Advocate Rajul Jain

Questions Answered by Advocate Rajul Jain

Q: Is it necessary to give blank cheque for loan ?

I took a loan from HDB bank, the bank officials asked for 10 blank cheques for ECS as amount was 200000.I gave the cheques after signing. So can they mis utilise the same or can draw prosecution on me, or it is a normal banking practice? why blank cheque required for loan ?

Advocate Rajul Jain answered
This is the process of the banks to keep some security with us un relation to loan. As you had given these cheque it should written in the agreement that i had provided the 10 blank cheques against the loan from the Banks . These cheque could not be used any of the transaction apart from the loan repaymmet if defaulted.Else they can use for there personal benefits.Adv Rajul JainKarkardoma court

Q: How to renew the insurance of vehicle after expiry

Dear Sir, If a motor vehicle (MV) insurance is due for Renewal on 22.10.17 but I was not aware about its renewal date. Now, I have come know about its renewal date. So, when i went to to the place from where i purchased MV for insurance. They are telling me to give them the photo of bike so as to know its condition. Pls tell what is the correct procedure in this case ?? Thanks

Advocate Rajul Jain answered
As per the Vehicle act, if the insurance of any motor vehicle is expired. Then person need to click the photos of his motor vehicle and shown it to the insurance Agent to renew it.As Insurance agent demand you the photographs is totally coreect. I also deals in income tax return, GST Reg, Mutual fund . So if you find any discrepancies you can contact it to me.

Q: Legal Advice regarding ELSS investment tax saving

Hi, I want to invest in an ELSS fund and would like to know about specific conditions for income tax exemptions via ELSS. How much of the investment would be tax exempt? For example, if I invest Rs. 60000 in the current financial year, would the entire amount fall under 80C exemption? Also, will the income be valid in case of income above Rs. 12 Lacs?

Advocate Rajul Jain answered
As per the income tax act , The 80 C deduction invlude MUTUAL FUND having EQUITY LINKED SAVING SCHEME(ELSS) is eligible for the deduction. You are still eligible for the deduction if your earning is beyond 12 lakhs. You can avail the whole amount of deduction under 80C upto 150000. Beyound this you can avail deductuon under 80D upto 25000. Apart from this you can also avail deduction of Rs 50000 more in NPS scheme which is newly introduced. You can also avail deduction under 80G as well, by circulating the entries. I am duly qualified Mutual fund exam from NISM and provide consultancy in mutual fund. I would suggest you best scheme in ELSS . Adv Rajul JainKarkardoma court New Delhi

Q: Tax compliance with respect to divorce settlement in lump some

I am going through a divorce during which I will be receiving a lump sum compensation in 2 parts. I have received the First part. I want to understand if this is taxable? Also, how should I show this amount in the income tax return

Advocate Rajul Jain answered
Sir, As the income tax does not provide any section which shows the liability on the assessee on receiving the compensation on DIVORCE. But you had not defined the amount you had received in compensation and does not define whether this amount is received after sale of property on a part of your wife.I am duly engaged in filling income tax return where i separate or clubbed the income of husband and wife. So I recommend you to explore me the amount and define the main generation of income on you part.RegardsAdv Rajul Jain

Q: How to get claim from insurance company

My bike which released in supardari is stolen now. Now how to get claim from the insurance company

Advocate Rajul Jain answered
As per the General Insurance act 1938, The general insurance is applicable on Motor bikes , Cars , Stock etc. If you had taken your policy form the National Insurance , oriental Insurance or Iffco tokyo, Then you have to follow the procedure of claim insurance. You have to first complain to the nearest police station and take that copy. Then you have to intimate your insurance policy about the incident. After the intimation a surveyor would come to your place and make the inquiry of your theft, He would note it down and submit that report to the insurance company . If the company would satisfy with you report then you claim would be released by the insurance company.RegardsAdv Rajul JainKarkardoma court