-V Gurumoorthy, chitramurthy-2000@yahoo.com

I feel that you have taken only one loan and that was prior to April 1,1999. You are taking it in installments as per your convenience andrequirement. In that case, the ceiling is Rs 30,000.

Please advise me. I get very conflicting views whenever I ask for advice.These are the salient points:

1. Between April 1999 and March 2000, I sold shares on which I made ashort-term capital gain of Rs 30,000 and a long-term capital gain of Rs20,000.

2. From previous years, I have carried forward a long-term capital loss ofRs 2 lakh on sale of shares.

3. Can I adjust both my short-term capital gain and long-term capital gainagainst the Rs 2 lakh and reduce my C/F loss to Rs 1.50 lakh.

-Sheru H Mistry, sheruhmistry@rediffmail.com

Yes, as a matter of fact, it is mandatory for you to set off the lossagainst the gains, both short- and long-term. You cannot set it off onlyagainst the short-term-and not against the long-term-loss just because it isprofitable for you to do so.

I retired last year and receive no pension. I had deposited Rs 4,08,000 inthe post office MIS, and get Rs 4,420 per month from that. I have nearly Rs3 lakh put away in company FDs for the last five years. I own the house inwhich I live. Please help me calculate

1. My total income;2. The income tax payable;3. Which IT form I must fill up.

-Sanjeev Grover, groovyame@hotmail.com

I am sorry if I am hurting you, but I feel that you are treating yourinvestments casually. Obviously, you have not taken advice from aprofessional doctor before investing. I cannot calculate your tax liabilitywithout knowing your income from the company FDs. I do not even know whetheryou are a senior citizen or not. I do not personally approve of yourinvestments both in MIS and company FDs. You do not even appear to bereading my column regularly, wherein I have been repeatedly denigrating MISbecause of the procedural tangles at the post office. You need a Saral formto file your returns, but do not do so on your own. I repeat you requireprofessional assistance.

Sometime ago, I had pointed out to you a peculiar problem I was facing. Ihave six NSS accounts, three in my name and three in my wife's name. Theseaccounts were opened during 1988-91. I have received your reply and am nothappy with it. Can the post office now decide that in spite of all theirerrors, they will not give me any interest on all but my first account? Istand to lose a lot of money as these accounts are nearly 10 years old. CanI not get redressal on the grounds that if maintaining more than oneaccount was not allowed, then the post office should have pointed it out inthe first year itself, and not after 10 years? -Deepak Jhangiani,deepakjhangiani@hotmail.com

Ignorance of law is no excuse. Realise that while opening an NSS account,you had given a declaration to the post office that you did not haveanother NSS account either in that post office or in any other post officein India. The post office has taken an objection, albeit after six yearswhen it noticed your illegal action. I feel sorry for you.

(The author may be contacted at anshanbhag@yahoo.com.)