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Sanjeev Govila | Answer |Ask -Follow

Financial Planner - Answered on Feb 10, 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 Atul on Feb 02, 2024Hindi

Money

I lost 6 lakhs in share trading,, shall i reduce this amount from my overall income to get net income for ITR purpose.

Ans: There are many kinds of stock trading and depending on what exactly did you do, your tax liability will be calculated including whether your loss can be set off against anything else.

In general, you cannot set off your loss against your income in the way you have written. Please consult an income tax expert, a CA or a financial planner.

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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Question by MADANLAL - Aug 29, 2022Hindi

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I am regular Rediff reader. Sir, 1) I am earning through share trading, my income is up to 5 lakh. Please advise which ITR form I have to file. 2) And if my income is with salary and share trading up to 5 lakh, then which ITR form I have to file.

Ans: In both the cases you can use ITR 2 to file your tax returns.

ITR 2 is used to file tax when you have income from salary, income from house property, income from capital gain and loss (in your case shares), foreign income, etc.

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Question by sachin - Jun 07, 2023Hindi

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i have Loss of around 2 Lakhs in stock market ..mostly intraday during 2020-2021 annual Year ..Can i show in this Year ITR and get some relief on Tax ..My annual Package is 13 Lacs with no Home Loan ..but Have Personal Loan of around 10 Lac

Ans: Transfer of capital asset being shares is taxable in the year in which shares are transferred from D-Mat.

Thus, if shares transferred in FY 20-21, it can not be shown in FY 21-22.

Further, loss from intraday is chargeable under the head speculative business and it can not be set off against salary income.

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Question by Mounesh - Jul 20, 2023Hindi

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Hi, I have 200 shres of Gammon india and 100 shres of Core Education in my Demat account for last ten years and both are not traded on BSE / NSE. The long term loss of above stocks is Rs. 30,000/-. Can I show above loss in ITR and setoff loss against long term profit in the coming assessment years ? Thanks. Mounesh

Ans: please visit a Chartered Accountant and he/her will be the right person to answer this question.

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Asked by Anonymous - Jan 13, 2025Hindi

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Sir, By mistake I have filled wrong DOB in my JEE application form , I have worked really hard ???? and my anxiety level are also at its peak after this incident ! I have send an email to NTA about my problem but there was no response ! ???? Please guide me Sir and will I be able to give my Exam ! ????

Ans: Hi
please write an email jo the JEE authorities stating the correct date of birth. Also carry the proof of actual date of birth & hard copy of email with you to avoid any inconvenience. There won't be any issue in appearing for exam.

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Hi I am 2016 passed out. Currently i am working in BPO. I have 7 years of experience in BPO Non-voice. Health care field. I would like move IT field in software developer. It is possible to move IT jobs. Kindly assist

Ans: What are your qualifications?

Asked on - Jan 13, 2025 | Answered on Jan 14, 2025

Ans: Try to increase your qualification by doing MCA etc. Develop your skill set on advance topics like AI, DS etc by doing online course. Then probability of getting job will increase.

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Question by AVIJIT - Jan 12, 2025Hindi

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I HAVE CARE HEALTH INSURANCE BASE POLICY 1000000 FOR 2 A+ 1 K , AGED 60 YEARS, 45 YEAR AND 16 YEARS. AND FROM THE LAST 15 YEARS NO CLAIM. 2023 I PORTED MY MEDICLAIM POLICY FROM NATIONAL INSURANCE TO CARE HEALTH INSURANCE WITH 1000000 L BASE AND 50% NCB. I GOT A RENEWAL ON DEC/24 AND NCB 50% WAS ADDED WITH MY BASE INSURANCE. NOW I WANTED TO TAKE A SUPER TOP-UP OF NIVA BUPA HEALTH RECHARGE OF 90 LAKH . IS IT GOOD FOR MY FAMILY ? PL ADVISE ME .

Ans: Hello;

It is certainly a good proposition.

Just check on the deductible, sub-limits on some diseases if any, cap on room rent, if any. Any exclusions.

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I HAVE CARE HEALTH INSURANCE BASE POLICY 1000000 FOR 2 ADULTS 1 KID , AGED 60 YEARS, 45 YEARS AND 16 YEARS. AND FROM THE LAST 15 YEARS NO CLAIM. 2023 I PORTED MY MEDICLAIM POLICY FROM NATIONAL INSURANCE TO CARE HEALTH INSURANCE WITH 1000000 L BASE AND 50% NCB. I GOT A RENEWAL ON DEC/24 AND NCB 50% WAS ADDED WITH MY BASE INSURANCE. NOW I WANTED TO TAKE A SUPER TOP-UP OF NIVA BUPA HEALTH RECHARGE OF 90 LAKH. IS IT GOOD FOR MY FAMILY? PL ADVISE ME.

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It is certainly a good proposition.

Just check on the deductible, sub-limits on some diseases if any, cap on room rent, if any. Any exclusions.

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For salaried professionals investing in equity, does this market crash affect the benefits of Section 80C investments, such as ULIPs or ELSS, which are tied to market performance?

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Anything and everything connected with the market will get affected by market volatility. (ULIPs & ELSS too)

However for investors it is like a grand new year sale.

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Question by Deepak - Jan 13, 2025Hindi

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Tks a lot for the clear answers to my queries regarding transmission of shares. However, I would like some more clarification on custodial account for shares entitled to C. Custodial account for C will mean a brokerage account in name of C under guardianship of B or an account in name of B but under some category called as Custodial accounts? Alternatively, can the shares entitled for C be sold by B as C's legal guardian and then the sale proceeds be brought in India directly in a bank account in name of C under B's guardianship? Thanks in advance for the support.

Ans: A custodial account for shares typically means a brokerage account held in the name of the minor (C) but managed by the guardian (B). This allows the guardian to oversee the account and make investment decisions on behalf of the minor.
Alternatively, the shares entitled to C can indeed be sold by B as C's legal guardian. The proceeds from the sale can then be brought into India and deposited into a bank account in C's name, under B's guardianship. However, it's important to ensure that all legal requirements and permissions are met, especially if the shares are part of a larger estate or property.
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Hi, I am a 29 year old married man stuck between the career what to do and what not I have good experience in sales of around 6 years but not the proper pay as I am living in a city where there is no big companies no growth in terms of salary and in sales same thing from last 6 years that is 'calling' now I am wish to change the profile to digital marketing as it is in demanding stage and can learn and grow my skills as I am from technical background so please suggest me is it the right to switch the profile or remain in same profile and I am not getting the proper pay in my city but living because my parents are here

Ans: Switching over to digital marketing is not recommended. For your parents you can't move out of the town. I appreciate your caring attitude for your parents, but at the same time unless you go to a big city you can't get a good break. Best of luck. Professor.................................:)

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Thanks sir for valuable feedback

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I am in the process of buying raw materials from different states for my manufacturing unit. How does the GST structure affect inter-state purchases, and how can I reclaim the input tax credit (ITC) on these transactions?

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Sir, I purchased a flat in 1999 for 3 Lakhs, now in 2025 I am going to sell it for 35 Lakhs. Will there be any Capital Gain Tax on it?

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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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