This is the second part of Rediff Tax chat held on Feb 27th. Below are the excerpts
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PNDIXIT asked, My daughter is 19 yrs old studying in Medical college I am putting 3 lacs in her savings A/C which is automatically coverted in to Fixed deposite. This amount she pays as Course fee every year thru cheque to Medical Institute. The interest earned on this money during the year will be clubbed in my income or as her income as bank deducts TDS on her name as per her PAN details.
Kripananda Chidambaram, Director- fintotal.com answers, Technically speaking since she has not started working, her income will be clubbed as yours.
PNDIXIT asked, My daughter is 19 yrs old studying in Medical college I am putting 3 lacs in her savings A/C which is automatically coverted in to Fixed deposite. This amount she pays as Course fee every year thru cheque to Medical Institute. The interest earned on this money during the year will be clubbed in my income or as her income as bank deducts TDS on her name as per her PAN details.
Kripananda Chidambaram, Director- fintotal.com answers, Technically speaking since she has not started working, her income will be clubbed as yours.
okok asked, Can be offset the tax on Short Term Capital Gain by Long
term capital loss in Equity?
Kripananda Chidambaram, Director- fintotal.com answers, No, you are not allowed
Kripananda Chidambaram, Director- fintotal.com answers, No, you are not allowed
Syed asked, Sir I was abroad for 13 years as NRI and started to work
from last April 2012 and paying TDS for my salary but as i have bonus received
from previous company (abroad)will be taxed or exempted?Can you advice
Kripananda Chidambaram, Director- fintotal.com answers, Your residence status will be Resident, Not Ordinarily Resident if you were an NRI in 9 out 10 years or if your total stay in India did not exceed 729 days in the last 7years put together. If these conditions are met your bonus from abroad will be tax free this year.
Kripananda Chidambaram, Director- fintotal.com answers, Your residence status will be Resident, Not Ordinarily Resident if you were an NRI in 9 out 10 years or if your total stay in India did not exceed 729 days in the last 7years put together. If these conditions are met your bonus from abroad will be tax free this year.
sid asked, Do you think ICICI prudential pension scheme is good? or any
suggestions
Kripananda Chidambaram, Director- fintotal.com answers, You can write to us at info@fintotal.com
Kripananda Chidambaram, Director- fintotal.com answers, You can write to us at info@fintotal.com
Debabrata asked, I want to get 50% rebate on Rs50,000/-to be invested on new
RG Eq Saving Scheme for tax avoidance & growth. Which is the best Fund
available under this scheme? Regards, Debabrata
Kripananda Chidambaram, Director- fintotal.com answers, Please refer the following link for list of RGESS eligible funds: http://www.knowledge.fintotal.com/List-of-RGESS-Eligible-NSE-BSE-Shares/5727
Kripananda Chidambaram, Director- fintotal.com answers, Please refer the following link for list of RGESS eligible funds: http://www.knowledge.fintotal.com/List-of-RGESS-Eligible-NSE-BSE-Shares/5727
okok asked, Can be offset the tax on Short Term Capital Gain by Long
term capital loss in Equity?
Kripananda Chidambaram, Director- fintotal.com answers, No you cannot set off.
Kripananda Chidambaram, Director- fintotal.com answers, No you cannot set off.
patilrkreddy asked, Hello Mr. Kripananda, Can we get tax exemption for two home
loans? The tenure of my first home loan is going to complete in Dec-2013 and i
am planning to go for another property. Regards, ram
Kripananda Chidambaram, Director- fintotal.com answers, Yes, you can claim benefits on interest on home loans. Own house needs to be marked as residence and you can claim a maximum of only Rs 1,50,000. And on the other home you can get the benefit with out any upper limit.
Kripananda Chidambaram, Director- fintotal.com answers, Yes, you can claim benefits on interest on home loans. Own house needs to be marked as residence and you can claim a maximum of only Rs 1,50,000. And on the other home you can get the benefit with out any upper limit.
yogesh asked, Sir, I have icici lombard mediclaim last four years, should
be change to apollo much?
Kripananda Chidambaram, Director- fintotal.com answers, We can have this at a different forum or write to us at info@fintotal.com
Kripananda Chidambaram, Director- fintotal.com answers, We can have this at a different forum or write to us at info@fintotal.com
suri asked, how is MaxBupa insurance?
Kripananda Chidambaram, Director- fintotal.com answers, Its good.
Kripananda Chidambaram, Director- fintotal.com answers, Its good.
Syed asked, What about ING LIFE Insurance policy pls suggest
Kripananda Chidambaram, Director- fintotal.com answers, I would suggest go for ING term policy.
Kripananda Chidambaram, Director- fintotal.com answers, I would suggest go for ING term policy.
TIMIR18 asked, WHAT ABOUT RELIANCE EQUITY OPP. FUND & RELIANCE REGULAR
SAVING FUND
Kripananda Chidambaram, Director- fintotal.com answers, Both are good performing funds.
Kripananda Chidambaram, Director- fintotal.com answers, Both are good performing funds.
asdfasdf asked, PLZ
RESPOND - appreciate your suggestion: Are these good policies. Have these for 4
years. Should I exit or continue to invest: SBI Life HORIZON II, Bharti Axa
Aspire Life and ICICI SmartKid RP
Kripananda Chidambaram, Director- fintotal.com answers, We do not recommend mixing insurance with investments. Insurance should be used only as risk management tool. We will like you to stop paying further and covert them to fully paid up policies.
Kripananda Chidambaram, Director- fintotal.com answers, We do not recommend mixing insurance with investments. Insurance should be used only as risk management tool. We will like you to stop paying further and covert them to fully paid up policies.
sid asked, profit from equity invested below 1 year is taxable? if yes,
please provide percentage?
Kripananda Chidambaram, Director- fintotal.com answers, Yes, it is taxable as it would be short term capital gains and the rate would be 15.45%.
Kripananda Chidambaram, Director- fintotal.com answers, Yes, it is taxable as it would be short term capital gains and the rate would be 15.45%.
loku asked, Please answer my question: I am holding shares in demat
account for more than 4 years and now if i sell will it be taxable?
Kripananda Chidambaram, Director- fintotal.com answers, No.
Kripananda Chidambaram, Director- fintotal.com answers, No.
xyz asked, Is it advisable to invest in RGESS for a retired person to
aavil tax rebate
Kripananda Chidambaram, Director- fintotal.com answers, It is suitable but we do not recommend RGESS as the rules are uncleared and complicated.
Kripananda Chidambaram, Director- fintotal.com answers, It is suitable but we do not recommend RGESS as the rules are uncleared and complicated.
Lokesh asked, My father-in-law wants to buy medical insurance to cover
himself and his family. Any suggestion he is Govt employee and his age is
aroung 54
Kripananda Chidambaram, Director- fintotal.com answers, You can go for Max Bupa Heartbeat. Please refer the following link http://www.productanalysis.fintotal.com/Max-Bupa-Heartbeat/2093
Kripananda Chidambaram, Director- fintotal.com answers, You can go for Max Bupa Heartbeat. Please refer the following link http://www.productanalysis.fintotal.com/Max-Bupa-Heartbeat/2093
ravi985 asked, if medical bills are not there ,how to save the tax
Kripananda Chidambaram, Director- fintotal.com answers, You need to produce bills to claim benefits on medical allowance of up to Rs 15,000, else it becomes taxable.
Kripananda Chidambaram, Director- fintotal.com answers, You need to produce bills to claim benefits on medical allowance of up to Rs 15,000, else it becomes taxable.
TIMIR18 asked, HOW TERM INSURANCE IS EFFECITIVE ?
Kripananda Chidambaram, Director- fintotal.com answers, Insurance is meant to cover the risk of loss of income in the absence of the earning member. Insurance cum investment products such as ULIPs or traditional policies is not a favourable combination. Refer the link for better understanding http://www.knowledge.fintotal.com/insurance/Term-Insurance-is-the-Only-Insurance-Worth-Buying/2706
Kripananda Chidambaram, Director- fintotal.com answers, Insurance is meant to cover the risk of loss of income in the absence of the earning member. Insurance cum investment products such as ULIPs or traditional policies is not a favourable combination. Refer the link for better understanding http://www.knowledge.fintotal.com/insurance/Term-Insurance-is-the-Only-Insurance-Worth-Buying/2706
sjf2k2 asked, if i buy stocks for 2 Lakh and sell it in a year for 2.5L .
How much % of Tax i am supposed to Pay ? I am already in 30% taxable slab.
Kripananda Chidambaram, Director- fintotal.com answers, Gains in stocks are taxed separately as short-term capital gains tax and long-term capital gains tax. In case you buy and sell within 1 year then you need to pay a tax of 15.45% as short-term capital gains tax. In case you sell the shares after 1 year, you need not have to pay any tax. Long-term capital gains are tax free.
Kripananda Chidambaram, Director- fintotal.com answers, Gains in stocks are taxed separately as short-term capital gains tax and long-term capital gains tax. In case you buy and sell within 1 year then you need to pay a tax of 15.45% as short-term capital gains tax. In case you sell the shares after 1 year, you need not have to pay any tax. Long-term capital gains are tax free.
swapnil asked, i want to invest 40000 for 80 c deductio suggest the best
mix of investment for the same
Kripananda Chidambaram, Director- fintotal.com answers, You can refer the following link to know about best mix of investments. http://www.newsanalysis.fintotal.com/Tax-Planning-for-Salaried-Employees-A-Last-Minute-Guide/5908
Kripananda Chidambaram, Director- fintotal.com answers, You can refer the following link to know about best mix of investments. http://www.newsanalysis.fintotal.com/Tax-Planning-for-Salaried-Employees-A-Last-Minute-Guide/5908
loku asked, I am holding shares in demat account for more than 4 years
and now if i sell will it be taxable?
Kripananda Chidambaram, Director- fintotal.com answers, Long term capital gains are applicable for you and LTCG tax is nil for equities.
Kripananda Chidambaram, Director- fintotal.com answers, Long term capital gains are applicable for you and LTCG tax is nil for equities.
samul asked, suggest a mediclaim with tax benefits and money back.
Kripananda Chidambaram, Director- fintotal.com answers, We strongly recommend you not to mix investments and insurance. Never go for any insurance or mediclaim that gives back your money. Insurance has to be used effectively as a risk management tool. We suggest Apollo Munich for your mediclaim needs. You get a rebate of up to Rs 15000 u/s 80D
Kripananda Chidambaram, Director- fintotal.com answers, We strongly recommend you not to mix investments and insurance. Never go for any insurance or mediclaim that gives back your money. Insurance has to be used effectively as a risk management tool. We suggest Apollo Munich for your mediclaim needs. You get a rebate of up to Rs 15000 u/s 80D
Taxsuxk asked, are RBI tax bonds above 1 lac limit?
Kripananda Chidambaram, Director- fintotal.com answers, They do not have exemption on the investment but interest is tax free.
Kripananda Chidambaram, Director- fintotal.com answers, They do not have exemption on the investment but interest is tax free.
sid asked, Can we save beyond 80C limit? say beyond 1 lack
Kripananda Chidambaram, Director- fintotal.com answers, Yes, you can invest in RGESS.
Kripananda Chidambaram, Director- fintotal.com answers, Yes, you can invest in RGESS.
nm1 asked, Is Fidelity India Growth fund (L & T now) good for
investing?
Kripananda Chidambaram, Director- fintotal.com answers, Yes it is a good fund. Refer the review http://www.productanalysis.fintotal.com/Fidelity-India-Growth-Fund/876
Kripananda Chidambaram, Director- fintotal.com answers, Yes it is a good fund. Refer the review http://www.productanalysis.fintotal.com/Fidelity-India-Growth-Fund/876
ps asked, Can we get tax benefit for home loan of under construction
project?
Kripananda Chidambaram, Director- fintotal.com answers, You can get tax deduction on principal amount of home loan u/s 80C and interest can be claimed after construction in 5 equal installments.
Kripananda Chidambaram, Director- fintotal.com answers, You can get tax deduction on principal amount of home loan u/s 80C and interest can be claimed after construction in 5 equal installments.
SHARMA asked, DEAR SIR WE ARE A CONSULTANCY AND POLLUTION EQUIPMENT
MANUFACTURER AND SERVICE3 PROVIDER. WE ARE FACING PROBLEM FOR SETTLMENT OF
BALNCE SHEET BECAUSE WE HAVE DEBTORS ON ACTUAL BASIS IN BUSINESS OF 1 CRORE AND
DEBTORS IS APPROX 55 LAC . BUT CREDITORS ALMOST NIL 2-3 LAC BECAUSE ALL OUR
PARTY OF PURCHASE IN ADVANCE BASIS SO HOW WE SET OUR BALANCE SHEET LAST YEAR WE
MANAGE SOME CONTRACTOR AND INCREASE CREDITOR THAN WE SET. PL SUGGEST WHAT IS THE
BEST WAY TO SET A BALANCE SHEET
Kripananda Chidambaram, Director- fintotal.com answers, We may have to take it in another forum or you may write your query at info@fintotal.com
Kripananda Chidambaram, Director- fintotal.com answers, We may have to take it in another forum or you may write your query at info@fintotal.com
raju asked, Hi there, You have suggested Apollo Munich as best in
Mediclaim policy can you pls explain is this best in terms of getting deduction
or medical wise
Kripananda Chidambaram, Director- fintotal.com answers, The deductions is same for all the mediclaim policies. In terms of features and benefits we quite like Apollp Munich
Kripananda Chidambaram, Director- fintotal.com answers, The deductions is same for all the mediclaim policies. In terms of features and benefits we quite like Apollp Munich
sid asked, wht is RGESS? why limit for 10lacs
Kripananda Chidambaram, Director- fintotal.com answers, RGESS scheme is applicable only to individuals. Thus, the benefit of tax deduction is not available to any other category of tax payer. The maximum deduction will be on investment up to Rs. 50,000 during the Financial Year 2012-13. The deduction will be at the rate of 50 per cent of the amount invested in equity shares. The total income of the individual should not exceed Rs. 10 lakhs. Hence, if the income exceeds Rs. 10 lakhs, the benefit will not be granted.The assessee should be new retail investor in shares.There would be lock in period of three years.
Kripananda Chidambaram, Director- fintotal.com answers, RGESS scheme is applicable only to individuals. Thus, the benefit of tax deduction is not available to any other category of tax payer. The maximum deduction will be on investment up to Rs. 50,000 during the Financial Year 2012-13. The deduction will be at the rate of 50 per cent of the amount invested in equity shares. The total income of the individual should not exceed Rs. 10 lakhs. Hence, if the income exceeds Rs. 10 lakhs, the benefit will not be granted.The assessee should be new retail investor in shares.There would be lock in period of three years.
HARSHADA asked, EXPLAIN ME RAJEEV GANDHI SCHEME OF TAX SAVING
Kripananda Chidambaram, Director- fintotal.com answers, RGESS scheme is applicable only to individuals. Thus, the benefit of tax deduction is not available to any other category of tax payer. The maximum deduction will be on investment up to Rs. 50,000 during the Financial Year 2012-13. The deduction will be at the rate of 50 per cent of the amount invested in equity shares. The total income of the individual should not exceed Rs. 10 lakhs. Hence, if the income exceeds Rs. 10 lakhs, the benefit will not be granted. The assessee should be new retail investor in shares. There would be lock in period of three years.
Kripananda Chidambaram, Director- fintotal.com answers, RGESS scheme is applicable only to individuals. Thus, the benefit of tax deduction is not available to any other category of tax payer. The maximum deduction will be on investment up to Rs. 50,000 during the Financial Year 2012-13. The deduction will be at the rate of 50 per cent of the amount invested in equity shares. The total income of the individual should not exceed Rs. 10 lakhs. Hence, if the income exceeds Rs. 10 lakhs, the benefit will not be granted. The assessee should be new retail investor in shares. There would be lock in period of three years.
Aazad asked, is LIC Jeevan Saral ATM plan good for tax saving
Kripananda Chidambaram, Director- fintotal.com answers, Insurance cum investment plans is an expensive way to save tax. You may look at ELSS options for 80C
Kripananda Chidambaram, Director- fintotal.com answers, Insurance cum investment plans is an expensive way to save tax. You may look at ELSS options for 80C
bh asked, If saving interest more than 10000 in sb account is also
taxable
Kripananda Chidambaram, Director- fintotal.com answers, Yes it is taxable
Kripananda Chidambaram, Director- fintotal.com answers, Yes it is taxable
sid asked, Can we save beyond 80C limited?
Kripananda Chidambaram, Director- fintotal.com answers, There are limited options after 80C. Make sure you fully take benefits of sections 80D, 80E and 80G. Kindly refer to http://www.tax.fintotal.com/Sections/68
Kripananda Chidambaram, Director- fintotal.com answers, There are limited options after 80C. Make sure you fully take benefits of sections 80D, 80E and 80G. Kindly refer to http://www.tax.fintotal.com/Sections/68
raje asked, my salary is 2.4 pa.how can i save tax
Kripananda Chidambaram, Director- fintotal.com answers, To know how to save tax you can read the article on tax planning for salaried employees in fintotal.com the link is http://www.newsanalysis.fintotal.com/Tax-Planning-for-Salaried-Employees-A-Last-Minute-Guide/5908
Kripananda Chidambaram, Director- fintotal.com answers, To know how to save tax you can read the article on tax planning for salaried employees in fintotal.com the link is http://www.newsanalysis.fintotal.com/Tax-Planning-for-Salaried-Employees-A-Last-Minute-Guide/5908
xyz asked, what is the best safe investment for a retired person to
beat inflation
Kripananda Chidambaram, Director- fintotal.com answers, In the long run only gold, real estate and equity related products have the power to beat inflation. You may find some useful articles in http://retired.fintotal.com/
Kripananda Chidambaram, Director- fintotal.com answers, In the long run only gold, real estate and equity related products have the power to beat inflation. You may find some useful articles in http://retired.fintotal.com/
vicky asked, Is there is any tax rebate on Gift to my wife who is not
earning
Kripananda Chidambaram, Director- fintotal.com answers, Gift to your spouse is not taxable.
Kripananda Chidambaram, Director- fintotal.com answers, Gift to your spouse is not taxable.
mbsrao asked, is there any possibility of hiking of HBA interest or 80cc
limit?
Kripananda Chidambaram, Director- fintotal.com answers, Not sure, we may have to wait for the next 24 hours
Kripananda Chidambaram, Director- fintotal.com answers, Not sure, we may have to wait for the next 24 hours
sourabh asked, i would like to invest 35000 rs in order to take rebate of 1
lac as per individual . kindly suggest where to invest
Kripananda Chidambaram, Director- fintotal.com answers, Invest in ELSS - ICICI Prudential Tax Plan, Franklin India tax Shield, etc are good funds. Refer link for more info http://www.mutualfunds.fintotal.com/index.php?type=Tax%20Saving%20Funds
Kripananda Chidambaram, Director- fintotal.com answers, Invest in ELSS - ICICI Prudential Tax Plan, Franklin India tax Shield, etc are good funds. Refer link for more info http://www.mutualfunds.fintotal.com/index.php?type=Tax%20Saving%20Funds
Mohnish asked, Hello, Can you please confirm if below are good mode for tax
savinfg 1. PPF- Max we can put 70k. Full benefits. 9.5 % interest after 20
years 2. ELSS will be Canara Robeco Equity Tax saver ICICI Pru Tax plan
Franklin India Tax shield. If i invest 10,000 do i get 1000 saved from tax 3.
Term plans are best for insurance rather than ULIP. I believe LIC is perfect.
For mediclaim- Apollo Munich Easy Health is best 4. Rajiv gandhi scheme for
people beloe 10 lac- pls provide criteria for tax 5. best pension plan are they
covered in tax Mohnish
Kripananda Chidambaram, Director- fintotal.com answers, More or less yes
Kripananda Chidambaram, Director- fintotal.com answers, More or less yes
TIMIR18 asked, WHAT IS BEST PPF OR MUTUAL FUND ?? FOR WEALTH CREATION IF
MUTUAL FUND WHICH ONE IS BEST FOR LONG TERM SAY 15 YEARS
Kripananda Chidambaram, Director- fintotal.com answers, PPF and MFs cannot be compared. The returns on PPF might not beat inflation and the term is 15 years whereas equity mutual funds can beat inflation and are not subject to lock in period. Any one among IDFC Premier Equity Fund, UTI MNC Fund, ICICI Prudential Discovery Fund for wealth creation.
Kripananda Chidambaram, Director- fintotal.com answers, PPF and MFs cannot be compared. The returns on PPF might not beat inflation and the term is 15 years whereas equity mutual funds can beat inflation and are not subject to lock in period. Any one among IDFC Premier Equity Fund, UTI MNC Fund, ICICI Prudential Discovery Fund for wealth creation.
rahul asked, i don't want to pay tax as my hard earn money goes to scam
every year. why can't we get rebate for all scams happen during the current
financial year?
Kripananda Chidambaram, Director- fintotal.com answers, Rahul, a great thought! But by the time these scams are proved you would have retired.
Kripananda Chidambaram, Director- fintotal.com answers, Rahul, a great thought! But by the time these scams are proved you would have retired.
bumba asked, I am staying in rented house, I will show rent receipt for HRA,
Is it mandatory to produce owner's PAN card?.....pls say in detail
Kripananda Chidambaram, Director- fintotal.com answers, No, it is not mandatory, though many organisation insist if the monthly rent exceeds Rs 10,000.
Kripananda Chidambaram, Director- fintotal.com answers, No, it is not mandatory, though many organisation insist if the monthly rent exceeds Rs 10,000.
ChidduBaba asked, Is premium for ULIP deductible beyond limit under 80C? Or is
it subject to the 1 lakh cap?
Kripananda Chidambaram, Director- fintotal.com answers, Premium for ULIP's get deduction under 80C and yes it is subject to 1 lac cap.
Kripananda Chidambaram, Director- fintotal.com answers, Premium for ULIP's get deduction under 80C and yes it is subject to 1 lac cap.
sadshubhi asked, how can i get tax on 2.00 lacs per annum
Kripananda Chidambaram, Director- fintotal.com answers, Income upto Rs 2 lakhs is not taxable.
Kripananda Chidambaram, Director- fintotal.com answers, Income upto Rs 2 lakhs is not taxable.
bbt asked, dear sir, 1 lac limit exhausted. can we take mediclaim
policy on my son's name who is above 25 yrs to claim tax benefit
Kripananda Chidambaram, Director- fintotal.com answers, No, you cant take a mediclaim policy on his name but you can go for family floater.
Kripananda Chidambaram, Director- fintotal.com answers, No, you cant take a mediclaim policy on his name but you can go for family floater.
sunny asked, hey wht abt LIC policies
Kripananda Chidambaram, Director- fintotal.com answers, Insurance cum investment plans are very expensive way to save tax. Insurance should be used only as a risk management tool.
Kripananda Chidambaram, Director- fintotal.com answers, Insurance cum investment plans are very expensive way to save tax. Insurance should be used only as a risk management tool.
chandrama asked, Dear Mr Chidambaram-My question is slightly personal.Are you
related to the FM Mr P. Chidambaram in anyway ?
Kripananda Chidambaram, Director- fintotal.com answers, Nope! Not sure should I say fortunate or unfortunate.
Kripananda Chidambaram, Director- fintotal.com answers, Nope! Not sure should I say fortunate or unfortunate.
Taxsuxk asked, How is ICICI tax saver ELSS ?
Kripananda Chidambaram, Director- fintotal.com answers, It is one of the best ELSS funds. Refer the link for its review http://www.productanalysis.fintotal.com/ICICI-Prudential-Tax-Plan/2666
Kripananda Chidambaram, Director- fintotal.com answers, It is one of the best ELSS funds. Refer the link for its review http://www.productanalysis.fintotal.com/ICICI-Prudential-Tax-Plan/2666
yesu asked, can an existing demat a/c holder benefit under RGESS
Kripananda Chidambaram, Director- fintotal.com answers, Yes, unless you have traded in equity mutual fund or shares before.
Kripananda Chidambaram, Director- fintotal.com answers, Yes, unless you have traded in equity mutual fund or shares before.
Arav asked, Is Dividend reinvested in a ELSS Scheme with Dividend
Reinvest option exempt under Sec 80(C)
Kripananda Chidambaram, Director- fintotal.com answers, No, only the initial amount qualifies.
Kripananda Chidambaram, Director- fintotal.com answers, No, only the initial amount qualifies.
unarinam asked, Shall I purchase term policy through agent. Is there any
differnce between online and policy through agent?
Kripananda Chidambaram, Director- fintotal.com answers, The online policies are cheaper as compared to the ones taken from the agent because of the agent commissions and other charges. Apart from this there is no difference. Everything else is same.
Kripananda Chidambaram, Director- fintotal.com answers, The online policies are cheaper as compared to the ones taken from the agent because of the agent commissions and other charges. Apart from this there is no difference. Everything else is same.
Rajeev asked, which equity mf is good for investment, is it right time to
invest in mf
Kripananda Chidambaram, Director- fintotal.com answers, We recommend large cap equity diversified funds. You may find the list here http://www.mutualfunds.fintotal.com There is so such thing as right time or wrong time when it comes investing in MFs for long term. You may follow the simple rule: Invest when you have funds and do not need it in the next 5 years or so. The right time to withdraw is when you need it. Nobody can time the market.
Kripananda Chidambaram, Director- fintotal.com answers, We recommend large cap equity diversified funds. You may find the list here http://www.mutualfunds.fintotal.com There is so such thing as right time or wrong time when it comes investing in MFs for long term. You may follow the simple rule: Invest when you have funds and do not need it in the next 5 years or so. The right time to withdraw is when you need it. Nobody can time the market.
kashif asked, for low to medium risk appetite what are the best investment
tools?
Kripananda Chidambaram, Director- fintotal.com answers, Postal saving schemes like NSC, PPF; 5 year fixed deposit for tax purpose and else debt mutual funds.
Kripananda Chidambaram, Director- fintotal.com answers, Postal saving schemes like NSC, PPF; 5 year fixed deposit for tax purpose and else debt mutual funds.
Chandra asked, Which one is best mutual fund for SIP investment?
Kripananda Chidambaram, Director- fintotal.com answers, Following is the list of best MF's in 2013: http://www.knowledge.fintotal.com/mutual-fund/Best-Mutual-Funds-for-2013/5723
Kripananda Chidambaram, Director- fintotal.com answers, Following is the list of best MF's in 2013: http://www.knowledge.fintotal.com/mutual-fund/Best-Mutual-Funds-for-2013/5723
sathish asked, RGESS is for salaried
Kripananda Chidambaram, Director- fintotal.com answers, Yes, it is for salaried employees and salary should be less than 10 lacs.
Kripananda Chidambaram, Director- fintotal.com answers, Yes, it is for salaried employees and salary should be less than 10 lacs.
deshmukh asked, 80C
Kripananda Chidambaram, Director- fintotal.com answers, We recommend ELSS for 80C tax saving options. ULIPs and Traditional Insurance is an expensive way to save tax. Kindly refer: http://www.newsanalysis.fintotal.com/Tax-Planning-for-Salaried-Employees-A-Last-Minute-Guide/5908
Kripananda Chidambaram, Director- fintotal.com answers, We recommend ELSS for 80C tax saving options. ULIPs and Traditional Insurance is an expensive way to save tax. Kindly refer: http://www.newsanalysis.fintotal.com/Tax-Planning-for-Salaried-Employees-A-Last-Minute-Guide/5908
raman asked, This year tax saving on Infra structure bond exists?
Kripananda Chidambaram, Director- fintotal.com answers, No, Infra bonds have been scrapped this year.
Kripananda Chidambaram, Director- fintotal.com answers, No, Infra bonds have been scrapped this year.
shashi asked, hai, which MF is really good for long term (3-5 years)
Kripananda Chidambaram, Director- fintotal.com answers, 3 to 5 years is medium term and long term could be more than 5 years. For medium term needs invest in HDFC Balanced Fund or HDFC Prudence Fund. Refer the link for more info http://mutualfunds.fintotal.com/
Kripananda Chidambaram, Director- fintotal.com answers, 3 to 5 years is medium term and long term could be more than 5 years. For medium term needs invest in HDFC Balanced Fund or HDFC Prudence Fund. Refer the link for more info http://mutualfunds.fintotal.com/
TIMIR18 asked, SIR WHICH TERM INSURANCE IS BEST NOW ??
Kripananda Chidambaram, Director- fintotal.com answers, Go for any online term policy like aegon religare iterm, hdfc click2protect etc.
Kripananda Chidambaram, Director- fintotal.com answers, Go for any online term policy like aegon religare iterm, hdfc click2protect etc.
indrani asked, sir, I just visited your site and found very
interesting...my compliments...
Kripananda Chidambaram, Director- fintotal.com answers, Thanks, and keep coming back
Kripananda Chidambaram, Director- fintotal.com answers, Thanks, and keep coming back
Lokesh asked, Please i am interested in investing in MF. Can you please
let me know the non-tax saving MF that will give good return?
Kripananda Chidambaram, Director- fintotal.com answers, Invest in HDFC Top 200 or HDFC Equity Fund or DSP Blackrock Top 100 Fund. Just refer the link for the list http://www.knowledge.fintotal.com/mutual-fund/Best-Mutual-Funds-for-2013/5723
Kripananda Chidambaram, Director- fintotal.com answers, Invest in HDFC Top 200 or HDFC Equity Fund or DSP Blackrock Top 100 Fund. Just refer the link for the list http://www.knowledge.fintotal.com/mutual-fund/Best-Mutual-Funds-for-2013/5723
amar asked, let govt to exempt upto 3L, and create more tax slabs above
it....
Kripananda Chidambaram, Director- fintotal.com answers, Yes, that will bring relief to salaried employees. In fact I had written one article on what a dream budget for salaried should look like: http://viewpoint.fintotal.com/Union-budget-2013-The-ideal-tax-structure-for-a-salaried-employee-Of-course-it-s-just-a-wish/6150
Kripananda Chidambaram, Director- fintotal.com answers, Yes, that will bring relief to salaried employees. In fact I had written one article on what a dream budget for salaried should look like: http://viewpoint.fintotal.com/Union-budget-2013-The-ideal-tax-structure-for-a-salaried-employee-Of-course-it-s-just-a-wish/6150
TIMIR18 asked, IN WHICH SECTION TERM INSURANCE PREMIUM GET DEDUCTION &
IS IT EFFECTIVE MEAN.
Kripananda Chidambaram, Director- fintotal.com answers, Yes, term insurances are effective mean for insurance. Term insurance get deduction under 80C.
Kripananda Chidambaram, Director- fintotal.com answers, Yes, term insurances are effective mean for insurance. Term insurance get deduction under 80C.
PNDIXIT asked, As per present IT act ,Fixed deposite interests attracts Tax
but the interest earned on savings A/c is taxable or not if yes what is the
present savings A/c interest exemption limit.
Kripananda Chidambaram, Director- fintotal.com answers, Till a year back savings account was taxable. In the 2012 budget the proposal had come and savings account interest up to Rs 10,000 is tax free.
Kripananda Chidambaram, Director- fintotal.com answers, Till a year back savings account was taxable. In the 2012 budget the proposal had come and savings account interest up to Rs 10,000 is tax free.
JITENDAR asked, WHAT IS THE BEST TERM INNSURANCE PLAN FOR 50 LAC
Kripananda Chidambaram, Director- fintotal.com answers, Take any online term policy
Kripananda Chidambaram, Director- fintotal.com answers, Take any online term policy
raghu asked, my kids are studying in scool and college, and i believe
their tution fee is part of 80C. and 80c limit is 1 lacs, is that correct?
Kripananda Chidambaram, Director- fintotal.com answers, yes, it is correct 80C limit is 1 lac. Tution fee is a part of 80C deductions.
Kripananda Chidambaram, Director- fintotal.com answers, yes, it is correct 80C limit is 1 lac. Tution fee is a part of 80C deductions.
TIMIR18 asked, SIR WHICH TERM INSURANCE IS BEST NOW ??
Kripananda Chidambaram, Director- fintotal.com answers, Go for any of the online term policies. To name a few good policies- Aegon Religare iTerm, HDFC Click to protect, Kotak Life insurance, etc.
Kripananda Chidambaram, Director- fintotal.com answers, Go for any of the online term policies. To name a few good policies- Aegon Religare iTerm, HDFC Click to protect, Kotak Life insurance, etc.
harmeets asked, RGESS is only for those with income below 10 lakhs??????????
Kripananda Chidambaram, Director- fintotal.com answers, yes, it is only for those whose income is less than 10 lacs.
Kripananda Chidambaram, Director- fintotal.com answers, yes, it is only for those whose income is less than 10 lacs.
Apps asked, What is RGESS, How to invest in the same ?
Kripananda Chidambaram, Director- fintotal.com answers, Wait until next year because this year there are very few funds for RGESS, but in case you want to know more about RGESS you can refer the link http://www.tax.fintotal.com/Sections/80CCG-Tax-Rebate/4546/68
Kripananda Chidambaram, Director- fintotal.com answers, Wait until next year because this year there are very few funds for RGESS, but in case you want to know more about RGESS you can refer the link http://www.tax.fintotal.com/Sections/80CCG-Tax-Rebate/4546/68
jhinga asked, How much do u expect the tax slab will be for next f.y.
Kripananda Chidambaram, Director- fintotal.com answers, There are talks of marginal increase in the upper limit, but we need to wait for another 24 hours to get the answer!
Kripananda Chidambaram, Director- fintotal.com answers, There are talks of marginal increase in the upper limit, but we need to wait for another 24 hours to get the answer!
TIMIR18 asked, HOW IS RELIANCE TAX SAVER FUND
Kripananda Chidambaram, Director- fintotal.com answers, It is a good fund. Read review of this fund http://www.productanalysis.fintotal.com/Reliance-Tax-Saver-ELSS-Fund/886
Kripananda Chidambaram, Director- fintotal.com answers, It is a good fund. Read review of this fund http://www.productanalysis.fintotal.com/Reliance-Tax-Saver-ELSS-Fund/886
RAM asked, TELL ME ANY GOOD MEDICLAIM POLICY
Kripananda Chidambaram, Director- fintotal.com answers, Apollo Munich Easy Health is one of the best mediclaim policy.
Kripananda Chidambaram, Director- fintotal.com answers, Apollo Munich Easy Health is one of the best mediclaim policy.
Lokesh asked, Please i am interested in investing in MF. Can you please
let me know the non-tax saving MF that will give good return?
Kripananda Chidambaram, Director- fintotal.com answers, Yes, MF is a great vehicle to invest in stocks. SIP can work wonders for you. Kindly visit http://www.mutualfunds.fintotal.com
Kripananda Chidambaram, Director- fintotal.com answers, Yes, MF is a great vehicle to invest in stocks. SIP can work wonders for you. Kindly visit http://www.mutualfunds.fintotal.com
rupesh asked, i have 10.0 Lac plus salary. already exhausted 1.0 lac 80cc
bracket. what other options to save further tax? 80dd or any other??
Kripananda Chidambaram, Director- fintotal.com answers, Refer the answer given to Ravi
Kripananda Chidambaram, Director- fintotal.com answers, Refer the answer given to Ravi
neo asked, I want to save tax on 50 thousand rs. sugeest me the best
.......
Kripananda Chidambaram, Director- fintotal.com answers, Invest in ELSS to get tax benefit under 80C.
Kripananda Chidambaram, Director- fintotal.com answers, Invest in ELSS to get tax benefit under 80C.
verma123 asked, How to get max benefit? What are the tax benefits available
beyond 80c
Kripananda Chidambaram, Director- fintotal.com answers, Refer the answer given to Ravi
Kripananda Chidambaram, Director- fintotal.com answers, Refer the answer given to Ravi
kashif asked, which is better option...ELSS or ULIP??
Kripananda Chidambaram, Director- fintotal.com answers, ELSS is the better option. ULIPS have higher charges than ELSS so returns on ELSS would be higher. For insurance we should go for term plans rather than ULIPS.
Kripananda Chidambaram, Director- fintotal.com answers, ELSS is the better option. ULIPS have higher charges than ELSS so returns on ELSS would be higher. For insurance we should go for term plans rather than ULIPS.
Rakesh asked, Please
suggest anything over and above 80C
Kripananda Chidambaram, Director- fintotal.com answers, Refer the answer given to Ravi
Kripananda Chidambaram, Director- fintotal.com answers, Refer the answer given to Ravi
angshu asked, will there be any increase in tax exemption limit for
individuals beyond 20000
Kripananda Chidambaram, Director- fintotal.com answers, There are talks of the exemption limit going up marginally, though not sure what will exactly come out tomorrow.
Kripananda Chidambaram, Director- fintotal.com answers, There are talks of the exemption limit going up marginally, though not sure what will exactly come out tomorrow.
kAMLESH asked, FOR SALARIED PEOPLE WHAT IN AMOUNT OF NON TAXABLE INCOME
Kripananda Chidambaram, Director- fintotal.com answers, If your income is below Rs 2 lakhs, your income is not taxable. Refer link http://www.knowledge.fintotal.com/Income-Tax-Slab-for-FY-2012-13/5725
Kripananda Chidambaram, Director- fintotal.com answers, If your income is below Rs 2 lakhs, your income is not taxable. Refer link http://www.knowledge.fintotal.com/Income-Tax-Slab-for-FY-2012-13/5725
ravi asked, apart from 80C and loan interest .. is any other way of
saving tax
Kripananda Chidambaram, Director- fintotal.com answers, No, there are very limited options after 80C. But ensure you fully take benefits of 80D, 80E and 80G also. Kindly refer to http://www.tax.fintotal.com/Sections/68
Kripananda Chidambaram, Director- fintotal.com answers, No, there are very limited options after 80C. But ensure you fully take benefits of 80D, 80E and 80G also. Kindly refer to http://www.tax.fintotal.com/Sections/68
Lokesh asked, I am having Taurus Tax Saving MF(G) which i had invested in
2009. Should i hold or exit.
Kripananda Chidambaram, Director- fintotal.com answers, It is an average fund so to know more about the fund please check the link: http://www.productanalysis.fintotal.com/Taurus-Tax-Shield-Fund/885
Kripananda Chidambaram, Director- fintotal.com answers, It is an average fund so to know more about the fund please check the link: http://www.productanalysis.fintotal.com/Taurus-Tax-Shield-Fund/885
Jay asked, Please suggest anything over and above 80C?
Kripananda Chidambaram, Director- fintotal.com answers, Please refer the answer given to Sat.
Kripananda Chidambaram, Director- fintotal.com answers, Please refer the answer given to Sat.
chandu asked, How do I avoid paying tax altogether ? Ido not want to lose
my hard earned money to the Govt of India ...
Kripananda Chidambaram, Director- fintotal.com answers, Chandu, there is cost for living in a civilised society. We all need to contribute, so that India prospers together. It is not a great idea to completely avoid tax, but ensure you do not pay more than what is required. You may read this to know further http://www.newsanalysis.fintotal.com/Tax-Planning-for-Salaried-Employees-A-Last-Minute-Guide/5908
Kripananda Chidambaram, Director- fintotal.com answers, Chandu, there is cost for living in a civilised society. We all need to contribute, so that India prospers together. It is not a great idea to completely avoid tax, but ensure you do not pay more than what is required. You may read this to know further http://www.newsanalysis.fintotal.com/Tax-Planning-for-Salaried-Employees-A-Last-Minute-Guide/5908
kAMLESH asked, WHAT R THE WAY TO SAVE TAX
Kripananda Chidambaram, Director- fintotal.com answers, If you are a salaried employee, this article will help you with the answer to your question - http://www.tax.fintotal.com/Must-Knows/How-to-Save-Income-Tax-on-Salary/5696/65
Kripananda Chidambaram, Director- fintotal.com answers, If you are a salaried employee, this article will help you with the answer to your question - http://www.tax.fintotal.com/Must-Knows/How-to-Save-Income-Tax-on-Salary/5696/65
Kunal asked, is it true that infrastructure bond has been closed..if yes
then is there any other options to invest more than 1 lakh 80 C bracket to save
tax
Kripananda Chidambaram, Director- fintotal.com answers, yes infrastructure bonds have been scrapped this year. The other option could be to invest in RGESS.
Kripananda Chidambaram, Director- fintotal.com answers, yes infrastructure bonds have been scrapped this year. The other option could be to invest in RGESS.
sat asked, is there anything above 100000/- saving
Kripananda Chidambaram, Director- fintotal.com answers, Apart from 80 C deductions of Rs 1 lakh, you can claim deductions u/s 80D for medical premiums, Rs 20000 on RGESS (if income less than Rs 10 lakhs), more on donations. Refer this link for details http://www.knowledge.fintotal.com/Income-Tax-Deductions-Financial-Year-2012-13/709
Kripananda Chidambaram, Director- fintotal.com answers, Apart from 80 C deductions of Rs 1 lakh, you can claim deductions u/s 80D for medical premiums, Rs 20000 on RGESS (if income less than Rs 10 lakhs), more on donations. Refer this link for details http://www.knowledge.fintotal.com/Income-Tax-Deductions-Financial-Year-2012-13/709
Shivaji asked, part from 80C and loan interest .. is any other way of
saving tax
Kripananda Chidambaram, Director- fintotal.com answers, yes apart from them 80D that is tax rebate on mediclaim policies, 80CCG i.e. RGESS, 80E tax rebate for interest amount on education loan are the other way to save tax.
Kripananda Chidambaram, Director- fintotal.com answers, yes apart from them 80D that is tax rebate on mediclaim policies, 80CCG i.e. RGESS, 80E tax rebate for interest amount on education loan are the other way to save tax.
Arav asked, What kind of changes we can expect in the coming budget
which can help more savings for salaried class
Kripananda Chidambaram, Director- fintotal.com answers, Arav, it is very difficult to make predictions at this stage. Just stay glued for 24 hours. But do not have great expectations!
Kripananda Chidambaram, Director- fintotal.com answers, Arav, it is very difficult to make predictions at this stage. Just stay glued for 24 hours. But do not have great expectations!
Dinesh asked, What are last minute short term tax saving investments
Kripananda Chidambaram, Director- fintotal.com answers, Read through the link for detailed note http://www.newsanalysis.fintotal.com/Tax-Planning-for-Salaried-Employees-A-Last-Minute-Guide/5908 The shortest term is 3 years that is ELSS.
Kripananda Chidambaram, Director- fintotal.com answers, Read through the link for detailed note http://www.newsanalysis.fintotal.com/Tax-Planning-for-Salaried-Employees-A-Last-Minute-Guide/5908 The shortest term is 3 years that is ELSS.
Prateek asked, What are the best tax saving instruments which can give good
returns
Kripananda Chidambaram, Director- fintotal.com answers, Prateek, suggest you for ELSS. They have the power to beat inflation in the long run. You may invest in any one of the below: ICICI Pru Tax plan Franklin India Tax shield Canara Robeco Equity Tax saver
Kripananda Chidambaram, Director- fintotal.com answers, Prateek, suggest you for ELSS. They have the power to beat inflation in the long run. You may invest in any one of the below: ICICI Pru Tax plan Franklin India Tax shield Canara Robeco Equity Tax saver
mevishal4u asked, what are the last minute quick tips for tax saving
Kripananda Chidambaram, Director- fintotal.com answers, Read through this link http://www.newsanalysis.fintotal.com/Tax-Planning-for-Salaried-Employees-A-Last-Minute-Guide/5908R
Kripananda Chidambaram, Director- fintotal.com answers, Read through this link http://www.newsanalysis.fintotal.com/Tax-Planning-for-Salaried-Employees-A-Last-Minute-Guide/5908R
Kunal asked, kindly advice the best ELSSS to invest
Kripananda Chidambaram, Director- fintotal.com answers, Any one among ICICI Prudential Tax Plan or Franklin India Tax Shield or Canara Robeco Equity Tax Saver Fund
Kripananda Chidambaram, Director- fintotal.com answers, Any one among ICICI Prudential Tax Plan or Franklin India Tax Shield or Canara Robeco Equity Tax Saver Fund
indrani asked, what is best beyond 80C ?
Kripananda Chidambaram, Director- fintotal.com answers, RGESS could be best option to invest beyond 80C
Kripananda Chidambaram, Director- fintotal.com answers, RGESS could be best option to invest beyond 80C
