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    Upcoming Chat

    • Jitendra P.S. Solanki

      Certified Financial Planner

      30 Dec - 14:00

      Investment in Small Savings Schemes?

    • Anil Rego

      Founder and CEO

      30 Dec - 14:00

      Financial resolutions for 2015

    • Kartik Mehta

      AVP- Equity Research

      31 Dec - 16:00

      Where the market are headed?

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      Certified Financial Planner

      12 Jan - 16:00

      Investment strategies for a secure future

    • Manju Dhake

      Principal Officer

      16 Jan - 14:00

      Insurance Guide

    • Jiju Vidyadharan

      Head Funds & Fixed Income Research

      19 Jan - 16:00

      Dos and Don't for MF investors

    • Aditya Verma

      CEO & Business- Head

      20 Jan - 14:00

      Property Prices

    • Gaurav Mashruwala

      Certified Financial Planner

      09 Feb - 16:00

      Investing in Mutual Funds

    • Jiju Vidyadharan

      Head Funds & Fixed Income Research

      16 Feb - 16:00

      Invesments in Fixed Income

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    Diipesh Bhagtani

    Executive Director, Jaycee Homes

    Om Ahuja

    CEO - Residential Services, Jones Lang LaSalle India

    Subhash Lakhotia

    Tax Consultant

    Anil Rego

    Founder and CEO, Right Horizons

    Lovaii Navlakhi

    MD & Chief Financial Planner, International Money Matters

    Arnav Pandya

    Financial Planner

    Balwant Jain

    CFO, apnapaisa.com

    Suresh Sadagopan

    Certified Financial Planner, Ladder7 Financial Advisories

    Umesh Rathi

    CFPcm, Arihant Capital

    Questions & Answers

    Q

    swaprane: I\'m 31 years old State govt. employee, earning is 5.52 p.a. after deduction At this moment, how can I save tax..?? and how can I invest..?? Please assist me..

    A

    Arnav Pandya

    Financial Planner

    You should ensure that several deductions available in the form of Section 80C where a sum of Rs 1.5 lakh is available plus under Section 80D for payment of health insurance premium is taken. Also if you have a housing loan then Rs 2 lakh of interest paid during the year would be available as a deduction and hence all these should be taken if these are possible.

    A

    Arnav Pandya

    Financial Planner

    Amount gifted to a spouse and then invested would result in the income arising from this being added to your income. There is no implication from the first gift to the spouse but if this leads to some income then this would be clubbed.

    Q

    sudhirsahu: Sir, I bought REC tax free bonds for 2 lakhs one month before the interest payout date. And sold the bonds few days after that for about 1.94 lakhs. I assume there would be no tax on the interest paid out since it is tax free bonds. And there would also be no capital gains as my sell value is less than the buy value. Am i correct in my understanding of the rules?

    A

    Arnav Pandya

    Financial Planner

    There would not be any tax on the interest because the interest is tax free and there would also not be any tax on capital gains as there is no capital gains that has been earned.

    Q

    raj8023: Sir, I am Working in offshore Diving industries last few years. I have NRE account. Some year i complete NRE days and some year not able to do that. Our job is day rate basic contract job. The contract maximum valid for 60 Day. Salary earned approx 18 Lacs / PA. * My Salary came USD from Singapore / Africa / Dubai. * As i heard there is some low which is called NRE Labour Act , which said If the job is contract basic and you earn Foreign currency and you not able to complete NRE days then also you not need to pay TAX on your Income. But you have to pay tax on Interest from your your Income amount. Is that True ? Should i Pay Tax 33% those years which i not able to complete NRE days ?

    A

    Arnav Pandya

    Financial Planner

    You should consult a practising chartered accountant with the exact details of your situation for each particular year to ensure that the exact position on the tax front can be known and the tax implication details are worked out.

    Q

    nuvneet: Sir , I wish to buy a flat of around Rs. 25 lakh from govt authority.For that I want to take around half of the amount from my brother who lives abroad and works there,.So i wan tto know , if the amount taken would be taxable and if there is any upper limit on the amount that can be taken.I am a govt employee and tax payee.

    A

    Arnav Pandya

    Financial Planner

    Amount that is taken as a loan would not be considered as income and hence there would not be any tax implication of this move. Also if the amount is taken as a gift from your brother then this would fulfill the condition of being a relative and hence this would not be considered as income.

    A

    Arnav Pandya

    Financial Planner

    The tax on the gains that have been made on the mutual fund investment depends upon the nature of the fund where the investment has been made. If the fund is an equity oriented fund then the tax rate on long term capital gains will be zero per cent. While filing the income tax return the details have to be mentioned under the exempt income head.

    Q

    mohanlal52: Sir. I have inherited 2 adjoining residential plots of 200 sq. yards situated now within Municipal Committee area purchased by my father in or about 1959 at a cost of Rs.1600 each. I propose to sell the plots for a sum of around Rs. 10 Lacs. Kindly advise me the LTCG tax liability and how can I save by investing the amount. Thanks Mohan

    A

    Balwant Jain

    CFO, apnapaisa.com

    For computing capital gains in case the property is acquired through inheritance, the cost to the previous owner is taken into account. However in case the asset is acquired prior to 1st Aril 1981, you have the option to take the market value of the same as on 1st April 1981 in stead of the cost to the previous owner. Since your father had bought the plots in 1959 it is beneficial for you to take the market value of the plots as on 31st March 1981 as your cost. Going by the way the law is worded toady the your indexed cost of acquisition will be calculated by taking the cost inflation index for the first year. You have two options to save the capital gains. Under first option you have to either purchase a residential house property within a period of two years from the date of sale of the plots or construct a residential house property within a period of three years from the date of sale of the plots. For claiming the exemption, you have to invest the sale consideration for residential property. So the amount of exemption from long term capital gains available here shall be in the ratio of the amount invested which bears to the amount of full sale consideration.The second option to salve the capital gain arising on transfer of plots is to invest the indexed capital gains in specified bonds (NHAI/REC). The maximum investment in a year can not exceed Rs. 50 lacs. These bonds have a lock in period of 3 years from the date of acquisition. The investment in bonds has to be made within a period of 6 months from the date of sale of the plots.

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