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Query Corner

My father just retired at age 58. He is going to draw Rs 50,000 as pension per month and is likely to pick up a job that could pay him another Rs 50,000 per month. How should he go about investing this corpus to be financially secure, asks Hrishikesh Trivedi.

 
 
I am planning to quit my job of 8 years and start a business. Should I withdraw the money from the Employees' Provident Fund account and invest it, asks Shrihari Udupa.
How will the Direct Taxes Code (DTC) affect the tax status of Ulips? Will the existing Ulips continue to qualify for tax incentives under the new regime?
From where can I buy infrastructure and Nabard bonds in order to save tax? What are the benefits and tax implications of purchasing these bonds?
The term ‘capital asset’ means property of any kind. Agricultural land is not considered a capital asset and so there is no tax on the sale of such land.
If shares are transferred from your wife's demat account to your account, it will be treated as a sale and she will be taxed for the capital gain.
If we assume a life expectancy of 80 years, you will require a corpus of Rs 2.36 crore to get a pension of Rs 40,000.
 
 
What is the time-frame within which the income tax (I-T) department can audit my financials or question me, asks Milind Dovhal from Bengaluru.
My company deducted more tax than was due because I failed to submit proof of tax savings...Can I file a delayed return to get my refund?
Do you have queries on tax, insurance, investments? Read on to solve some of them.
If you own two houses, you can claim only one as self-occupied, while the other will be considered as let-out property.