Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

Sanjeev Govila |458 Answers |Ask -Follow

Financial Planner - Answered on Feb 05, 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 prabagaran on Jan 29, 2024Hindi

Money

my relative is unde NPS. His taxable income is Rupees 8 Lac 20 thousands. how can he reduce his income tax. please advice, till now he has not done it since his income was less than 5 Lacs. Thank you and regards.

Ans: First of all, you need to check that which tax regime is better for you, there are various calculators available on the internet.

If he uses the old tax regime, he can get tax benefit from the following options.

1. Section 80C: This offers deductions for up to Rs. 1.5 lakh on various investments like PPF, ELSS mutual funds, NPS, tuition fees, etc.

2. Section 80D: Deductions for health insurance premiums.

3. Section 80EE: Deductions for first-time homebuyers on home loan interest.

4. Section 80G: Deduct donations made to certain charitable institutions, political parties, etc.

5. Section 80TTA: Deduct interest earned on savings bank account up to Rs. 10,000.

6. Section 80GG: If you don't receive HRA in your salary, you can deduct rent paid up to a certain limit.

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.

MoneyReply

You may like to see similar questions and answers below

Anil Rego |388 Answers |Ask -Follow

Financial Planner - Answered on Apr 27, 2023

Question by Abhijit - Apr 25, 2023Hindi

Money

Hi, My salary is 22 lakhs with investment such as 35 lakh FDs, 20 lakh Stocks, monthly rent of 18,700, 50k nps, 1.5lakh ppf and no health insurance. Kindly suggest what should I do to reduce income tax to large extent? Is it better to buy a flat with loan around 50lakhs with 8.2% interest and down payment of around 40lakhs? But I will be losing yearly interest over FDs with 7%.

Ans: You can consider a home loan. I am assuming that this house will help you save Rs 18,700 in rent. (Rs 2.24Lpa). Vs this on the Rs 40L downpayment you will lose FD interest of Rs 3.2L pre tax (FD at 7% and Equity at 15% assumed) which works out to only Rs 2.29L post tax on the FD interest. Further you would now get tax deduction on your home loan of Rs 2L pa. You would lose HRA benefit. (You need to compute this based on various HRA conditions). You tax saving on home loan is definitely going to be higher.
Thus, the home loan is beneficial to you from a tax saving basis and based on your current circumstances. However, you need to consider other factors like your repayment capacity of your EMI on home loan and also its impact on your savings into stocks, MF, etc. for the future.

Vivek Lala |305 Answers |Ask -Follow

Tax, MF Expert - Answered on Jun 01, 2024

Asked by Anonymous - May 31, 2024Hindi

Money

Hello Ramalingam Sir, My brother lost huge amount in stock trading. He has to sell his house, gold and other assets to repay the loans. Still, he has huge debt to be cleared. i kept on supporting him from long back. i supported small amounts to him multiple times. Now, he needs around 15L to clear his debts and i decided to give that amount considering his family and kids. In his childhood my brother supported my parents financially. Considering all these, i decide to help him by giving these amount to clear his debts. Can i transfer these 15L to his account through NEFT or RTGS? will these be taxable? these 15L are out of savings from my salary and my wife salary. Thanks.

Ans: Hello, you can transfer any amount to your brother from your account to his and it's not taxable

T S Khurana |367 Answers |Ask -Follow

Tax Expert - Answered on Oct 04, 2024

Question by Inderpal - Oct 04, 2024Hindi

Money

My wife is a senior citizen with bank fd of 46 lack She is annually receive around four lakh and have no other sources of income She has submitted from 15g for non tax deduction at source still it is being deducted what is the way out Total annual income is approx four lack only kindly guide

Ans: Since income of your wife is more than the basic exemption limit of income tax, bank has to deduct
TDS and deposit the same with the department. In future, you may not submit Form 15-G for this purpose.
Most welcome for any further clarification. Thanks.

Ramalingam Kalirajan |8027 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Nov 15, 2024

Asked by Anonymous - Nov 14, 2024Hindi

Money

Dear Sir, Please guide that if I deposit some additional funds (over and above my monthly deduction & deposition by Company in NPS as employee contribution) in Tier-1 in my NPS, then whether on maturity of NPS, the 60 % payout to employee (here-in myself) will have any Income Tax implications on the maturity value of this additional funds deposited OR whether there will be Nil Income Tax implications on same. Please guide.

Ans: When your National Pension System (NPS) Tier-1 account matures, the 60% lump-sum withdrawal you receive is currently exempt from income tax under Section 10(12A) of the Income Tax Act, irrespective of any additional voluntary contributions you make. Therefore, both your regular and additional voluntary deposits in NPS Tier-1 enjoy the same tax benefits upon maturity, with no tax implications on the 60% lump-sum payout. However, the remaining 40% directed towards annuity purchase is subject to tax as per your income tax slab when you receive the annuity payments.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

Latest Questions

Rajesh Kumar Singh |96 Answers |Ask -Follow

IIT-JEE, GATE Expert - Answered on Feb 22, 2025

Question by Margam - Feb 22, 2025Hindi

Career

Hi sir my son jee mains 2025 1st season 98.19 score so please tell me which NIT he will get cse obc .

Ans: For OBC chances good

Rajesh Kumar Singh |96 Answers |Ask -Follow

IIT-JEE, GATE Expert - Answered on Feb 22, 2025

Question by Santosh - Feb 22, 2025Hindi

Career

My son got 99.52 percentile in Jee Mains. General Quota. Which NIT he will get admission in CSE. Can he get in NIT Trichy Thanks in Advance

Ans: Better chance, Good Luck

Prof Suvasish Mukhopadhyay |397 Answers |Ask -Follow

Career Counsellor - Answered on Feb 22, 2025

Question by Ravi - Feb 22, 2025Hindi

Career

I got 90.50% in jee main sc category can i secure a top nit?

Radheshyam Zanwar |1236 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 22, 2025

Question by Vandana - Feb 22, 2025Hindi

Career

Hi My daughter get 72 percentile in jee mains 1 i dont know what happened to her otherwise she is a good student scored 94% in her 10th boards ..if i will look for some private engineering college in india pls suggest i will go with pune or will look for management quota seat for csc from banglore. Pls suggest preference order of btech college in banglore

Ans: Hello Vandana.
Requesting you not to panic at this early stage. Let her appear for JEE session 2 and the state-level engineering entrance test. Let all the results out. You have ample time to think about the available options for engineering admission. At this stage, no need to think about management quota unless and until you want a particular branch in a particular college. Depending on her score in upcoming exams, she may get admission to reputed engineering either in Pune or Bengaluru
Here are some colleges in Bengaluru: (1) R.V. College of Engineering (RVCE) (2) B.M.S. College of Engineering (BMSCE) (3) M.S. Ramaiah Institute of Technology (MSRIT) (4) PES University (5) Bangalore Institute of Technology (BIT) (6) Dayananda Sagar College of Engineering (DSCE) (7) Sir M. Visvesvaraya Institute of Technology (SMVIT) (8) BMS Institute of Technology and Management (BMSIT&M) (9) Nitte Meenakshi Institute of Technology (NMIT) (10) RNS Institute of Technology (RNSIT)
Suggestion - Don't panic. Keep cool yourself. Ask your daughter to focus more on JEE 2nd attempt and state-level engineering entrance test.

If you are satisfied with the reply, pl follow me or else ask again without hesitation.
Thanks
Radheshyam

Vipul Bhavsar |26 Answers |Ask -Follow

Tax Expert - Answered on Feb 22, 2025

Asked by Anonymous - Dec 22, 2024Hindi

Money

my gross income for fy:24-25 will be 5 lac and STCG is 1 lac so under new tax regime what will be my tax liability?

Ans: Assuming STCG is from Shares on which STT is paid and sold after 23 Jul 2024, your tax liability for FY 2024-25 shall be around Rs.21300

Radheshyam Zanwar |1236 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 22, 2025

Question by AVI - Feb 22, 2025Hindi

Career

I got 98.34 percentile marks jee main 2025 can I get cse top NIT or IIIT

Ans: Hello AVI
Chances are bright to get CSE in NITs & IIIT

If you are satisfied with the reply, pl follow me or else ask again without hesitation.
Thanks
Radheshyam

Mayank Chandel |2037 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Feb 22, 2025

Asked by Anonymous - Feb 22, 2025Hindi

Career

My Relatives appear in JEE Mains 2025with 96.15 score. Interest in ECE he has SC Catagory

Ans: Hi,
There is a good chance that he will get to the branch of his choice, either through JOSAA or CSAB.

Radheshyam Zanwar |1236 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 22, 2025

Question by priyansh - Feb 22, 2025Hindi

Career

Sir i m attempted my jee with nios board can i give it through cbse board next year

Ans: Hello Priyansh
No. But why you need to appear again via the CBSE board is not clear.

If you are satisfied with the reply, pl follow me or else ask again without hesitation.
Thanks
Radheshyam

Mayank Chandel |2037 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Feb 22, 2025

Question by Reetesh - Feb 22, 2025Hindi

Career

My son score 99.325 percentile in First session jee mains in general category what's opportunity for top 10 NIT and in which branch

Ans: Hello Reetesh
Congratulations on such a great score. I believe he can get the top 3 branches all the top 10 NITs. Many of the contenders above him will go for advanced. Considering this scenario he can get a good branch in all top 10 NITs.

Mayank Chandel |2037 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Feb 22, 2025

Asked by Anonymous - Feb 22, 2025Hindi

Career

Sir mane jee main session 2 ki fees fill kar di fir bhi incomplete problem a raha

Ans: Hello,
many times there are server issues & payment gateway problems, please check a day after. If it still shows unpaid then make the payment again. Your earlier payment will get refunded automatically.

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.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN

x