| I am a 65-year-old pensioner. My income from pension in the current financial year will be Rs 1.30 lakh. I’ll also have an income of Rs 1.40 lakh from other sources. I invested Rs 1 lakh in tax-saving instruments. Will it be a case of disproportionate income that my earnings from other sources is greater than that from my pension? Shall I have to file income tax return for 2008-09 financial year? |
M. Dasgupta, Dankuni |
|
| |
| It will not be considered a case of disproportionate income. Your income in 2008-09 will be Rs 2.70 lakh. The basic exemption limit for senior citizens is Rs 2.25 lakh for the current financial year. This means that you’ll have to file income tax return. However, since you have invested Rs 1 lakh in a tax-saving instrument, you won’t have to pay any tax. |
|
| |
|
| |
| Penalty call |
| I had fixed deposits of Rs 1.65 lakh and Rs 1.75 lakh in the State Bank of India and the United Bank of India. I had to withdraw both the deposits before the scheduled maturity. While the SBI deducted Rs 4,953 as penalty for premature withdrawal, the UBI deducted nothing. Why is this discrepancy when both are public sector banks? |
J.K. Bose, Durgapur |
|
| |
| You are lucky that UBI didn’t deduct penalty. The bank clearly mentions that no interest will be paid if a fixed deposit account is closed prematurely within 14 days from the date of deposit. For premature payment, a 1 per cent penalty is charged on interest rate prevalent on the date of opening of the account for the corresponding period the deposit has remained with the bank. The SBI was right. |
|
| |
|
| |
| House on sale |
| We have a house on a 6-kotha plot in Nadia. An unregistered local committee insists on selling the property to it. Will it be wise to sell the property to an unregistered organisation? |
P. Pramanik, Nadia |
|
| |
| You insist on receiving payments in cheque from the organisation. The registration of the title transfer deed should be done only after the encashment of the cheque. The property should be transferred in the name of the organisation and not in the name of any individual. |
|
| |
|
| |
| |
| 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. |
