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  • Balwant Jain

    11 Oct - 02:00hrs

    How to save tax on home loans

    Balwant Jain CA & CS, Bombay Oxygen

Posted By: guest:

Hi , I am 28 years old and married.My fathers retirement is due by the end of the month(July).He is getting a retirement settlement amount close to 33 lks.If i want to invest(mutual funds) a part of it say 6-7 lks under my name what are the tax obligations that i ll be facing and what are the ways to save tax if there are obligations?

Posted By: Balwant Jain

: If you want to save the retirement money received by your father in your name, there are two options. First option is to take a refundable loan interest bearing or interest free from your father and the other option is to receive a gift from your father. So as far as the receipt of money from your father is concerned, there are no tax implications for both the option. The tax implications for investment will depend on the whether you have invested in equity or in debts andn duration of the investments

Posted By: guest:

I hold Rs 25 L Bank deposit @ 7.5 , on interest i have e to pay 30 Income tax , my planning to transfer Rs 20 L in ICICI Pru dual adv balance fund , is dividend received is tax free? or to reinvest dividend rather to go for growth. Als adv if any other such type of scheme give good dividend monthly or qty , this is spare money with my FD apart other saving

Posted By: Balwant Jain

: The product which is available for you from investment perspective will depend on your time horizon and time frame. Since you are planning to invest the spare money out of saving, in balanced funds, this is a good idea if the time horizon is minimum five years. Please do not invest the entire money in balanced fund at one go. Invest the money in liquid fund of the scheme and do a STP systematic transfer plan from the scheme to the balanced fund of the same fund house. The STP can be spread over next 12 months. In stead of Adv balance fund of icici, you can invest in balanced fund under growth scheme in stead of dividend scheme in case you do not need the money. The profits made on such investment in balanced fund after 12 months is fully exempt under Section 10(38). You can invest in HDFC balance Funds as well as Aditya Birla 95 balanced funds through STP.

Posted By: guest:

How can an Indian National Invest in overseas funds India what are the tax implication?

Posted By: Balwant Jain

: There are two ways through you can invest in overseas funds. One is through domestic funds who invest in foriegn companies like "Motilal Oswal MOSt Shares NASDAQ - 100 ETF Fund". The other options is to invest in these funds directly. For investing directly in these funds you will need a broker or distributor of the country where you want to invest to help you invest there as the rules of the country may not allow you to invest there directly. RBI allows resident individuals to remit upto 1.25 Million USD outside India for any purpose including investing in equity and funds outside India. If you invest through domestic funds, the same would be taxed @ 15% being shrot term if sold within 12 months. and will be tax free if held for more than 12 months. In case you invest in overseas funds directly, the same shall be taxed at the slab rate applicable to you if sold within 36 months.However if the same are held for more than 36 months, the profits if any are treated as long term and shall be taxed @ 20% + applicable surcharge and cess after availing the benefits of indexation on the cost of acquisition.

Posted By: guest:

Dear Sir I wish to invest in Tax saving (80 C chapter vi) mutual fund 1.5 lakh for me aged 55 and 1.5 lakh for my son age 24 please advise.

Posted By: Balwant Jain

: You can invest the money equally divided over the next 6 months in Axis long term equity fund for this year through SIP (Systematic Investment Plan) and then start SIP from April of Rs. 12500/- each month.

Posted By: guest:

I want to invest lumpsum amount around 1.5 lakh for Income tax purpose . But, now a days market is at very higher scale. How should i plan my investment

Posted By: Balwant Jain

: Please do not try to time the market. Invest this amount over the next 6 months till 31st March 2018 investing Rs. 25000/- every month through SIP.

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