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Shalabh
I want to ask a question for pensioner
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If you want to ask free questions you can post it here.
If you are serious about this query and want professional paid consultancy you can mail me at canamanmaloo@gmail.com
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Rajesh Verma
I sold a flat for 68.5 lacks in Ghaziabad and have to pay tax of 68,500. I know that if i Buy a flat within two years of sale I can claim this amount from Income tax department. But my question is for land , If i buy a land can i claim 68,500 from Income tax department?
No sir buying a land wont help. But you may calculate your capital gain and check if you can still claim some refund.
I would advice you to hire a Professional and discuss with him personally.
If you need assistance you can mail me at canamanmaloo@gmail.com
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Rajesh Verma
I sold a flat for 68.5 lacks in Ghaziabad and have to pay tax of 68,500. If i buy a land in Bangalore can i claim 68,500 from Income tax department?
Yes sir if you are investing in another flat you can surely claim refund of such TDS but you need to do it while filing return of income.
If you need further assistance feel free to contact me at canamanmaloo@gmail.com
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Rational Indian
If i borrow 30-40k from my dad every month and invest in stocks from my savings account do i need to pay income tax on that? My dad is a business owner
Filing of income tax return would depend on the income you earn and not on the amount you borrow but if you do a lot of transaction from your saving account you may receive a notice from income tax department and they may enquire if you were liable to file return or not.
For further assistance feel free to contact me at canamanmaloo@gmail.com
i do not earn anything just borrow and invest
CA Naman Maloo 25 Jul 2019no need to file.
Just check your 26AS.
For further assistance you can mail me
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Riya
I want to know which is the best investment option between ULIP and ELSS
Functionally, there is nothing common between Equity Linked Savings Schemes (ELSSs) and Unit Linked Insurance Plans (ULIPs). It is a basic rule to not mix up insurance and investments. ELSSs and ULIPs are two different products that serve different purposes. While a ULIP is a mix of life insurance and investment offered by life insurance companies, ELSS is an equity fund. Both are tax-saving investments, but the similarity ends there.
ELSS have predictable costs, easily understandable returns and are transparent about how the fund operates and what it invests in. Not so with ULIPs. From the premium paid, the insurer deducts charges towards life insurance (mortality charges), administration expenses and fund management fees. So only the balance amount is invested. ULIPs have high first year charges towards acquisition (including agents commissions). In order to evaluate the return generated by a ULIP and thus compare it with another investment, you need to take into consideration only that portion of the premium that is invested in a fund. However, you cannot access this information very easily.
In a ULIP, the mix of investment and insurance prevents savers from having a clear cost-vs-benefit understanding of either of the two components. Further, your money is locked for a longer period of time. Thus, you sacrifice both transparency and liquidity. In theory, ULIPs have a five year lock-in, but since terminating the policy early affects returns adversely, in effect it is a ten-to-fifteen-year commitment. The high costs, difficulty in evaluation, lack of transparency and low liquidity doesn't make ULIP a suitable investment vehicle.
On the other hand, ELSS funds provide both tax-saving benefits as well as higher returns from equity investments, and so are preferable as an investment option. If you also want a life cover, go in for pure term insurance rather than a ULIP.
