Jigar Patel > Quotes

“It is an indirect way of tax collection from the tax payers. As the name suggests, tax is deducted at the very source of income generation by the payer itself and then deposited to the Income Tax department on behalf of the taxpayer.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Almost always, FREE will turn out to be the MOST EXPENSIVE for you.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“The advisor should be innovative in providing services to increase your experience. Also, an advisor cannot function in solo. Thus, there should be a support system in place with well-defined processes and people to back him up.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Any amount received on death is exempt from income tax in India. Normally,”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Having a right advisor is extremely crucial. An advisor can make or break your investment or your investment experience. It”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Tax Deduction, Reconciliation, Analysis and Correction Enabling System (TRACES)’ - its core engine. TRACES is a web-based application of the Income Tax Department that provides an interface to all stakeholders associated with the TDS administration. It”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Recommendations: If investment horizon < 1 year and funds in NRE; invest in liquid fund. If investment horizon > 1 year and funds in NRE; invest in NRE FD. If investment horizon > 3 years and funds in NRO; invest in FMP or Liquid Funds. If investment horizon < 1 year and funds in NRO; invest in liquid fund (higher return, same tax). If investment horizon 1 - 3 years and funds in NRO; invest in NRO FD or liquid fund based on NRO FD rates, interest rate environment and other factors. If you are not sure about the investment horizon; invest in liquid fund.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“The insurance policy purchased in India will cover death that occurs anywhere in the world. Maturity”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Thus, an investor in the highest tax bracket of 30.9% would be able to save Rs. 46,350 in taxes and earn 8% tax free return simultaneously”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Acquisition of immovable property by entities incorporated in Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan would require prior approval of RBI. However,”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“While your life partner supports you for your life, a right advisor affects and supports your life and the lives of your future generations.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“A minimum allocation of 65% in equity shares of domestic companies is required to consider any MF scheme as an equity oriented MF for taxation purpose.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“The dividend received is exempt from income tax in India provided the Dividend Distribution Tax (DDT) has been paid by the company distributing dividend. If the DDT has not been paid, the dividend income would be taxable.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“While the payment in foreign currency can be credited in an EEFC account, it should be converted into INR on or before the last day of the next month after adjusting for approved purposes and forward commitments.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“He should be experienced and have dealt in similar situations and be able to guide you in a proper way by explaining the probable short term and long term implications to help you make  informed decisions.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Do not put all your eggs in one basket', the”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Bring a holistic approach as well as discipline to investments”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“An equity investor buys and holds the shares of stock in a company in anticipation of dividends and/or capital gains.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“For example, Ms. Sweta from UK invests GBP 100,000 in an FCNR deposit on July 15, 2014 (1 GBP=100 INR) for 5 years at a rate so that the deposit has a maturity amount of GBP 120,000 on July 15, 2019 and simultaneously, enters a forward contract to convert the maturity amount (Sell GBP) at INR 125/GBP i.e. INR 15,000,000. Sweta’s investment of 10,000,000 INR becomes 15,000,000 INR giving her a simple average return of 10%. It will not matter whether the foreign exchange on July 15, 2019 is INR 110/GBP or INR 150/GBP; she would still get 15,000,000 on maturity.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“diverse range of asset classes (debt, equity, gold, etc.) as well as in more than one security (Reliance, Tata, Infosys, Hero, etc.) within”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Liquidity: Open ended MFs are highly liquid and can be redeemed at the NAV rates anytime, subject to the exit load. The redemption amount can be credited in your bank on the next day or within 2 business days.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“To educate the investor about the risk profile of the investment securities, SEBI (Securities Exchange Board of India) has come out with colour coding of investment scheme with risk categories: BLUE indicates low risk; YELLOW indicates medium risk and BROWN indicates high risk. The”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“I have personally advised and made my clients pre-maturely withdraw NRO deposits, transfer”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“The foreign exchange rates are determined based on the demand and supply of currencies in the whole world and change real time. ”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Any investment in any country that increases the risk adjusted after tax return while providing security of principal and allowing transfer of funds in and out of that country is a great investment destination.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Now, if the same SBI bank’s 5 year FD in INR in NRE account yields 9% p.a., it is due to the currency risk only. It”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Can you buy more than one residential house and claim an exemption? When the exemption was introduced, it mentioned “a residential house”. It was held by various courts that “a residential house” also means more than one. Thus, if a joint family of a father and two sons living together sells the residential property owned by the father, they were allowed to buy 3 residential properties in the same building to claim the exemption as “a residential house”. However, it was not easy to prove as the taxpayer should have the patience to present his case at every level – Income Tax Officer, Commissioner of Income Tax, Tribunal and sometimes the High court. This has created a lot of controversies as well. The Finance Act (No 2) 2014 amended the provisions to allow exemption for investment in one residential house. Now, the taxpayer cannot invest in multiple residential properties for claiming exemption.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“To know the number of years, divide 72 by your return percentage (Rule of 72). For”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Transfer of Immovable Property An NRI may transfer any immovable property in India to a person resident in India. Thus, an NRI is allowed to transfer (sell, give gift, inheritance or any other way of transfer) any property (residential, commercial, agricultural, plantation, farm house, etc.) to a person resident in India.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“The maximum deposit (investment) a person can make in the PPF account is regulated and is recently increased from Rs.100,000 in 2013-14 to Rs. 150,000 from financial year 2014-15.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains