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Ans: When you foreclose a loan, the associated insurance often needs to be closed as well, as it's linked to the loan. Unfortunately, insurance premiums are generally non-refundable upon premature closure. However, you can check the policy terms or contact SBI insurance to see if any pro-rata refund is possible for the insurance amount paid.

Ans: Since you've foreclosed your loan earlier than the original tenure, it's reasonable to expect some refund or adjustment on the insurance premium you paid. Typically, insurance premiums are calculated based on the loan amount and tenure.

You can contact SBI Life to inquire about a refund or adjustment for the prorated insurance amount. Provide them with the details of your loan closure and the remaining tenure to see if they can offer any benefits or adjustments.

It's also worth checking if there are any loyalty benefits or discounts for early closure that you might be eligible for. Always remember to keep all communication documented for future reference.

Ans: Senior citizen can submit form 15H if tax calculated on income is NIL. Further, a resident individual with taxable income up to Rs 7,00,000 will receive a rebate from tax upto Rs 25,000 in FY 2023-24.

Thus, in your case tax on bank interest and pension is not likely to be zero, you can not submit form 15H.

Ans: The sum received under a life insurance policy is exempt from tax if premium paid is less than 10% of Sum assured.

Ans: Whenever any asset is transferred to spouse without consideration and spouse earn income from it, income is clubbed in the hands of transferrer. Thus, in given case income will be clubbed in the hands of husband.

Ans: Gift received from relative (spouse included in its meaning) is not considered as income from other sources and will not be liable to tax. But before transfer, firstly the pension benefit received by you. At that time, you are liable to pay tax. Further, income earned by spouse from the amount invested will be clubbed in the hands of husband (gift giver)

Ans: Advance Enzyme:
Increasing profits every quarter for the past 3 quarters
Book Value per share Improving for last 2 years

Borosil Renewables:
Book Value per share Improving for last 2 years
FII / FPI or Institutions increasing their shareholding
Company able to generate Net Cash - Improving Net Cash Flow for last 2 years
Company with Zero Promoter Pledge
FII / FPI or Institutions increasing their shareholding.

Both are good companies - stay invested for atleast 5yrs.

Disclaimer: Investments in securities are subject to market RISKS. Read all the related documents carefully before investing. Please consult your appointed/paid financial adviser before taking any decision. The securities quoted are for illustration only and are not recommendatory. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Ans: Amount given to relatives is not an income in the hands of recipient. However, clubbing provisions will apply for income earned out of investment made (if any) from gift received from spouse.

Ans: You are most welcome

Ans: Dear Prasanna,

Firstly, congratulations on your upcoming retirement. It's a significant milestone, and I'm here to help you navigate the financial aspects of it.

Now, coming to your question about transferring your pension benefits to your wife. As per the Income Tax laws in India, any gift received from specified relatives, such as a spouse, is not treated as income. Therefore, it is fully exempt from income tax. So, if you decide to give your pension benefits to your wife as a one-time gift, there won't be any immediate tax implications for her.

However, there's an important aspect to consider. While the gift itself is tax-free, any income generated from this gift (for example, if your wife invests this amount and earns interest or dividends) would be clubbed with the income of the giver, i.e., you, and taxed accordingly. This is known as the clubbing of income.

In conclusion, gifting your pension benefits to your wife could be a good idea if the aim is to let her manage the funds. However, the income generated from the gifted amount would still be taxable in your hands.

I hope this clarifies your query.

Best,
Hardik

Ans: The tax implications of transferring retirement benefits to a spouse in India:-

Gift tax: Gifts between spouses are exempt from gift tax, so you will not have to pay any gift tax when you transfer your retirement benefits to your spouse.

Clubbing provisions: All the income arising from the assets gifted to your spouse will be clubbed with your income and taxed in your hands. This means that you will be taxed on the interest income, capital gains, etc, arising from the investments made with the gifted amount.

All-in-all, you may not find much benefit of transferring the money to your spouse with an added headache of showing spouse’s income from such assets in your name when the TDS etc would have been deducted in her name.
We do not recommend you to do it.

Ans: Income from asset (including money) transferred to spouse without consideration is clubbed in the hands of the transferor. However, amount transferred to spouse will not be subject to tax.

Ans: Hello Prasanna,

To begin with, thank you for contacting us. I have already re-posted an answer to your question on 15th July, 2023. Request you to kindly check the same. Thank you!

Ans: Hello Prasanna,

First and foremost, thank you for getting in touch with us. I understand your anxiety regarding your son's job possibilities after earning his MS in Computer Science at the University of Colorado. The job market can be difficult, particularly during times of recession. For the purpose of deciding whether to hunt for employment in the United States or move back to his own country, it is advised that your son take into account the following factors:

1. Analyze the employment situation in both places.
2. Consider his immigration situation and work permit.
3. Consider his professional network and relationships.
4. Consider his long-term professional objectives and the opportunities available.
5. Consider the financial consequences of each option.
6. Consider personal preferences, as well as cultural and lifestyle influences.
7. During the job search process, be tenacious and patient.
8. Use the time to network and gain new skills.

Finally, the decision should be based on a blend of practical and personal preferences.

For more information, you can visit our website.

Ans: Hello Prasanna,

First and foremost, thank you for getting in touch with us. I understand your anxiety regarding your son's job possibilities after earning his MS in Computer Science at the University of Colorado. The job market can be difficult, particularly during times of recession. For the purpose of deciding whether to hunt for employment in the United States or move back to his own country, it is advised that your son take into account the following factors:

1. Analyze the employment situation in both places.
2. Consider his immigration situation and work permit.
3. Consider his professional network and relationships.
4. Consider his long-term professional objectives and the opportunities available.
5. Consider the financial consequences of each option.
6. Consider personal preferences, as well as cultural and lifestyle influences.
7. During the job search process, be tenacious and patient.
8. Use the time to network and gain new skills.

Finally, the decision should be based on a blend of practical and personal preferences.

For more information, you can visit our website.

Ans: Paras Defence good, thyrocare SELL.

Disclaimer: Investments in securities are subject to market RISKS. Read all the related documents carefully before investing. Please consult your appointed/paid financial adviser before taking any decision. The securities quoted are for illustration only and are not recommendatory. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.