I am a government employee and invest Rs 1.5 lakh in PPF every year. My wife is not working. Can I open a PPF account in her name and invest Rs 1.5 lakh for her? I don’t want any tax benefits. Ankur Choudhary, Co-Founder and CIO, Goalwise replies, "Yes, your wife can have a PPF account in her name and you can invest Rs 1.5 lakh on her behalf. Under the tax laws, income from money given to a spouse is clubbed with the income of the giver. But since the interest and maturity amount of PPF is tax free, there will be no tax implications for you." I am a 66-year-old housewife. I bought a plot in my village in April 2012 for Rs 2 lakh. I now intend to sell it for Rs 5 lakh. What will be the tax implications for me? Amit Maheshwari Partner, Ashok Maheshwary and Associates replies, "The transfer of land is subject to capital gains tax. However, definition of capital assets excludes rural agricultural land and any gains from its sale is not taxable. Rural agricultural land is defined … [Read more...] about I already have a PPF account. Can I open another account in my wife’s name and invest Rs 1.5 lakh?
Where can you cash a check without a bank account
Aadhaar has become a crucial document and a 'must have' given its increasing importance for financial transactions and the government's social security schemes. However, even if you have Aadhaar, did you know it could have become inactive? If you do not use your Aadhaar for three continuous years then it well may become inactive, as per the UIDAI helpline and officials at an Aadhaar enrolment centre. If your Aadhaar has not been used for the last three consecutive years i.e. you haven't linked it to any bank account or to your PAN or used it for any other transaction such as giving Aadhaar details to EPFO to claim pension and so on then it could have been deactivated. Here's how to check the status: On the UIDAI website homepage, under the Aadhaar services tab, there's an option saying 'Verify Aadhaar Number'. Click here to go to UIDAI homepage Clicking 'Verify Aadhaar Number' will redirect you to a new page. Enter your Aadhaar number, captcha and click verify. If the green … [Read more...] about Did you know your Aadhaar can become inactive? Here’s how to check and activate it
Mumbai: In a bid to promote digital transactions, round-the-clock transactions will be allowed under the National Electronic Funds Transfer (NEFT) system from today (December 16). The 24X7 NEFT system will be available on all days of the year, including holidays, a notification issued by the Reserve Bank of India (RBI) mentioned. NEFT transactions are settled in hourly batches. For weekdays, the batches are from 8 am to 7 pm. On first and third Saturdays, the settlement happens from 8 am to 1 pm. The RBI has asked the member banks to keep adequate liquidity in their current account with the regulator at all times to facilitate successful posting of NEFT batch settlements. NEFT transactions after usual banking hours are expected to be automated transactions initiated using 'Straight Through Processing (STP)' modes by the banks. The existing discipline for crediting beneficiary's account or returning the transaction (within 2 hours of settlement of the respective batch) to … [Read more...] about NEFT transactions available 24×7 from today: Reserve Bank of India
BENGALURU: The prospect of six public sector banks losing their identity following their merger with other lenders is giving anxious moments to long-term customers, particularly senior citizens. Their fear is the closure of the next-door branch and having to deal with a new bank with new systems following the mega-mergers announced by the government in August 2019. For 71-year-old Debabrata Ghosh and his wife Keya (60), who live in Asansol, 210 km from Kolkata, the announcement of bank mergers has been unsettling and disturbing. The couple has for decades banked with Allahabad Bank. But their bank will soon be merged with Indian Bank, which also has its own branches. Fearing the necessity of having to travel a distance of 15-16 km, the couple — who suffer from chronic severe back pain — have reluctantly decided to shift their savings in part to a private bank. Besides Allahabad Bank merging into Indian Bank, the other consolidations are Oriental Bank and United Bank with … [Read more...] about Senior citizens dread idea of bank mergers
MUMBAI: In the latest ominous turn of events in the Jet Airways saga, the troubled airline has delayed repayments worth more than $18 million to global lenders including Citibank that financed its purchase of Boeing 777 planes. Soon after it missed the due date in end March, Jet reached out to the MNC banks with the hope they would not pull the trigger. These banks had lent on the back of guarantees from Export-Import (EXIM) Bank of the US which can be invoked if there is a default. Under the circumstances, a guarantee invocation could sound the death knell for Jet as the US institution would likely deregister and then repossess the planes. “Jet has requested these foreign lenders to condone the payment delay. It has asked for time as local banks are trying to put together a revival package,” a person familiar with the development told ET. EXIM Bank, the official export credit agency of the US, is the biggest backer of Boeing’s exported planes. In a presentation … [Read more...] about Jet delays bank payments, puts ‘own planes’ in danger