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Sanjeev

Sanjeev Govila  | Answer  |Ask -

Financial Planner - Answered on Sep 20, 2023

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
shrinivas Question by shrinivas on Aug 10, 2023Hindi
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what is 139 (9) income tax notice

Ans: Section 139(9) of the Income Tax Act, 1961, states that when a return is found defective, the Income Tax Department will send a defective notice via email on the registered email id.

A defective return under Section 139(9) of the Income Tax Act, 1961 occurs when crucial information is either omitted or inaccurately entered in an income tax return. This triggers the issuance of a defective return notice by the IT Department, aimed at rectifying the inaccuracies.

Reasons and Situations Leading to Defective Return Notices:

1) Incomplete ITR
2) Missing Tax Information
3)TDS claimed without corresponding income
4)Discrepancy in Gross Receipts
5)Nil Income but tax liabity
6)Incomplete business and profession details
7)Tax payment Discrepancies
8)Mismatch in the name

Receiving and Responding to Defective Return Notices
Responding within a 15-day timeframe is crucial. Taxpayers must rectify the defects identified by the Income Tax Department by revising their return within this period. In case the revision cannot be completed within 15 days, an extension can be requested from the local Assessing Officer.
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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Financial Planner - Answered on Feb 05, 2024

Asked by Anonymous - Feb 04, 2024Hindi
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Is there an option to claim any deduction under Section 89? How can I go about claiming it, or, will I get it only via refund?
Ans: Yes, there is an option to claim a deduction under Section 89 of the Income Tax Act, 1961, in specific situations. It applies when you receive income in the current year that was earned in a previous year. This often comes up with:

• Salary arrears: If you receive past due salary in the current year.
• Family pension arrears: If you receive past due family pension in the current year.
• Gratuity: Depending on the duration of your service, you may be able to claim relief under Section 89.
• Other income: There are other types of income covered by Section 89, like premature withdrawal from your PF account, commutation of pension, and compensation on termination of employment.

Here's how you can claim the deduction:

1. Eligibility: Ensure you meet the eligibility criteria for claiming relief under Section 89. You can find details on the Income Tax Department website or consult a tax advisor.
2. Form 10E: File Form 10E electronically at the e-filing portal of the Income Tax Department before filing your Income Tax Return.
3. Calculation: The relief amount is calculated by comparing the tax you would have paid in the year the income was earned with the tax you pay in the year you receive it. The difference becomes the relief amount.
4. Tax reduction: The relief amount reduces your taxable income in the current year, ultimately lowering your tax liability.

Refund vs. Reduced Tax Liability:

Whether you receive the benefit as a refund or a reduced tax liability depends on your specific situation. If you already paid taxes on the received income, filing Form 10E will trigger a refund for the relief amount. However, if you haven't paid taxes yet, the relief will directly reduce your tax liability for the current year.

Important notes:

• It's crucial to file Form 10E before filing your Income Tax Return to claim the deduction.
• The process can be complex, so consider consulting a tax advisor for personalised guidance, especially if your situation involves multiple income sources or intricate calculations.

I hope this clarifies the deduction process under Section 89. Remember, this is just general information; consulting a tax advisor is always recommended for accurate and personalised advice based on your specific circumstances.

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Anu Krishna  |1421 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Jan 02, 2025

Asked by Anonymous - Dec 31, 2024Hindi
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Relationships Expert, Mind Coach - Answered on Jan 02, 2025

Asked by Anonymous - Dec 31, 2024Hindi
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after 11 years of courtship i married my boyfriend with parents permission after convincing them .We have been married for 1 year now and in this one year i saw many changes in him.he gives importance to his mother takes decisons without discussing with me but with his mother.To please his mother he talks about me like she dint do that particular thing.Now he went abroad for job and i am pregnant .I left my job and shifted to my parent's place.He doesnt even talk to me or message me.I only have to message him.If i tel any of my pregnancy complaints he either tells his mother or says i am overthinking.Now he said if I dont follow his house rule i better stay in my parents place only .I am so upset and devastated.What should I do
Ans: Dear Anonymous,
What according to you have caused these changes in him and that too after 11 years of courtship? Did any instance cause him to act differently than before? And were there no indications of him acting different during your courtship days?
Why I ask this is that it is difficult for anyone to pretend for 11 long years! He would have displayed his current behavior sometime in the past and maybe you simply decided to overlook it?
Courtship days and marriage days are vastly different and what seemed okay during the courtship time becomes an issue after marriage. If this is not the case, it's quite possible that some incident which was seemingly small became a huge issue in his head causing him to act different?
Now, why am I going into this so much is because most often we overlook reasons that can be worked on. So, do think hard on this...
It is also time to involve your parents who can talk to his mother and figure out why her son is acting all weird. Surely, your mother-in-law needs to know that her interference the way it is, is going to destroy her son's marriage. So, get your parents to talk to her. And in the meantime, as hard as it may seem, do take care of your health for yourself and your baby.

All the best!
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Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

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I am in a relationship with a girl since last 1.5 years, i told her everything regarding my financial status,my past ,everything.......she was also in a relationship for 5 years and she told me intially her ex mistreats her, abuse her , sexually force her and she hates him etc all this stuff.....but i found that she herself called her ex and then told me after 4 months...i forgive her but from last 2 months her behaviour is changed , now she is finding too many problems in how i look, my financial status and compare with other boys that they have car and they took their gf to long drives etc( her ex contacted her again and told her he got a job since then she starts all this stuff? She triggered my insecurities and i am feeling most useless and worst person... what should i do, does she really loves me? Please guide me ...i am started feeling depressed .......
Ans: Dear Anonymous,
Let's address the most important thing first, does she really love you? I am not sure about that. It's neither a solid yes or a solid no. But therein lies the challenge. If there is confusion, there is concern. Moreover, the habit of drawing comparisons with other people and how they treat their partners is an indication of a toxic relationship. I would urge you to rethink this relationship.

There will always be someone better out there- with a better car, a better-paying job, or even better looking, but that doesn't mean we stop loving our partner and leave them for that "better someone." Loving your partner is a choice you make every day. Having said that, it is okay if she wants someone "better." Let her. You deserve better too.

Please reconsider this relationship, especially if it is causing you so much sorrow.

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Dating, Relationships Expert - Answered on Jan 02, 2025

Asked by Anonymous - Dec 26, 2024
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Hi i am 30yr old man i was in relationship with girl from school time since15 year with different caste in 2023 marriage proposal from another girl comes that time i talked with my family about my love they refused for marriage to her i did not put aggressive effort as i also don't want to hurt them after my marriage in a month i am remembering her continuously and start taking to her again i also told my wife about it she doesn't want to leave me (i also told her before our marriage but that time i told her that we broke up) after a year in this November her marriage is fixed by her parents now she is married since 2 month but she also don't want to live with her husband and want to come back We both wanted to come back to each other what should we do.??
Ans: Dear Anonymous,
I understand that it is a tricky situation. I am sorry I cannot tell you what you should do, but I can tell you that you have to handle this very carefully because it's a sensitive matter and involves too many people and their emotions. You can discuss the same with your family; you might be worried about upsetting them but at the end of the day, it's your life and you will have to live a long long time with the decisions you make. Sort your priorities- ask yourself these simple questions: what would hurt you more- hurting your parents and making your wife collateral damage because of your confusion or not living the rest of your life with the woman you love? Once you can answer these truthfully, it will be easier to make a choice.

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Dating, Relationships Expert - Answered on Jan 02, 2025

Asked by Anonymous - Dec 28, 2024
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I love my boyfriend very much but the thing is i am not a virgin and my boyfriend doesn’t know that , he thinks i am a virgin and he wants me to be virgin only , i am completely loyal to him I don’t have any type of contact from my ex boyfriend and i really want to marry my boyfriend and live a healthy and loyal life , my boyfriend doesn’t like lies but i really can’t tell him the truth as it will affect my relationship which i don’t want to happen, he will come to know that i am not a virgin but the main problem is my ex bf what if he comes in my life again and tries to spoil my relationship by telling my bf the truth? And i really don’t want this to happen what should i do? I myself don’t want to loe to my bf but this is the thing i really can’t tell him it will break my relationship and other than this there is nothing that i lied i am just afraid what if my ex blackmails me and when my bf comes to know and he will be heartbroken i don’t want to break his trust
Ans: Dear Anonymous,
I understand that your virginity is important to him and you should not have kept this from him, but do you understand that your virginity is your choice? Why does he have a say in it? He is your partner- he loves you, but he doesn't own you. And what you did in your past is not something he can judge you by; why should that affect your relationship? I know that you love him but it's better to tell him the truth and accept the outcome than to keep lying and feel guilty about something you should not even be worrying about.

I am sure he has many great qualities but being so concerned about your virginity seems a little concerning. You are a person with so many other attributes. Why would he ignore all of that and care only about something that you have no control over? I suggest you tell him, but please remember, no matter what he says, you are not at fault here. It's in your past, a time when he did not exist for you.

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Hello everyone, I need some advice on investments. I’m planning to invest around 25k monthly in equity mutual funds and stocks through a Demat account in my mother’s new demat account. I already have my own account as well. The investment amount for my mother’s account will come from rental income generated from a property owned by my father. Is this approach acceptable, or could there be any issues with the investment process or the inflow of funds into my mother’s account? My plan is to invest for the long term, approximately 12-15 years.
Ans: Your plan to invest Rs 25,000 monthly in equity mutual funds and stocks is commendable.

A 12-15 year horizon is ideal for equity investments.
Investing through your mother’s Demat account is possible but requires careful attention.
Let us examine the key aspects and potential issues in this approach.

Fund Source and Ownership Implications
Using rental income from property owned by your father raises ownership considerations.

Ensure the rental income is legally transferred to your mother’s account.
If your father remains the legal owner, document the transfer as a gift or allowance.
This clarity avoids tax-related complications in the future.
Proper documentation ensures that the funds in your mother’s account are not questioned.

Taxation of Rental Income
Rental income received by your father will be taxed under his name.

Transferring funds to your mother does not change the tax liability.
Your father will continue to report this income in his tax returns.
Ensure all transactions are clear and traceable for compliance.
This ensures transparency and avoids potential legal issues.

Taxation on Investments in Your Mother’s Name
Investing in your mother’s name offers certain tax advantages.

If your mother has no other significant income, her tax liability will be lower.
Long-term capital gains on equity funds above Rs 1.25 lakh are taxed at 12.5%.
Short-term gains are taxed at 20%.
This can reduce the overall tax burden on the portfolio returns.

Choosing the Right Investment Vehicles
Your strategy includes equity mutual funds and stocks. Diversify carefully for consistent growth.

Allocate a significant portion to actively managed equity funds for steady returns.
Avoid index funds due to their passive nature and lack of adaptability.
Use multi-cap or diversified funds to manage risks effectively.
For stocks, focus on blue-chip and fundamentally strong companies for long-term wealth creation.

Avoiding Risks with Direct Funds
Direct funds lack the guidance of an expert.

Without a Certified Financial Planner, portfolio decisions may not align with goals.
Regular funds through a trusted distributor offer better support and insights.
This ensures professional management of your investments.

Monitoring and Rebalancing
Investments require periodic monitoring to stay aligned with goals.

Review the portfolio annually for performance and sector allocation.
Rebalance to maintain the desired equity-debt ratio as market conditions change.
This keeps your portfolio on track over the long term.

Legal and Practical Considerations
Using a separate Demat account in your mother’s name is acceptable.

Ensure that account documentation reflects her as the sole holder.
Clearly separate her investments from your personal portfolio.
This avoids confusion and ensures clarity in ownership.

Suggestions for Long-Term Wealth Creation
Your investment horizon of 12-15 years supports growth-focused strategies.

Allocate 60% to actively managed equity mutual funds for high potential returns.
Reserve 20% for hybrid funds to balance risks and provide stability.
Keep 10% in international equity funds for diversification.
Use 10% for direct stocks in stable and high-growth sectors.
This diversified approach balances risks and maximises returns over time.

Final Insights
Your investment strategy is promising and aligns with long-term wealth creation. Document the fund transfers clearly to avoid tax and legal complications. Avoid index funds and direct funds due to their limitations. Engage a Certified Financial Planner to optimise fund selection and monitoring. A diversified portfolio will help you achieve your financial goals efficiently.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

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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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