Retirement is a new stage of life, and some even say ‘life begins at retirement’. It is one of the most important life events for all of us. Whether you are a salaried person or self-employed person, each one of us, one day or the other, would like to hang up one’s boots and come out of active […]
Estate Planning ( Wills, Nominations..)
Is Lock-in period for Investments applicable on unfortunate demise of the Investor?
We are aware of the fact that certain Investment (or) Saving schemes have a lock-in period. ‘Lock-in period’ is a common phenomenon especially with popular Tax saving Schemes. These schemes are like PPF, ELSS mutual funds, NSC, 5 year Tax saving Fixed Deposit, Senior citizen Savings Scheme etc., What is a Lock-in period? – It […]
Sale of Inherited (or) Gifted Property & Tax implications on Capital Gains
Capital asset typically refers to anything that you own for personal or investment purposes. It includes all kinds of property; movable or immovable, tangible or intangible, fixed or circulating. Examples include a house, land, household furnishings, stocks, bonds or mutual funds held as investments etc., When you sell a capital asset, the difference between the purchase price of […]
Maintenance & Welfare of Parents and Senior Citizens (MWPS) Act | Details & Guidelines
During the last month, I had received an email from one of my blog readers, who is a retired Govt Teacher (residing in AP). Her story is a heart-touching one… Though she receives a monthly pension, it is not sufficient to meet her living expenses, as she is suffering from a Critical Illness, which requires […]
Income Tax Return of Deceased person | How to file ITR for the deceased as a Legal Heir?
In this world nothing can be said to be certain, except death and taxes. Even after death of a person, taxes (if any) are certain. The income earned by a person who has expired can still be subject to taxes. So, who is liable to file income tax return of a deceased Assessee? Who is liable to clear tax […]
What is Ancestral Property? | Definition & Important Legal rules
One can acquire (or) own a real estate property through different ways. You can invest your hard-earned money and buy a property (or) you can acquire a property through a Will (or) you may get it through inheritance also. We also often hear people saying that we own an ‘Ancestral Property’. What is the difference […]
