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Do you have income tax and personal finance queries?
Please ask your questions here and rediffGURU Vivek Lala, who is a partner at S L Wealth, will answer them.
Anonymous: Dear Sh.Vivek Ji - I am aged 45, unmarried. I am an honest tax payer and have salary income as main source of income. To avoid double taxation, can I transfer the balance in my savings account to my senior citizen mother's accounts? I believe, she shall not be taxed up to the limit of Rs 3 lakh.
You can transfer money to mom with no limits as she comes under the definition of relatives in income tax.
Anonymous: Hi, I want to understand about SWP mutual fund plan. Lump sum Amount - 50 lakhs Why SWP- My mother doesn't get pension so using this amount she get monthly income. Investment duration: Atleast 15 or 20 years. Withdrawal amount - 40000. Her age- 52 years Please help me in clearing below doubts:
1. Best SWP mutual fund.
2. In detail explanation with calculation?
3. What will be STCG and LTCG taxes whenever units are sold every month?
4. How many years the Withdrawal can be done? I have taken health insurance for my mother 10 lakh.
Hello, whatever is the value of your corpus, your SWP should be 5 per cent of it but you can go as high as 6 per cent which is 25K per month
The SWP as per the last 20-year data shows that the SWP easily continues for the next 20 years and creates a decent corpus at the end of 20 years.
The portfolio creation should be balanced to aggressive as the duration of the investment is 15 years plus
The portfolio can be as follows:
The STCG and LTCG will be as per the gains you make.
Remember that past performance is not a guarantee for future returns, and it's always important to review your investments periodically to ensure they remain aligned with your financial objectives.
Mamta: Hello Sir I am an NRI and I still have an old SB account in India. I have not changed it to NRO or NRI account. I have a Demat account and investments in demat through this SB account. And I am still investing in shares through this demat a/c. Now is it better to change the account to NRI account and also update the demat account or can I continue as it is till I shift back to India? I am not sure if it is that simple. What are the implications please explain?
Yes please get your SB changed to NRO and also open an NRE bank account. All the details will be explained by the bank you are banking with.
Shyamala: I am 66; my annual income is 8 lakh. What are the income tax saving scheme, so that i can get exemption from income tax?
Please go through the options online for tax saving deductions (You can read our features here, here and here).
According to my opinion, if you don't have any home loan or rent payable then you should go for the New Tax Regime.
Vivek: I am a retired PSU employee and in FY 2024, have incomes from EPFO pension, interest on deposits, sale of mutual funds and presumptive income on account of consultancy/Technical services. Confused which ITR form should I choose to submit my returns?
ITR 2
Disclaimer: This article is meant for information purposes only. This article and information do not constitute a distribution, an endorsement, an investment advice, an offer to buy or sell or the solicitation of an offer to buy or sell any securities/schemes or any other financial products/investment products mentioned in this QnA or an attempt to influence the opinion or behaviour of the investors/recipients.
Any use of the information/any investment and investment related decisions of the investors/recipients are at their sole discretion and risk. Any advice herein is made on a general basis and does not take into account the specific investment objectives of the specific person or group of persons. Opinions expressed herein are subject to change without notice.