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Chat Transcript

16 Mar 2012 - 19:00hrs hrs

Harsh Roongta | CEO

 

Investments & Taxes

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Harsh Roongta: Hello and welcome everyone to this chat post Budget 2012. Will try and answer as many questions as i can but with a proviso that all the fine print is still not in . Also a disclaimer : This is a generalised chat and is nort meant to and cannot take the place of individual professional advise. Neither Apnapaisa nor I take any responsibility for any direct or indirect consequences arising from any advise given in this chat. Now let us start
raikar.kajal: Hello Good Evening. Can you Please express your views on Tax Incentives & Reliefs According to Budget.?
Harsh Roongta: Well the sting is in the tail. The increase in service tax and excise duty will stoke inflation and with fuel prices expected to be raised soon the demon of inflation is not going away anytime soon. Expect interest rates to remain at the current high levels and it may take longer than expected for them to fall. As far as incentives are concerned they are meagre - a readjustment of slabs leading to some savings in tax, deduction for savings bank interest upto Rs. 10,000, deduction of Rs. 25k under a as yet to be unvieled equity saving scheme called Rajiv gandhi equity saving scheme, rationalising of senior citizen age to 60 years (instaed of 65 years) , removal of the deduction of Rs. 20,000 for infrastructure bonds, a sub limit for preventive health check ups , and a provision that requires insurance policies to have a minimum cover of 10 times annual premium for the amturity proceeds to be non taxable (up from the current 5 times) are some of the highlights
geoffery: Is there any change after budget on housing loan relief to tax payer?
Harsh Roongta: No
777.com: Hello sir, i want to invest Rs 10000 every quater. whr should i ivest to get max return and less deduction on tax front? thank u sir
Harsh Roongta: If saving on tax is your goaland assuming you pay tax at the highest rate (taxable income greater than 10 lakhs per annum) then you can consider : 1) You should look at PPF as a good option 2) If you are willing to take some risks and are looking fro higher returns you can consider equity linked savings scheme such as HDFC Tax saver
agiri: Sir, I am a pensioner ,aged 61 and having income of around Rs.1,70,000/-. Occasionally I do intra day trading in Stocks and earn marginal income of around Rs.3,000 to Rs.5,000/- per year. I want to know how this gain will be treated for tax purposes. Will it be clubbed along with my normal income and taxed according to my slab rates? (For me It is NIL) OR will it be taxed separately at a special rate even though my total income all put together is within non taxable limit.
Harsh Roongta: No the total tax payable will be Nil since the income is less than Rs. 2 lakhs. since the definition of senior citizen has changed to 60 years the minimum exemption limit for you is Rs. 2.50 lakhs
mumbai.com: sir, any good thing for student and housewife in this budget?
Harsh Roongta: Well a credit guarantee fund has been announced to assist banks to lend to students looking at loans fro higher education and vocational training (skill improvements). This will make such loans more easily available for students. let us see how quickly these funds are unvieled and the process but it is likely to be soon. For housewives i am afraid the news isn`t so good. We are likely to see continued inflation and the current interst rate levels which is unlikely to be compensated by teh meagre increases in tax benefits and incentives
vishwas_mnit: Dear Sir, as DTC is still away, Can I invest in ELSS funds for tax saving April onwards?
Harsh Roongta: Yes you can continue to invest in ELSS in the next year as well.
minakshiraval: Sir,is there any diffrent income slab for women and senior citizens
Harsh Roongta: No. women dont have any different slab and the slab for senior citizen has remained at Rs. 2.50 lakhs except that the definition of senior citizen is now 60 years instead of 65 years
rnp_111: Good evening sir, my age is 30. paying LIc premium Rs 40000 per yr. want to invest some more amt. plz suggest something for investment.
Harsh Roongta: Very difficlut to answer a general question like that. the only general advise i can give is 1)Get proper insurance (risk only) before you begin investing 2)Dont mix insurance and investments 3) Great deals are available online for term insurance as well as health insurance - take advanatge of them 4)Invest for specific goals so that you can choose the appropriate mix of debt and equity and gold and real estate and ...... 5) Seek professional advise from financial planning frim such as Apnapaisa 6) Make sure that you are able to buy the product recommended by the financial planning firm from any intermediary of your choice
yashaneja92: sir there was an announcement related to changes in tax on saving account from Rs5000 to Rs 10000. Can you please explain what is it about.
Harsh Roongta: Unable to understand your reference to Rs. 5,000/- in relation to savings account. the entire interest on savings account was earlier taxable but now a deduction of Rs. 10,000 is proposed.
yashaneja92: sir I am 20 years old . Sir is there any policy offered by the insurance companies which is similar to LIC
Harsh Roongta: which policy of LIC are you refering to ?
geoffery: Is there any change after budget on housing loan relief to tax payer?
Harsh Roongta: no
geoffery: Is there any subsidy for solar related power or water gadgets through MNRE or NABARD?
Harsh Roongta: Sorry unable to answer this question
dchatterjee81: a. has the exemption amount on infrastructure bonds been increased from 20k to 60k ? b. should this instrument be considered as a viable investment option ?
Harsh Roongta: In fact the deduction of Rs. 20k for infrsstructure bonds has not been renewed and as things stand will not be available at all for the next year
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