Will I have to pay any kind of tax for this Mutual fund units transfer or no Will I have to pay any kind of tax for this Mutual fund units transfer or no

I was the co owner of some mutual funds with the capacity of the second applicant. Now the first applicant or I must say the real owner of those mutual fund dies. Now as per rule all the units of the

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Posted 5 months ago


A. Dear client,

The transmission of the Mutual Fund takes place as a process where in if the first holder dies, it is either transmitted either to the joint holder or nominee, and if no nominee is their it us transferred to the legal heirs.
The Mutual Fund need to be in the name of a single investor for the units to be transferred to the registered nominee.
And for capital gains it is perfectly mentioned by the advocates to the reply.

Thank you

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Lucem Leg

Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

ULIP REDEMPTION AFTER 5 YEARS IS TAXABLE? ULIP REDEMPTION AFTER 5 YEARS IS TAXABLE?

I bought a Single Premium ULIP (Reliance) (1) in 26 July 2011 for 1 lakh (1.25 lakh Sum Assured) and (2) in 07 May 2014 for 1 lakh (1.25 lakh Sum Assured). I surrendered both the policies in 09 Janua

2 Response(s)

Posted 5 months ago


A. Hello Sir.
Your query could be better understand and acknowledge by an chartered accountant or a income tax lawyer. You could find income tax lawyers in your through Vidhikarya.
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Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

Benefit of Early Redemption on ULIP Taxable Benefit of Early Redemption on ULIP Taxable

I, Dilip Shah, retired, age is 63 years. My question is : I surrendered ULIP (Reliance Life Insurance policy) in 09 January 2021 which was taken, one in 26 July 2011 and second in 07 May 2014 paying s

2 Response(s)

Posted 5 months ago


A. Hi,
The income from ULIP is considered as income under the heading income from capital gains for the assessment of income tax. You can claim deduction under Sec 80C. However, it is advisable that you consult with a CA to calculate your exact tax liability.
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Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

Tax on interest on Fd and savings for wife. Tax on interest on Fd and savings for wife.

I am a housewife and my husband has made certain FDs on my name. I have received Form 16 for interest on FDs with TDS details. So, for this interest I need file It return or my husband is supposed to

3 Response(s)

Posted 6 months ago


A. Hi,
Interest earned on a fixed deposit is entirely taxed. It will be added to your total earnings and taxed at the same slab rates as the rest of your earnings. However, only one individual should file an IT return for taxes, which would almost certainly result in tax duplication. As a result, you should get advice from a professional before proceeding.
Thank you very much.

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Latest Response 6 months ago
Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

Income tax notice for senior citizen Income tax notice for senior citizen

my mother who is senior citizen 75 years old ,got notice for filing ITR FOR YEAR 2013-2014 , can income tax send notice like this for a case as old as 2013-2014, since now senior citizens are exempte

5 Response(s)

Posted 6 months ago


A. Dear Sir,
Normally, four years is the limitation and you must approach through Income Tax Advocate or Chartered Accountant and get clarify the matter thereafter it will be quashed.

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Income tax notice under Section 148A Income tax notice under Section 148A

my mother is 75 years old & very sick,,now she has got notice from IT Dept to file her returns for year 2013-2014 under section 148A stating she escaped from assessment .Is it Legally rightfor IT

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Posted 6 months ago


A. Dear Sir,
Normally, four years is the limitation to issue such notices. You may approach Advocate practicing on income tax matters or approach any chartered accountant to solve the problem.

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INCOME TAX ON MEDICAL REIMBURSEMENT INCOME TAX ON MEDICAL REIMBURSEMENT

My father was a state govt employee retired in 2017. My mother getting cancer treatment from a govt hospital. Now the problem is tax is levy on reimbursement because for example if income is 5,00000 a

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Posted 6 months ago


A. Dear Sir,
You have to approach local chartered accountant to solve your problem. In many cases such being happening and it will be solved by the Auditor or chartered accountant very easily.

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Which Income tax return form to file? Which Income tax return form to file?

My income for the year 2020-21 (1) ​Amt Rs. 31000/- (only one month due to work only one month) received from Govt. department as consultant (appoint after retirement) under section 194j​Amt of Pe

2 Response(s)

Posted 7 months ago


A. Hi,
I would advice you to consult with a practicing chartered accountant or tax consultant, as they will be better suited to calculate your total tax liability and advice you as to how to file your tax return.
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Latest Response 7 months ago
Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal

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How to consider the income from house? How to consider the income from house?

WIFE CONSTRUCTED BUILDING GIFTED BY HER HUSBAND WITH HER SAVING AND LOAN AMOUNT. RENT RECEIVED FROM THE BUILDING WILL BE ADDED TO THE WIFE'S INCOME OR HUSBAND'S INCOME. BOTH ARE INCOME TAX ASSESSES.

4 Response(s)

Posted 7 months ago


A. Hi,
Income from house property is defined as the income earned from a property by the assessee. House property includes the building itself and any land attached to the building. Taxability may not necessarily be on actual rent or income received. If the property is not let out, the tax will be charged on the potential income the property is capable of yielding.
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Cash withdrawal and IT notice Cash withdrawal and IT notice

Does withdrawing large sum of cash from savings account attracts notice from IT department? I had to withdraw 15 lacs cash from my account recently ( withdrew in pieces of 9 lacs and 6 lacs in two con

3 Response(s)

Posted 7 months ago


A. Hello
Generally they don't serve you notice for withdrawing money from your saving account. The bank could through a call ask you thr reason to withdraw such large ammount of money, so give them a valid explanation. Also in mostly cases they serve notice when you deposit large amount of money.
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Latest Response 7 months ago
Ayantika Mondal @ Prime Legal

Ayantika Mondal @ Prime Legal