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Ajit

Ajit Mishra  | Answer  |Ask -

Answered on Jun 01, 2021

anand Question by anand on Jun 01, 2021Translate
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I seek your expert advice on the following:

 1. I am retired Government servant (MP) since 2006-age 76 with only income from pension
2. This year I had closed my PPF account and redeem TATA mutual fund TINFD -the amount is deposited in my Sbank account
3. I would like to know will there be any tax liability covering short/long term capital gain on the amount received.

Hope you will provide me necessary advice

Ans: We suggest consulting a CA regarding the same.

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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It's very informative to read your column in Rediff. I have some queries I hope you can help me with: I have not worked since 2017, and there is no income. But I have some investments in equities and equity MFs long term. Hope to hear your valuable answers on these questions. My questions are: 1. If I redeem my MF how is the capital gain tax computed? I know that 10% is the tax on the gains. But since I have no income and as there is no tax for earning till 2.5 Lakh, and additionally 1 lakh (or is it 1.5lakh) on equity MF redemptions, can I deduct 3.5 lakh from the amount received through gains and apply 10% tax on remaining? Anil Rego::The basic exemption can also be claimed additionally. 2. Also, what is the difference in terms LTCG on long term equities, long term equity MFs and long term balanced MFs? Anil Rego::Balanced MFs with equity holding above 65% and equity MFs, both are treated as equity funds and will be taxed as equity fund. Balanced funds with equity less than 65% will be treated similar to debt funds (non-equity). 3. Can long term loss in equity sale be adjusted with long term gain of equity MF or only with similar equity gains? Please advise.
Ans: Yes, Long Term Capital Loss can be set off only against Long Term Capital Gains.

4. In case I withdraw my PF after the age of 58, is the amount not subject to tax?

It is not clear if you plan to start working again. Your EPF withdrawals post-retirement will be tax-free for up to 3 years after the account is inactive.

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Hello Sir, Don't disclose my name, I am working in boarding school from last 2 year's, last year principal changed and he is giving lot of work (harassing staff ) so around 50% of staff left the school. he is not appointing new staff also. hardly 2-3 staff he has appointed. In my department 3 staff ware there now I am alone, he is not appointing any one, so I am alone handling all the classes. he has increased the work also. So I decided to leave the work and I got the work also. I have sent my resignation letter through mail. In my appointment letter they have mentioned “During the probation period your service may be terminated by ONE MONTH NOTICE on “either side or Salary in lieu of notice” and The relieving date in all circumstances will not be earlier than the last day of the academic year unless the school terminates. if you are working on any assignment when you tender your resignation such assignment must be completed to the satisfaction of the school before your services will be released. As allocation of subject teaching is a duty allocated for the academic year the reliving date will not be earlier than the last date of the academic year in which the resignation is tender. The school does not encourage mid term session dis continuation of services. School academic year will ends in April. At the time of appointment they have taken all my original certificates. But when I sent my resignation with one month notice period they replied as per your request, you will be relived after the completion of required formalities and work as per service rules. But, yet they are not mentioning what are the work to complete. After one month notice period immediately I have to join my new job. otherwise i will miss my opportunity. orally simply they are extending my date. At present they have extended 15 days after my last day of my notice period. kindly guide me how to solve the problem, get back my originals and join my new job smoothly. Regards
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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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