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Sanjeev Govila |458 Answers |Ask -Follow

Financial Planner - Answered on Feb 06, 2024

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more

Question by Malini on Feb 06, 2024Hindi

Money

Sir, I am a housewife not in receipt of any pension or regular income. However we have invested in Mutual funds over the years (both SIP and lumpsum) on my name. Am I supposed to file income tax return?

Ans: Income tax Return is required to be filed only if you have 'income' and simply doing an investment is not a criteria till you have an income. And if that yearly income is less than Rs 2.5 Lakhs a year under old regime and less than Rs 7 Lakhs a year under new tax regime, even then you may not be required to file the ITR subject to Income Tax rules

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, My wife is 70 years old housewife. She earned 380000 rs by selling mutual fund (ltcg) and she have no other income. She never submitted IT return. Is it compulsory to submit IT return for this income?

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I am housewife, but take tutions to school students since last 2 years, and earn around 18k per month in cash or gpay/phonePe. I invests the same in Mutual funds via SIP. do I need to file the returns at income tax portal, as my income is below taxable amount. I have not filed the returns yet. will there be in issues later while redeeming the funds after few years.

Ans: Individual is required to file ITR if gross income exceeds 2.5L (Before 54 exemption) OR if deposits in current account is more than 1 Cr OR Expense are more than 2 L for Foreign Travel OR if Expense are more than 1 L for Electricity OR Sales is more than 60 L OR if Gross receipt profession exceeds 10 L OR if TDS/ TCS deducted is more than 25K ( 50K senior citizen) OR if Deposit are more than 50 L in Saving A/c.

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Sir i am housewife. I have no earning. Got 4 lakh long term capital gain from mutual fund. Shall i pay tax and file incometax

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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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