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Mihir

Mihir Tanna  |851 Answers  |Ask -

Tax Expert - Answered on May 24, 2024

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
K Question by K on Feb 10, 2024Hindi
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I have sold my i 20 car purchased in 2012 for 3.15 lacs in July 2023.. Do I need to pay income tax for this money for the current AY and should I need to disclose this amount in my return?

Ans: There is no tax on transfer of personal asset.
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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Ramalingam

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Is it safe to invest in gold through Gullak app
Ans: While Gullak offers a seemingly convenient way to invest in gold, there are some potential risks to consider:

Unregulated "Gold+" Program: The "Gold+" program's guaranteed 5% extra gold is a unique feature, but it's not entirely clear how Gullak achieves this. Since this program is unregulated, there's less oversight compared to SEBI-regulated mutual funds.
Counterparty Risk: Gullak mentions a 100% bank guarantee on your gold investment. However, the details of this guarantee and the specific bank involved are crucial. In case of any issue with the bank, there's a chance your investment might be impacted.
Limited Transparency: Compared to mutual funds, Gullak might not be as transparent about their fees and overall investment structure. This can make it difficult to fully understand the associated costs and risks.
Potential Hidden Costs: While Gullak might advertise low fees, there could be hidden costs associated with storage, insurance, or selling your gold holdings. Make sure you understand all the fees involved before investing.

Mutual Fund Gold:

Safety: Mutual funds are regulated by SEBI (Securities and Exchange Board of India) which adds a layer of security. Your investment represents units in the fund, not physical gold, but the underlying gold is typically stored in secure vaults.
Returns: Gold Mutual Funds invest in physical gold, reflecting the market price. You won't get a guaranteed bonus like with Gullak Gold+, but your returns are tied directly to the gold price's performance.
Liquidity: Gold Mutual Funds are generally quite liquid, allowing you to redeem your units on exchange platforms.
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Market Exposure: Mutual Funds can offer exposure to gold along with diversification within the gold sector (e.g., international gold).

Why Consulting a Certified Financial Planner (CFP) is Wise:
A CFP is a financial professional who can provide personalized advice based on your specific financial situation and goals. Here's why consulting a CFP can be beneficial:

Risk Assessment: A CFP can help you assess your risk tolerance and determine if Gullak or Mutual Fund Gold is a suitable investment for you.
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Nayagam P

Nayagam P P  |414 Answers  |Ask -

Career Counsellor - Answered on Jun 17, 2024

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Sir I have taken admission in a private college with branch cse ..pls could you guide me what to do from 1st year..
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Nayagam P P  |414 Answers  |Ask -

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Hi Sir, My daughter got 3058 Rank in Comedk 2024 and 8954 Rank in Telangana Eamcet. Getting CSC and it's associated branches is little difficult in Telangana top colleges,we may get VNR/CBIT for ECE. She may get CSE in Dayanand Sagar College of engineering, Bangalore and Bangalore Institute of Technology. Are they good colleges? Can we prefer these two colleges for CSE or chose ECE in MSRIT/BMSCE or VNR/CBIT colleges. She is interested in both CSE and ECE branches. Should we choose Hyd/Banglore? We are from Hyd Please help
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Career Counsellor - Answered on Jun 17, 2024

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My son is currently in class 12....scores 50% on Allen JEE advance tests conducted by Allen what's the hope in getting into IIT or NIT...what's the next choice ..He is in senior ranking group and mostly gets 7 - 10th rank of 13 students
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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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