Product Updates

 Meeting of the Monetary Policy Committee : The three-day Monetary Policy Committee (MPC) meeting is scheduled to start on August 3 with the RBI governor Shaktikanta Das and other MPC members present. On August 5, the MPC's decision on the bimonthly monetary policy for FY23 will be made public. 

                  

 

                                    

 

 

 

 

 

 

 

As we are nearing end of Financial year, note these points to save Capital gains tax (Long term capital gains/loss = For  holding period more than 1 year Short term capital gains/loss = For holding period less than 1 year) -  1 lakh profit in a Financial year is exempt as Long term capital gains. So book profits in shares & mutual funds together upto 1 lakh, and reinvest  - If profits are more than 1 lakh, check if you can book loss in any of the holdings to set off. You can buy back the next day - Short term capital gains are taxed at 15%, book losses and buy back next day to set off any profits.  - Both Long and short term losses can be carried forward for 8 years. So booking losses can help save future taxes. ( Make sure you file IT returns on time) - LTC losses can be set off against LTCG only. STC losses can be set off against ST and LT capital gains - Futures & Options profit /loss will be taxed along with normal tax slab.

Hindu Undivided Family (HUF) is not defined under the Income Tax Act but is covered under the Hindu Law. By definition, it consists of all individuals who are lineally descended from a common ancestor and also comprises of unmarried daughters. HUF is not formed by a contract but by the status of a family i.e., it is created automatically in any Hindu Family. Having a common ancestor is a pre-requisite to form a HUF. REQUIREMENTS TO FORM A HINDU UNDIVIDED FAMILY (HUF) Minimum two members are required to form a HUF, constituting a joint family. Owning an estate or a property is not mandatory to form a HUF. The Hindu Law though does not govern Buddhists, Jains, and Sikhs; it can be treated as a HUF for taxation purpose. BENEFITS OF FORMING A HUF One of the major benefits of Hindu Undivided Family is that it is considered as a separate legal entity. This entitles HUF to obtain a separate PAN card and bank accounts in the name of the HUF. Once a HUF is formed, typically the oldest member of

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*India Beats UK: Becomes 6th Biggest Stock Market With $3.16 tn M-Cap* *World’s biggest stock markets by Market Cap:* 1. US: $46.01 tn 2. China: $11.31 tn 3. Japan: $5.78 tn 4. Hong Kong: $5.5 tn 5. Saudi Arabia: $3.25 tn 6. India: $3.16 tn 7. UK: $3.11 tn *(Bloomberg)*

    Rajesh Kathpalia ||  Mobile : +91 9891645052,9560550026 || Email id - kathpalia.rajesh@gmail.com