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Old 9th December 2017, 12:14   #616
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Default Re: Income Tax savings, Investments and Insurance

Hi Folks, filed my ITR 2 way back in July and still not processed (showing as e-verified). Anybody in the same boat?
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Old 10th December 2017, 19:42   #617
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Originally Posted by hothatchaway View Post
Hi Folks, filed my ITR 2 way back in July and still not processed (showing as e-verified). Anybody in the same boat?
Mine got processed a week back, incidentally even I had files it in July. I had a refund due.
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Old 11th December 2017, 18:56   #618
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Originally Posted by hothatchaway View Post
Hi Folks, filed my ITR 2 way back in July and still not processed (showing as e-verified). Anybody in the same boat?
Same boat. I had filed around mid July and am still waiting. My wife's return was processed around beginning of November, though she filed it after I did.
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Old 21st December 2017, 13:07   #619
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Default Re: Income Tax savings, Investments and Insurance

Guys,

Need help on planning for tax investments for FY 2018-19; Where all can we invest?

I have currently the following:

1. PF
2. PPF
3. LIC (Term, Amulya and something else)
4. MF (Non Tax benefits)
5. No medical cover (except the company provided ones)
6. Home Loan (Interest + Principle amount)


Any suggestions or pointers would be appreciated; I would want to pay as little income tax as possible, starting next year on wards as I now firmly believe, I have contributed significantly to the nation's growth and now it is time to sit back and take a back seat.

Thanks!
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Old 22nd December 2017, 13:30   #620
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Originally Posted by perty View Post
Same boat. I had filed around mid July and am still waiting. My wife's return was processed around beginning of November, though she filed it after I did.
Same here, filed in third week of July and still waiting.
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Old 22nd December 2017, 15:50   #621
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Finally got my refund today. Had filed returns on 20th July.
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Old 1st January 2018, 12:48   #622
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I am selling my apartment of 11 years (already have a buyer) and buying a new one. The new one is ready to be registered and can move in April 2018.

There are two options for me :

1. Use personal savings (scared of FRDI - hence digging into personal savings) + Home loan and register new apartment. The old apartment sale will have LTCG which needs to be invested. I read online that the gains from selling can be used to repay the home loan for new one within one year. I would have ideally used personal savings to buy plot in another city and use LTCG + home loan for new apartment. I could not get a plot within budget so yet to search for one. With banking sector / NPAs in news, scared of keeping personal savings for too long in banks also.

2. I can purchase Govt. bonds for LTCG and reuse the maturity proceeds later to buy another property ( I cannot do this now as I will be having a new apartment now and cannot use LTCG for second one)

What is the safety of buying the bonds with all the FRDI / NPA talks going on?
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Old 1st January 2018, 13:49   #623
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Hello Gurus,

This query is on behalf of my father-in-law who worked in UK for a few years and is now retired and back in India. During his job, a part of salary was invested by his company in some insurance fund there in UK(Mandatory or PPF sort of - Not too sure). Now that he is back and retired, he wants that money back which is a substantial amount. However, as per the terms, only 1/4th of the money can be withdrawn as cash and the rest has to be invested in india in some insurance product. If not, he will have to pay a huge tax on this amount.

Any one else has dealt with something like this or has any idea about this? His goal is to withdraw the entire amount as soon possible.

Thanks,
Ashish
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Old 7th January 2018, 13:37   #624
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I am also considering sale of a property and am evaluating the financial implications of the same. My inputs based on the googling till now and is not validated with a tax expert.

Quote:
Originally Posted by AltoLXI View Post
1. Use personal savings (scared of FRDI - hence digging into personal savings) + Home loan and register new apartment. The old apartment sale will have LTCG which needs to be invested. I read online that the gains from selling can be used to repay the home loan for new one within one year. I would have ideally used personal savings to buy plot in another city and use LTCG + home loan for new apartment. I could not get a plot within budget so yet to search for one. With banking sector / NPAs in news, scared of keeping personal savings for too long in banks also.
The best option to offset the capital gains is to invest the whole proceeds in the new property. i.e if you could prepay maximum amount - From what I understand the proceeds have to be routed through a special account, since the sale of old and purchase I assume spans 2 financial years.
Also if your annual income exceeds 1crore (I am not sure if this should include the sale consideration) then a 10% surcharge is applicable.

Quote:
Originally Posted by AltoLXI View Post
2. I can purchase Govt. bonds for LTCG and reuse the maturity proceeds later to buy another property ( I cannot do this now as I will be having a new apartment now and cannot use LTCG for second one)

What is the safety of buying the bonds with all the FRDI / NPA talks going on?
REC & NHAI are backed by the government, chances of failure are remote (they are AAA rated bonds).
In case if it comes to a point where Govt run enterprises are defaulting, it would mean the financial world in the country would have gone to the dogs.
Here one needs to bear in mind that this amount becomes ill-liquid for a few years till maturity and the interest income(5.xx% ) is taxable at normal rates and there is an overall ceiling of 50Lakh in these bonds.
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Old 9th January 2018, 19:50   #625
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Default Re: Income Tax savings, Investments and Insurance

Many of us come to this thread for guidance and clarity on tax related matters. A number of questions are from people drawing salaries and paying taxes via TDS through their employers. The attached (IT Dept) document - CIRCULAR NO. 29/2017, Dt: 05/12/2017 can answer a lot of these queries.

circular29_2017.pdf

Source
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Old 10th January 2018, 16:55   #626
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Quote:
Originally Posted by hothatchaway View Post
Hi Folks, filed my ITR 2 way back in July and still not processed (showing as e-verified). Anybody in the same boat?
I was also in same boat upto last week. I had filed e-return on 5th July and it was showing as e-verified. I had to file grievance through e-nivaran thrice. Each time the resolution provided was to wait untill ITR is processed.

I got third time lucky & got refund in 4 days after filing third grievance. The only difference in third grievance was, this time I had sought resolution from Assessing officer (ITO/ACIT) instead of CPC-ITR Bangalore.

Hope this helps.
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Old 10th December 2018, 10:01   #627
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Default Closure of PPF account on maturity

Cross posting from other thread : For reference

Hi,

Can anyone please guide on the procedure of closing an PPF account on maturity ?


Quote:
As per FAQ

When does a Public Provident Fund (PPF) account mature?

A Public Provident Fund (PPF) account gets matured after the completion of 15 years from the end of the year in which the account was opened.

Was wondering when does this 15 year tenure end ?

Is it the date to date ending of 15 year term ; Or is it Calendar year ending ; Or is it Fiscal year ending ?

For e.g.

Let's say my first deposit in PPF was on December 10 2003. Have been making regular deposits in the same account.


Now if we go by date of deposit, the 15 year tenure should end by Dec 10 2018. Can I close the account on Dec 11 2018 on account of maturity ?


Or will it end on Dec 31 2018 ?


Or will it be end of March 31 2019 ? End of fiscal year.


Details are sketchy, hence wanted your esteemed guidance.


Do we need to provide them any additional documentation apart from passbook ?

Any application for closure of PPF account ?
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Old 10th December 2018, 12:55   #628
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Originally Posted by lambuhere1 View Post
...the procedure of closing an PPF account on maturity?...first deposit in PPF was on December 10 2003
Having been a recent entrant into the PPF fold, I think i know the answer to this one.

Since you began investing in the financial year that ended on 31/03/2004, you will have to wait till 31/03/2019 for the 15 year term to end.

You can request for closure of account using Form C or extension using Form H on or after 01/04/2019.
Attached Files
File Type: pdf FORM C.pdf (31.0 KB, 42 views)
File Type: pdf FORM H.pdf (10.7 KB, 336 views)
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Old 11th December 2018, 10:04   #629
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@ dailydriver,

Thanks a ton Brother for the forms and clarity. Will need to wait till end of financial year.

Old people like us need some help from younger generation.

Thanks anyway
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Old 11th December 2018, 12:42   #630
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I have one query.

Can we claim GST paid on insurance premium also for income tax rebate under section 80 C and D ?

I googled on the subject and found a few discussion links which says you can. But LIC while generating annual premium paid statement, excludes GST amount from the total premium.
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