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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

sanshpma: I have started my job in Aug 2014 and started paying house rent in August 2014. Monthly rent exceeding Rs. 8,333 but since i have started paying rent from August 2014 annual rent doesnot exceeds 1lakh. Do i require landlord`s PAN for HRA Exemption??

Arnav Pandya

Financial Planner

The landlords PAN would not be required since the rent does not cross Rs 1 lakh in the year but it is better to provide this as it would not lead to any problems later on.

sanoj_nambiar: Hi, I am planning to invest about 40k through ELSS mode. This is my first step towards mutual fund. I already realise, that I have made the mistake of not starting it in SIP earlier. I am considering to put it in dividend scheme so that I can recover portion of the amount quickly and average out the risk. My goal is purely tax saving with sufficient liquidity. Does this approach make sense. Can you suggest me good ELSS options Any guidelines on how to evaluate mutual funds based on their portfolio

Arnav Pandya

Financial Planner

The option of choosing the dividend option is appropriate since you have a three year lock in for the investment. The approach of using an ELSS makes sense if you are able to bear the risk and are not worried by the fluctuation in the value due to the movements of the equity markets. Look at long term figures to see how the fund has performed during times both good and bad. In terms of the portfolio see the kind of stocks that it holds and whether they are large cap or mid cap and the sectors where there is a larger exposure.

itvasanthit: what is the significance of 10 years close ended fund like SBI tax advantage, ICICI pru Right fund. Is it same ELSS 80c or above 80c (like nps, superannuation etc).

Arnav Pandya

Financial Planner

There is only one benefit of ELSS funds which is under Section 80C so if the fund that you are considering falls under this category like the SBI Tax Advantage then this can be claimed.

jack1181: I am an investor in share market. for FY 2014-15 long term capital gains from share market are INR 785113.13 along with short term capital gain of INR 308153.37. Now I have got following queries : 1) Do I need to fill a separate ITR form other than my SARAL where I declare my income under SALARY from my employer. 2) what will be provision to calculate my tax for long/short term capital gain.

Arnav Pandya

Financial Planner

Long term capital gains tax would be taxable at zero rate which will not entail any liability while the short term capital gains would be taxable at 15 per cent plus cess.

athi74: Sir, I am 18 years old girl , studying First year BE , My mother and father expired on few months back, their holding around Rs.10 lac in their SB Account. and I will get awaiting for around Rs.240000 p.a Family Pension? My BE degree Expenses around 2 lakh p.a , Then what can i do planning for my future financial planning , and any income tax are paid for me?

Arnav Pandya

Financial Planner

The amount that you get as family pension would be taxable in your hands but this would not entail any tax at the current rates and slabs of taxation. You should ensure that the amount available with you is invested for the long term that will generate income depending upon your requirement and at the same time also lead to some accumulation of wealth.

sivagadoo: Hi, i am 34 yrs old software professional and ctc is 13 laks p.a. i have 1 lack 80c investment and no other investments, i am paying 18k as tax per month. pls help me to invest on good products which will give me tax saving.

Arnav Pandya

Financial Planner

This year you can invest upto Rs 1.5 lakh in various eligible instruments under Section 80C to ensure that there is a deduction from the taxable income. In addition premium paid on health insurance policies is also eligible for a deduction. Depending on your risk taking ability you can choose the appropriate products from either the debt or equity space.

neeraj6333: Sir, I have invested 3600 Rs. in 1993-94 in Deep Discount Bond issued by Sardar Sarovar Narmada Nigam ltd. I have received redemption amount 50,000 in 2014-15. My query is that this amount will come under other income and submit ITR-1 or will be treat as long term capital gain and submit ITR-2. If it will come under LTCG then in which manner I will pay tax and what is correct? 1)When I include in my total income I come under 20% tax slab 2) or I should exclude it from total income and calculate tax separately on salary and on redemption amount 10% or 20% (with indexation). your guidelines are deeply required. Plz..

Arnav Pandya

Financial Planner

Taxation of deep discount bonds guidelines state that if the bond is redeemed then the difference that would arise would be taxable as interest income.

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