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 ➡  I and my wife filed our IT returns online. Both acknowledgements, duly signed by us, were sent to the IT Department in the same envelope but my wife did not receive a confirmation. As a result, I had to resend the acknowledgement by post for my wife. My CA said that one can send only a single acknowledgement in a cover. Please clarify. -Deepak Veer,Bangalore.

 💡 You can send multiple ITR V in one envelope, so that may not be the reason for your wife not receiving the confirmation. There may have been some other point that may have escaped your attention, so you should re-check the returns for any mistakes or omissions.

 ➡ Is interest earned on bank FD worth Rs 90,000 per annum tax-free or is it taxable for an unemployed housewife? -Sathish, Chennai

 💡 Interest on fixed deposit in taxable but as per tax laws the basic exemption from tax to all residents (other than senior citizen) is Rs 2 lakh. Hence, there will be no tax if your income is below Rs 2 lakh even if the interest on fixed deposit is fully taxable.

 ➡ I have taken a housing loan and am paying the EMIs from my savings account. However, the property has been purchased in my wife’s name. Can I avail of tax benefits on the principal and interest payments for the loan? -Suhair, Calicut

 💡 No, you are not in a position to claim the tax benefit since you are not the owner of house property. However, if you have given money to your wife for buying the property for initial down payment as well as all EMIs than you can claim under clubbing of income from spouse/wife. As per tax laws the ownership will be deemed on the basis of contribution in purchase cost and tax benefit can be allowed after possession.

 ➡ I am a 26-year-old engineer and recently received a bonus of Rs 50,000. I wish to invest the money in mutual funds, but I have been told that lump sum investments in mutual funds should be avoided. I will need the corpus in about four years. I have a medium-risk appetite. Where should I invest the money? -Susmitha, Odisha

 💡 Investing a lump sum in equity mutual funds is not advisable as it doesn’t offer you a spread of investing at various points in the market. If the market goes down post the period of lump sum investment you tend to lose from this strategy. Mutual fund houses offer this option called as Systematic Transfer Plan (STP) where you can move the entire lump sum amount into a liquid fund of a particular fund house and invest into the equity scheme of the same fund house on a weekly/monthly basis.

This way, a pre-determined amount would be transferred internally from liquid to equity every week/month. Since your risk appetite is medium, you can consider directing the equity into a large-cap fund with a good performance track record which invests predominantly into bluechip companies with good business models.

 ➡ My parents are 64 and 60 years old and my dad suffers from polio and diabetes. I can pay a premium of up to Rs 12,000 per year. Which mediclaim policy will suit me and my parents? -Om Prakash, Bangalore.

 💡 A Under a family floater plan, the premium depends on the age and health status of the eldest member of the family. Hence, a family floater will not be a cost-effective option for you as your father is 64 years old and ailing from diabetes and polio. Since your needs are different as a group, we advise you to consider an individual policy for your father and a family floater plan for you and your mother. This will help manage the premium cost.

 ➡ Three years ago I started repaying my education loan of Rs 8 lakh. My father wants to prepay the loan for me. However, I heard from a friend that prepaying a loan can negatively impact my credit score. Is this true? In such a case, should I prepay the loan? Kumar, Vellore

 💡 Pre-payment of loan does not imply any drop in ability or intention of disciplined debt servicing. Hence, generally, the credit score is unlikely to be negatively impacted by loan prepayment. Reduction in unsecured debt may actually influence your credit profile positively.

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