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Anil Rego |377 Answers |Ask -Follow

Financial Planner - Answered on Feb 09, 2023

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by Ravi on Feb 08, 2023Hindi

Hello, Out of my retirement benefits, I had invested Rs.15 lakhs in my wife's name in LIC Jeevan Akshay for monthly yield. Does this monthly yield to be accounted by me as she is not a tax payer (homemaker)? Kindly advice me

Ans: Technically, investments made by you in your spouse's name is subject to clubbing with your income.

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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Anil Rego |377 Answers |Ask -Follow

Financial Planner - Answered on Dec 21, 2020

Question by Balla - Dec 21, 2020Hindi

Money

I am retired from private services. I lost my wife on 23 Dec'2019. She files IT Returns and for the AY 2020-21 I filed her returns as representative. I too file IT Returns every year. I have not yet filed my returns for the AY 2020-21 since I have a query on the amount of bank and post office fixed deposits, LIC's PMVVY and two MFs of my wife. As a nominee I received an amount of Rs 73,99,082 for all the fixed deposits of banks and post office, LIC PMVVY of my wife. The two Mutual Funds of Rs 33,31,316 of my wife also transferred on my name. My queries are: 1. Do I have to show the above in my Tax Return? 2. If I show it, is it taxable? 3. Which ITR form should I use to file the returns for AY 2020-21? I will be highly grateful for your help and guidance on this sir.

Ans: Since you have inherited the assets of your spouse as a legal heir, you need to pay tax on any income from the assets of your spouse after her demise. However, you don’t need to pay any tax on transfer of assets to your name, as there is no estate duty currently.

Only the interest/returns earned or the capital gains when you exit capital assets would have to be added in your return.

If your annual income is more than Rs.50 Lakhs, you need to disclose all the assets owned by you (incl. inherited assets) in the ITR.

Mihir Tanna |963 Answers |Ask -Follow

Tax Expert - Answered on Dec 20, 2022

Question by Sadruddin - Dec 20, 2022Hindi

Money

I am a retired govt. servant and get pension. Also I get Interest from Deposits, Saving and Acc. Int. I show this income in my Income Tax returns filed in Form ITR-1 SAHAJ. During the current Financial Year I have received the maturity amount of my PPF maintained in the Post Office. Out of the amount received I have a certain amount given as a gift to my spouse. She has invested the said amount received by her from me as a gift in the SCSS A/C and gets interest on that amount. I want to know whether the amount she receives as interest from the amount given by me is to be included in my income and to be shown in the Income Tax Return. If so, at what place i.e. in which column? I have to show the income so included as I do not see such places or column. In which I have to indicate this amount Sr. No. B3 Income from Other Sources along with the Interest received by me from Deposit etc. Since the amount of interest received by my spouse is included in my Income, Whether the said amount is also to be shown in her Income Tax Return or otherwise? As if it is to be shown in her return also then there will be duplication. This clarification is sought as I file my return myself and since the notice I or my wife may not get. I hope you will kindly guide me in this regard and oblige us. Thank you in advance.

Ans: If taxpayer directly or indirectly transfers an asset to spouse for inadequate consideration than Income from such asset is clubbed in the hands of the transferor. Transferor (taxpayer) should show such income in Schedule SPI of Income Tax Return filed by such tax payer in whose hands income is clubbed. No need to show said income in the income tax return of spouse.

Mihir Tanna |963 Answers |Ask -Follow

Tax Expert - Answered on Mar 08, 2023

Question by Dilipkumar - Mar 05, 2023Hindi

Money

Sir, I had invested Rs. 14 lac on name of my wife in PM vay vandna yojna. Whether I will have to show interest income in my return? Form no. 26AS of my wife will show above income. How to indicate in my wife's return that said income is already shown in husband's return?

Ans: In case spouse is earning income out of money transferred by husband without consideration, income will be clubbed in the hands of husband. Transferor (husband) should show such income in Schedule SPI of Income Tax Return filed by such tax payer in whose hands income is clubbed.

Ramalingam Kalirajan |7028 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 06, 2024

Question by K - Apr 11, 2024Hindi

Money

Sir.while in service I invested partly in my ppf and my wife ppf. Both combined is within 80 C limit.declared in Iitr. i am now retired .my wife ppf now matured. reinvested wife ppf proceeds jn SCSS In wife name. This interest from SCSS is taxable in whose hands

Ans: In the scenario you described, where your wife's PPF has matured, and the proceeds have been reinvested in the Senior Citizen Savings Scheme (SCSS) in her name, the interest earned from the SCSS would be taxable in her hands.

Since the SCSS is held in your wife's name, any interest earned on the investment would be considered her income for tax purposes. As per the Income Tax Act, the interest earned from SCSS is fully taxable, and it is added to your wife's total income for the financial year in which it is received.

Therefore, when filing taxes, your wife would need to include the interest earned from the SCSS in her income tax return and pay tax on it as per the applicable tax slab rates.

It's essential to keep accurate records of the interest earned from the SCSS and ensure that it is reported correctly in your wife's income tax return to comply with tax regulations. If you have any further questions or need clarification, it's advisable to consult with a tax advisor or financial expert.

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Insurance, Stocks, MF, PF Expert - Answered on Nov 15, 2024

Question by Suresh - Nov 08, 2024Hindi

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Hello Sir, i am now 48 , having 1.5CR in equity, 60L MF, 60L EPF. My monthly expenditure is 1L/M , i have a home loan 40L. i have son studying 8th grade. Wanted to be retired at 50 . Please suggest is this good time to retired.

Ans: Hello;

Two big responsibilities are ahead of you:

Home Loan repayment(40 L) and
Higher education for your son

You can dip into your savings to prepay your loan but your retirement corpus gets reduced plus you will also have to earmark some fund(~40-50 L) for son's higher education.

Therefore my suggestion to you would be to postpone retirement atleast till 55 age so that you will have more retirement corpus, time for prepayment of home loan and clarity on son's higher education expenses.

Take adequate healthcare insurance cover for family.

Best wishes;

Milind Vadjikar |627 Answers |Ask -Follow

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Question by Informative - Nov 08, 2024Hindi

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Iam 22 now , i want to retire at45 ,I need 1.5 Cr Retirement curpos, now I do my sip of 3500 ,iam running my csc center My monthly income around 15k per month how I can retire early with good amount please help me

Ans: Hello;

You need to top up your monthly sip of 3.5 K by 14-15% every year for 23 years so as to be able to reach target corpus of 1.5 Cr. in next 23 years.

A modest return of 12% assumed from pure equity mutual funds.

Happy Investing;

Milind Vadjikar |627 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 15, 2024

Question by Srinidhi - Nov 08, 2024Hindi

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I am a 55 year guy who wants to hang his boots early. I am a the peak of my career where the money is good but i am seriously exhausted and bored.. I have a corpus of 2CR and want to know where to invest so that we have a decent living standard for the next 15 years atleast given that medical expenses also need to be covered.. I am currently covered with a 10L plan by STAR Health for which i spend 50k per year to cover for my wife and self

Ans: Hello;

The optimal solution for you would be to buy an immediate annuity from a life insurance company for your corpus of 2 Cr.

Considering annuity rate of 6%, this may yield you a monthly payout of around 85 K(post-tax).

You may choose option of joint life(you & your spouse) annuity with return of purchase price to your nominee.

If you shop around, you can better annuity rates.

Consider increasing your health care cover upto 25 L considering rise in cost of healthcare.

Also keep sum of 5-6 L as emergency funds in savings account/liquid mutual funds.

Best wishes;

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Insurance, Stocks, MF, PF Expert - Answered on Nov 15, 2024

Question by Sai - Nov 11, 2024Hindi

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Is ulip plans or good to invest or mutual funds are better can you tell???

Ans: Hello;

Take a term life insurance policy and use mutual funds for your investments.

So yes indeed mutual funds are much better investment then ULIP.

Happy Investing;

Milind Vadjikar |627 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 15, 2024

Asked by Anonymous - Nov 08, 2024Hindi

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Hi, I have corpus of 20.00 lacs in SIP, and currently running SIP of 30k per month, how much time will have cross 1.00 crore my corpus..

Ans: Hello;

If you retain the corpus in MFs and continue monthly sip for 9 years, your total corpus will be 1 Cr+.

A modest return of 12% from pure equity mutual funds is assumed.

Happy Investing;

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Question by Ansari - Nov 08, 2024Hindi

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Hi i am asad ,want to kniw can i invest in unitech for long term

Ans: Hello;

It's almost bankrupt with shady background, so stay away.

Do not try to find value in penny stocks.

Buy fundamentally strong stocks at decent valuations, having ethical and professional board,management.

Happy Investing;

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Asked by Anonymous - Oct 12, 2024Hindi

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Dear Sir, A retired government employee is not getting pension and is involved in a case. What does it mean, kindly clarify ?

Ans: Hello;

Please rephrase your question.

Thanks;

Milind Vadjikar |627 Answers |Ask -Follow

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Question by Pushkala - Nov 13, 2024Hindi

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Sir,is it safe to invest in Digital gold through MMTCPAMP?As gold bond of my previous investment about to mature I was searching for other options to buy Digital gold_kala

Ans: Hello;

I would recommend gold mutual fund since it is more safe, secure and long-term gold investment as compared to digital gold.

Because in digital gold:
1. You have to pay GST on digital gold purchase, not applicable to gold mutual fund.

2. The agency through which you buy digital gold will deduct charges towards security and safety of gold not applicable in gold mutual funds.

3. In digital gold buying, after certain period(3-5 years), you have to either accept physical delivery of gold or square off the transaction. Gold mutual funds units you can hold till the time you want.

4. Also whenever you need physical gold you can sell your gold mutual fund units at the NAV, which is linked to the actual market price of gold through ETF, pay CG, as applicable, and use the balance to buy gold.
CG Tax is applicable for digital gold too!!

5. Another big + for gold mutual fund is that it is highly regulated by SEBI with adequate checks and controls.
However their is no regulator for digital gold transactions, as of now.

Ultimately it is your choice.

Happy Investing;

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing.

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Is nit Pondicherry is a good college

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Career Counsellor - Answered on Nov 15, 2024

Asked by Anonymous - Nov 14, 2024Hindi

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Dear sir, I have been working in pharma segment n I have a terrible experience to share almost 5–6 companies have not settle my genuine dues of salaries and expenses. Some are almost 5–8 yrs old n the latest one is almost 75 days old. Some have some special statements written on there appointment letters, which gives them freedom , and others seem to have no concerns at all. I cannot take legal action against them as a don't have so much money. In the latest episode, my company says that they cannot give me my full n final till the time stockist does not pays his dues to the company. In this regards, I want to inform you that 1 I have no dues on the stockist 2 I have returned all my property 3 companies settlement time is of 45 days 4 after fighting so long I have received one part as salary but expenses are still held they say that they will only settle my dues when the stockist pays his pending payments. 1 I have no dues certificate from all stockists 2 And my views on this is 1 I'm not in organization now, how am I responsibile for the old payments of my time, because it's responsibility of the current staff to follow up for his secondary n payments 2 party's due on company is around rs 46000 but stockist already has non sellable goods of rs 70000 in his shelf . 3 the current staff do not meet the stockist, help in liquidation of stocks or clearing payments. Kindly help me with your detailed view in how to get my ffs from this organization as I have 1 written several times on main with no proper response. 2 I have called many times to hr n concerned managers but they repeat same thing, ie payments of one stockist Kindly help me with solution to get my ffs from this n old pharma companies. Thanks Jasvinder singh

Ans: You need legal support. Please contact senior advocate Mr. Tanoj Joshi with my reference. Search about him in LINKEDIN.
He is a very good person and he won't charge you much if you give my reference. Please give me the update. Best of luck. MAY GOD BLESS YOU. Professor...........................:)

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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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