The facility to add, and change nominees in the Demat Account is available online on the NSDL site. You can modify or give a nomination online with a click of a button.
Covid came as a rude shock to most of us. Almost all of us saw some near and dear one going to the hospital and not returning. Unfortunately, many people struggled not only with the loss of life but also with their financial situation in the event of the absence of a will or nomination by the bread owner which meant a tortuous journey of visits to various offices to be able to withdraw the Investments made by the family member.
A Demat account is required to hold your shares in the Demat format.
Nomination is a facility that a depository provides to every Demat account holder. When you open a Demat account you can nominate any individual to receive the shares, debentures, mutual funds, and others that are in your Demat account. On your death, on giving proof of the death the Investments are transferred seamlessly into the nominee’s account. While this facility has been available for many years its true importance has been realized during the past three years of Covid.
SEBI released a circular that, all Demat account holder needs to update the nominee in their Demat as well on Mutual Fund Portfolios by 31st March 2023. If the nomination is not made Demat account will be frozen for any debits.
There are three ways to add or change your account nominee.
(1) Visit your DP and fill up the physical form to add or make the changes in the demat account.
(2) Make changes online at the NSDL DP website.
(3) Use Mobile App
In this post, I will share methods to add and change nominees in the Demat Account Online.
How to Add, and Change Nominee in the Demat account Online? – NSDL Speede App
Step 3 – Enter your Name, DP ID, Client ID, Mobile Number, and E-mail ID, and press the Next button.
Step 4 – OTP would be generated to verify your details and for authentication.
Step 5 – Update nomination details on the next page and click the Save tab and submit.
Step 6 – eSign and proceed for submission.
If you have yet not filed a nomination in Demat you should do it today.
In addition to the nomination, you can also opt for the following facilities at NSDL.
NSDL Facilities
Dematerialization i.e., converting physical certificates to electronic form.
Facilitating repurchase/redemption of units of mutual funds.
Electronic settlement of trades in stock exchanges connected to NSDL.
Pledging/hypothecation of dematerialized securities against the loan.
Electronic credit of securities allotted in public issues, right issue.
Services related to change of address.
Other facilities viz. holding debt instruments in the same account, availing stock lending/borrowing facility, etc.
Over to you
Nomination is extremely important because that saves time, energy, and the financial struggle of the death of the account holder. So, make sure you complete your nomination as soon as possible.
Although modern compliance and documentation procedures can be complex, the modern world also provides us with technology that simplifies and streamlines certain processes. One such process is online ITR filing. Various platforms are now available that not only assist in filing tax returns but also provide constant access to tax experts who can assist with questions related to taxes at different levels, such as business, self-employment, freelancing, and other financial matters.
The deadline for filing ITRs for the fiscal year 2022-23 (Assessment Year 2023-24) is July 31, 2023. To avoid incurring late fees, it is critical to comply with this deadline. Individuals, Hindu Undivided Families (HUFs), Association of Persons (AOPs), and Body of Individuals (BOIs) are required to file their taxes by July 31, 2023, and are not required to have their books audited. Businesses, on the other hand, must file their taxes by October 31, 2023, and are subject to auditing. Finally, businesses that require transfer pricing reports (for international or specified domestic transactions) must file by November 30, 2023.
The CBDT has released new forms for filing Income Tax returns for the current fiscal year. However, contrary to earlier suggestions, there is no single common form.
The new forms are very similar to the previous ones but with an added feature. They include a separate schedule for virtual digital assets (VDA) to report income from assets such as cryptocurrency.
This VDA schedule requires specific details such as the date of acquisition, date of transfer, and the category under which income will be taxed (Capital Gain). Any individual who receives income from VDAs must also fill in information about the cost of acquisition (in case of a gift).
Starting from the fiscal year 2022-23, regulations have been established for the taxation of virtual digital assets (VDAs). Income resulting from the transfer of assets such as cryptocurrencies and non-fungible tokens (NFTs) is subject to a 30% tax rate after each fiscal year. When reporting income from the transfer of digital assets, deductions are not allowed except for the cost of acquisition. The VDA schedule is included in every Income Tax Return (ITR) form, except for ITR1.
The advance notification of ITR forms for this year has been a positive development and represents a further effort toward simplifying compliance procedures.
In 2020, our prime minister identified policy-driven governance, trust in the integrity of citizens, the adoption of advanced technology, and bureaucratic efficiency as the four key factors driving changes in the tax system. He also emphasized the connection between complexity and compliance difficulties. Modi also lauded the importance of honest taxpayers, stating that when their lives are made easier, they are empowered to progress and contribute to the development of the country. Reflecting on how far we have come with the ease of digital ITR filing, we have come a long way!
After submitting your Income Tax Returns (ITR) and completing the verification process, it usually takes between 20 and 45 days for the income tax refund to be issued. If the refund takes longer than expected, you can contact the Centralised Processing Centre (CPC) to inquire about its status.
Apart from avoiding penalties and late fees, filing income tax returns online offers a range of benefits that can enhance different aspects of your life and financial growth.
Investing in a Gold IRA, or Individual Retirement Account is an excellent way to diversify your investment portfolio and protect your savings from economic uncertainty. Gold has been a symbol of wealth and value for thousands of years, and it remains a popular investment choice for individuals seeking to protect their retirement savings from inflation, market volatility, and political instability.
Benefits of investing in a Gold IRA, the types of gold investments available, and some strategies for building a diversified Gold IRA portfolio.
Why Invest in a Gold IRA?
There are several reasons why investors choose to invest in a Gold IRA. One of the primary benefits is that gold has historically held its value over time, even during times of economic instability. Unlike stocks or bonds, gold is a physical asset that can be held and stored independently of financial institutions, making it an excellent hedge against inflation and currency devaluation.
Another benefit of investing in a Gold IRA is that it provides diversification within your retirement portfolio. By investing in a variety of asset classes, including stocks, bonds, and precious metals, you can reduce your overall risk exposure and increase the likelihood of achieving your long-term investment goals.
Furthermore, investing in a Gold IRA is easy and straightforward. You can open an account with a reputable Gold IRA custodian, fund your account, and then select the types of gold investments you wish to hold. The custodian will handle the logistics of storing and managing your investments, making it a hassle-free investment option for many investors.
Types of Gold Investments
When investing in a Gold IRA, there are several types of gold investments to consider. The most common types of gold investments include:
Physical Gold – Physical gold is the most traditional form of gold investment. It includes gold bars, coins, and bullion, which can be purchased and stored securely. Physical gold is an excellent way to protect your savings from inflation and market volatility, as its value tends to hold up well over time.
Gold ETFs – best gold ETFs, or exchange-traded funds, are investment funds that are traded on stock exchanges like a stock. These funds invest in physical gold or gold-related securities, and they can provide investors with exposure to the gold market without the hassle of storing physical gold.
Gold Mining Stocks – Gold mining stocks are shares in companies that mine gold. These stocks can provide investors with exposure to the gold market and the potential for growth, but they are also subject to the risks and volatility of the stock market.
Building a Diversified Gold IRA Portfolio
When building a diversified Gold IRA portfolio, it is essential to consider your investment goals, risk tolerance, and time horizon. Here are some strategies for building a well-diversified Gold IRA portfolio:
Allocate a Percentage of Your Portfolio to Gold
Experts generally recommend allocating between 5-15% of your portfolio to precious metals like gold. This will help you diversify your portfolio and reduce your overall risk exposure.
Invest in a Variety of Gold Investments – Diversify your Gold IRA portfolio by investing in a variety of gold investments, such as physical gold, gold ETFs, and gold mining stocks. This will help you spread your risk and maximize your returns.
Choose a Reputable Custodian
When investing in a Gold IRA, choosing a reputable custodian experienced in managing precious metals investments is important. Look for a custodian that is regulated by the IRS and has a track record of excellent customer service.
Keep an Eye on Market Trends
Gold prices can be volatile, so it is important to keep an eye on market trends and adjust your portfolio accordingly. Consider working with a financial advisor who can help you monitor the gold market and make informed investment decisions.
Questions and Answers
How much are gold IRA fees?
The fees for a Gold IRA can vary depending on the custodian and the types of investments you choose. Here are some common fees associated with Gold IRAs:
Custodian fees
Custodian fees are charged by the company that manages your Gold IRA. These fees cover the cost of storing and safeguarding your investments. Custodian fees can range from $50 to $300 per year, depending on the custodian and the size of your portfolio.
Administration fees
Some custodians may charge administration fees for managing your Gold IRA account. These fees typically cover the cost of account maintenance and paperwork. Administration fees can range from $50 to $100 per year.
Transaction fees
Transaction fees are charged when you buy or sell investments within your Gold IRA. Fees can often vary depending on the type of investment and the custodian. For example, some custodians will charge you their flat fee per transaction, while others charge a percentage of the transaction amount.
Storage fees
If you choose to invest in physical gold, you will need to pay storage fees for storing your gold in a secure facility. Storage fees can range from $100 to $250 per year, depending on the amount of gold you have and the storage facility.
It is important to note that while fees can add up, they are typically lower than the fees associated with traditional investment accounts like mutual funds or ETFs. When choosing a custodian for your Gold IRA, it is important to consider the fees, as well as the reputation and customer service of the custodian. A reputable custodian with transparent fees and excellent customer service can help you maximize your returns and protect your retirement savings.
Are gold IRAs a good idea?
Whether or not a Gold IRA is a good idea depends on your investment goals, risk tolerance, and financial situation. Here are some factors to consider when deciding if a Gold IRA is a good idea for you:
Diversification – Investing in a Gold IRA can help diversify your portfolio and reduce your overall risk exposure. Gold has historically held its value over time and can provide a hedge against inflation, market volatility, and political uncertainty.
Long-term investment
Gold is a long-term investment, and its value tends to appreciate over time. If you are looking for a stable, long-term investment that can provide a reliable return on investment, a Gold IRA may be a good option for you.
Fees
Gold IRAs can come with fees, such as custodian fees, administration fees, and transaction fees. These fees can eat into your returns and reduce the overall profitability of your investment. It is important to consider the fees associated with a Gold IRA and factor them into your investment strategy.
Market volatility
The value of gold can be volatile, and it can fluctuate based on a variety of factors, such as economic conditions, political events, and global crises. It is important to consider the potential risks associated with investing in gold and be prepared for market fluctuations.
Alternative investment options – There are many alternative investment options available, such as stocks, bonds, real estate, and cryptocurrency. It is important to consider these options and determine if a Gold IRA is the best investment option for you.
Gold IRA can be a good idea for investors looking to diversify their portfolio and protect their retirement savings from economic uncertainty. However, it is important to consider the potential risks and fees associated with investing in gold and determine if it is the best investment option for your unique financial situation. Consulting with a financial advisor can help you make informed investment decisions and create a customized investment strategy that aligns with your investment goals and risk tolerance.
Conclusion
Investing in a Gold IRA is an excellent way to diversify your investment portfolio and protect your retirement savings from economic uncertainty. Gold has a long history of being a valuable and stable asset, making it an attractive investment choice for those seeking to protect their wealth from inflation, market volatility, and political instability.
When building a diversified Gold IRA portfolio, it is crucial to consider your investment goals, risk tolerance, and time horizon. Allocating a percentage of your portfolio to gold, investing in a variety of gold investments, choosing a reputable custodian, and keeping an eye on market trends are all essential strategies for building a well-diversified Gold IRA portfolio.
Overall, investing in a Gold IRA can provide investors with peace of mind and protection against economic uncertainty. By diversifying your portfolio with gold investments, you can reduce your overall risk exposure and increase the likelihood of achieving your long-term investment goals.
When it comes to buying a home or car we always start with whether to buy a new one or resale one. We discuss a lot and change decisions multiple times before we purchase an asset. Since real estate is the big ticket purchase in a lifetime for any individual they take more time to decide.
Whether to buy a new flat or a resale apartment should ultimately depend on your budget, priorities, and construction quality. It also depends on the purpose, if you are purchasing the flat for investment then you have to be choosy on the location for example in Chennai you can invest in apartments in East Tambaram which will give you good rental returns up to 3%.
Here we are putting down a few ups and downs of buying new and resale apartments and what are all the things you have to consider while deciding.
New or Resale Home?
Things to consider while purchasing a brand new home:
#1 Construction Quality
It is imperative to check for the construction quality of the new building. Due to market competition there are many cheap construction products available in the market , you make sure quality materials are used in the construction. You can ask the builder for the spec they will definitely provide you.
If you are buying an under construction apartment then you can periodically check the materials they are using for construction.
#2 Resale Value of the flat
This is super important in metro cities. In future you may wish to sell the flat for any reasons so make sure the apartment has a resale value.You can ensure this by checking the material quality , design of the apartment, location and the reputation of the builder. If it is a branded player in the market you will definitely have resale value provided other factors are right.
You can research about the developer reputation by going through existing customer testimonials , reviews on their previous projects and by visiting their other projects.
In Chennai, resale value in OMR corridor is highest and you can easily liquidate your asset. The demand for 2bhk flats in Thoraipakkam is higher from the investor’s side.
#3 High Maintenance Cost
Since all the new apartments are coming with modern lifestyle amenities like a Swimming pool, play area, Unisex gym, and Security which will increase the maintenance cost per sqft in your apartment complex. If you are buying a property on home loans make sure you have a budget for this as well every month.
Also make sure the materials used in furnishing or construction are energy efficient such as energy-star-rated appliances, high-efficiency HVAC systems, and insulation. These features can help one save money on utility bills in the long run.
#4 Customize your new Home
If you are buying an under-construction apartment you can definitely ask for customization they will definitely assist you with minor customization without changing the plan.
#5 Government Approvals
Each state has different mandatory approvals for building construction to make sure all the approvals are in place before purchasing.
Things to consider while purchasing a resale home :
The main advantage of purchasing a home from the secondary market is that you get possession of the property immediately. Also, the seller is more than willing to negotiate the price.
You can also ascertain the society premises, its upkeep and maintenance. Also any underlying issues pertaining to the development.
Second hand flats are often located in established localities with mature trees, established infra and surrounded by amenities like schools, colleges, hospitals, supermarkets, and Government offices, and with good connectivity.
It is also crucial for those who wish to buy at a specific location.The outgoing cost such as apartment maintenance will be low in the resale flats.
#1 Property Detailing
When you buy a property from an individual, make sure the owner details, unit area, UDS (undivided share) and parking facility should be thoroughly examined and supported by legal documents. The sale agreement should be executed by the owner of the property not through GPA (General power of Authority).
#2 Property Measurements
Get the help of property managers to measure the flat and check for quality. Even 100 sq ft deviation will end up in trouble in the future.
#3 Bank Loan Eligibility
If you are going for a bank loan check for the loan eligibility on the property with the banker before you finalize the property.
#4 Title Clearance
There should not be any pending dues against the Resident Welfare Association or the Government (property tax). In case the property is mortgaged the loan has to be closed before the sale. The title of the property should be clear and without any litigation.
#5 Repair and Maintenance Work
Resale homes may require more repair work like plumbing, electrical, and Civil. This means you need to check or calculate repair and maintenance cost before buying a resale property.
#6 Outdated Amenities and Design
You can’t get a play area for your kids in the old community inside the city. If you are into purchasing make sure you have nearby government/private parks/ grounds for playing and for other recreational activities.
Buying a first home is the best moment in one’s lifetime, we jotted a few points for consideration before finalizing your property.
