| I wish to pursue higher studies after completing my PUC exams in 2005. I want to avail of an education loan between Rs 1.5?2 lakh. I belong to a tribal community and my father who is a small businessman cannot afford to finance my studies. Please suggest the best way to get the loan. |
Ngalenmmi Horam, Manipur |
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| You may approach any bank, which offers education loans once you secure admission to a recognised institute. Your parents or guardian may be required to become a co-borrower, based on your family income and other factors. Since your requirement is below Rs 4 lakh, no security is required. But your performance in the qualifying exams and academic record would be an important factor. |
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| Home run |
| I earned capital gains on selling a house. What is the time limit within which I have to purchase another house so as to save capital gains tax? |
R. Mukerjee, Calcutta |
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| You can claim exemption if you had acquired a house one year before the date of sale. Post-sale, the time limit is 2 years, in case you purchase a house or 3 years if you construct a house. You can also invest in capital gains bonds. |
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| Tax treatment |
| I am a retired person and have been filing my I-T returns. Recently, my son who is an NRI sent me a cheque for my treatment. Will the amount be taxable? |
Biswanath Ghosh, Durgapur |
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| the recent budget, gifts from unrelated persons, above the threshold of Rs 25,000 has been made taxable but gifts received from blood relations continue to be exempted. |
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| Bond relief |
| My annual income is Rs 6 lakh and I pay Rs 1.5 lakh as tax. Can I get relief by investing in 8 per cent taxable bonds? |
S. Ray, Midnapore |
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| vestment in 8 per cent taxable savings bond is not eligible for any tax relief. |
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| If you have any queries about investing or taxes or a high-cost purchase you are planning, mail to: btgraph@abpmail.com, or write to: Business Telegraph, 6 Prafulla Sarkar Street, Calcutta 700 001. |
