Want a High-Paying Private Sector Career (But Not Core Engineering)
Best Option: MnC or CSE

Hope this will help you in decision making.

Milind Vadjikar |1136 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Mar 25, 2025

Question by The - Jan 26, 2025Hindi

Money

I have a corpus that I have saved of about 50 lakhs. I am looking at 2 options to invest 1. Buy a property in Dubai with a loan where this 50lakhs will be a down payment while the balance will be with a bank loan. I will by a ready possession flat which I will rent out and pay the emi of the loan from the rent ( I have my brother based in Dubai who will help me with this) 2. I invest this 50lakhs in a PMS with the Anandrathis, Enams etc here in India Could you suggest which is the better option here?

Ans: Hello;

What is your age right now?

Please clarify.

Thanks;

Milind Vadjikar |1136 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Mar 25, 2025

Question by Bhuvanshree - Jan 26, 2025Hindi

hi i am 37 and struggling to save money i have home loan worth 20 lac and munthly income 1.2 lac with monthly expense of 70k ?

Ans: Hello;

How much is the EMI amount and balance tenure of the home loan?

Also please confirm that monthly expense mentioned above includes EMI.

This will help us to guide you suitably.

Thanks;

Milind Vadjikar |1136 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Mar 25, 2025

Question by Sindhu - Nov 28, 2024Hindi

Hi sir I am investing when ever i have money not like in SIP. my most of investments are around 6 L invested in Quant different mutual funds. No a days i can see my all the Quant funds are going down. Im 34 years old female. My plan is 10 years. Can i exit from quant and invest in any some MF rather than getting more loss? Can you please review my portfolian. Do i need to exit from any MF. Since i'm maintaining too many MF. Thanks in advance. Mutual Funds List No' Scheme Name AMC Category Sub-category ISIN 1 DSP Small Cap Direct Plan Growth DSP Mutual Fund Equity Small Cap INF740K01QD1 2 Quant Focused Fund Direct Growth Quant Mutual Fund Equity Focused INF966L01853 3 Parag Parikh Flexi Cap Fund Direct Growth PPFAS Mutual Fund Equity Flexi Cap INF879O01027 4 Mirae Asset ELSS Tax Saver Fund Direct Growth Mirae Asset Mutual Fund Equity ELSS INF769K01DM9 5 JM Flexicap Fund Direct Plan Growth JM Financial Mutual Fund Equity Flexi Cap INF192K01CC7 6 Axis Growth Opportunities Fund Direct Growth Axis Mutual Fund Equity Large & MidCap INF846K01J46 7 Parag Parikh ELSS Tax Saver Fund Direct Growth PPFAS Mutual Fund Equity ELSS INF879O01100 8 Quant Small Cap Fund Direct Plan Growth Quant Mutual Fund Equity Small Cap INF966L01689 9 Canara Robeco Small Cap Fund Direct Growth Canara Robeco Mutual Fund Equity Small Cap INF760K01JC6 10 Motilal Oswal Midcap Fund Direct Growth Motilal Oswal Mutual Fund Equity Mid Cap INF247L01445 11 Nippon India Multi Cap Fund Direct Growth Nippon India Mutual Fund Equity Multi Cap INF204K01XF9 12 Nippon India Small Cap Fund Direct Growth Nippon India Mutual Fund Equity Small Cap INF204K01K15 13 ICICI Prudential Value Discovery Direct Growth ICICI Prudential Mutual Fund Equity Value INF109K012K1 14 Quant Flexi Cap Fund Direct Growth Quant Mutual Fund Equity Flexi Cap INF966L01911 15 Nippon India Small Cap Fund Direct Growth Nippon India Mutual Fund Equity Small Cap INF204K01K15 16 Quant ELSS Tax Saver Fund Direct Growth Quant Mutual Fund Equity ELSS INF966L01986 17 Aditya Birla Sun Life PSU Equity Fund Direct Growth Aditya Birla Sun Life Mutual Fund Equity Sectoral / Thematic INF209KB1O82 18 Quant Mid Cap Fund Direct Growth Quant Mutual Fund Equity Mid Cap INF966L01887 STOCKS LIST 1 APOLLO TYRES-EQ RE 1 2 ASIAN PAINTS EQ 1/ 3 BRITANNIA IND-EQ1/- 4 CG POWER-EQ2/ 5 IRCTCL-EQ2 6 NHPC LIMITED - EQ 7 TATA STEEL-EQ1/ 8 Deepak nitrate 9 LT 10 Narayana Hrudayalaya

Ans: Hello;

6 L worth investment in 18 different funds is spreading it too thin.

You have a time horizon of 10 years but how much corpus you want to accumulate after 10 years kindly clarify?

Also if you can specify the goal for which this investment is aimed at then it will help us to suggest suitably.

I will recommend you strategy to rationalize you MF holdings once you revert on the above points.

Thanks;

Milind Vadjikar |1136 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Mar 25, 2025

Asked by Anonymous - Jan 01, 2025Hindi

Money

Hello Gurus, I am an NRI living in Saudi Arabia, aged 38. I am earning 4.5L a month and have around 30L in savings. I don’t own anything and want to start investing, however I am unsure of what to do. Should it be gold, a property on loan or nothing and stick with maximum saving strategy. Please suggest as I am naive to investment ???? Note: Please avoid profit through interest solutions.

Ans: Hello;

Self owned property should definitely be top on your priority.

Also 15-20% allocation to Gold is desirable but preferably through ETFs/gold funds.

You may also invest in funds/ETFs which are Shariah compliant for eg Tata Ethical fund or Nippon India ETF Shariah BeES.

Best wishes;

Milind Vadjikar |1136 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Mar 25, 2025

Asked by Anonymous - Jan 26, 2025

Money

Sir, I am Mudassar, 40 years old, i have 3 childrens, 2 daughter and son. Sir, i need your suggestions/guidance becaz i am in very crtical situation. My take home salary is 40K and my father (retired age 74 ) salary is 35K , we both have personal laons to build house. I have two running LIC's , on which i have taken loan also. Recenlty we build own house , if i sell now, i will get around 42 to 45 Lakhs . My lloan detailsbelow ; 1. HDFC 7,20,000 emi 14K 2. Company emi 1,50,000 emi 4K 3. LIC loan 2 laks emi 2K 4. Father loan 4 lacks , two year remaining, emi 14K Total emi : 34K Apart from we are paying 15K monthy to chit fund , still 15 months remaining. Summary: Total sal 75 K , after laon and chit fund deducting , will get 26K to run home , including grocery, children fees , health etc... its very difficult to manage, and keep thinking to take extra loan .. as i said earlier , have two LIC's , i am.paying 56K every year . What i am thinking is, i will sell my house And clear all my laons .. and approximate i will have 25 Lakhs remeaing , so i will inest in mutual fund , SIP , SWP, index fund for long time investment .. So i.am in very confusing mode , whether i have to sell my house .. and start my investment journey... pls help sir .. My finacial conditions are very similar to all middle class family.. Request you to please reply and give your sugestion for investment joury. Awaiting your kind reply .. Thanks in advance ...

Ans: Hello;

Suppose you sell your house and clear your loans and other liabilities but where will you & your family stay?

How much rental per month would be required to get an adequate house on rent?

Please clarify. Based on your input we can advise you suitably.

Thanks;

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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