Financial Planning Queries

How can I save my tax amount and make it Zero

I'm an IT employee and my package is CTC 4,00,000(4 lakh) Rupees. Gross Salary 3,66,600/-, Professional tax 2400, Gross Total Income 3,64,200 deductions under VI-A is 18396, income tax liability is 7580, take home is 28168, my question is how can I save my tax amount and make it Zero (0). Please help me regarding this?

Jan 21, 2016 by Krishna Chaitanya, Hyderabad | Financial Planning

You can make your tax liability zero. Your gross taxable income is Rs 364,200. The standard deduction for you is Rs 250,000. The balance amount is taxable at the rate of 10%, after deducting amounts for items... Read More

I want to invest Rs 2000 to 4000 for my retirement

I am 40 years old & working in private company. We do not have any retirement benefit from company. I am planning to invest Min - 2000 to Max - 4000 in SIP( no tax saving scheme). Retirement age is 55 years. I have single 5 years old kid. I want money for retirement as well as child education. Few information about my investment - 1. TATA AIG LIFE LAKSHYA SUPREME WHOLE LIFE MID CAP - 2000/- PER MONTH FROM JAN 2011. 2. HDFC LIFE CLICK 2 INVEST BALANCE FUND - 3000/- PER MONTH FROM JAN 2015. 3. HDFC LIFE PROGROWTH PLUS BALANCE FUND - 3000/- PER QUARTER FROM JAN 2015. Kindly suggest Mutual Fund for my goal?

Jan 20, 2016 by Rahul, Mumbai | Financial Planning

Since your child is very young and your retirement goal is 15 years away, you can invest in equity funds for your financial goals. Over a long investment horizon, equity as an asset class gives better returns than... Read More

I have many queries related to my future financial goals

I have few queries. Though I have posted the same in many websites I didn't get any response. I hope at least here I will be guided properly, kindly reply. MY FUTURE GOALS:(In terms of current cost) 1) My daughter's education time 15 years, today's cost - Rs. 20 lakhs, 2) My daughter's marriage, time 22 years - today's cost - 25 lakhs 3) My second daughter's education and marriage with 3 three years additional time frame, Same cost as above as today. 4) My retirement time 33 years, today's expense Rs. 30000 pm. MY INVESTMENTS: 1) Franklin India prima Fund - Rs. 1000 from Feb 2015, 2) Reliance mid and small cap - Rs. 1000 from Feb 2015, 3) Mirae Asset Bluechip Emerging Fund - Direct - Rs. 3000 from Nov 2015, 4) Franklin India Smaller Companies - Rs. 1000 from Feb 2015, 5) Birla Sunlife Frontline Equity Fund - Direct - Rs. 1000 from Nov 2015, 6) HDFC Tax Saver - Rs. 1000 from Feb 2015, 7) Reliance tax saver - Rs. 1000 from Feb 2015, 8) Axis Long Term Equity Fund - Direct - Rs.3000 from Nov 2015. Apart from these, I am planning to invest in SBI Pharma and in ICICI Pru Value Discovery Fund Rs. 2000 each and also planning for 1 cr term policy after 3 years at my age of 30. So that coverage may be extended till 65 years. Health insurance, I am coming under CHSS employees scheme. We are planning for second child (assuming girl) in next 2 years as mentioned above. Kindly advice. My net monthly salary Rs. 23000. Kindly reply?

Jan 14, 2016 by Kumaran, Kalpakkam | Financial Planning

In Advisorkhoj we do not give any specific investment advice. However, we will share some general guidance with respect to your query, so that you can make the right investment decision in consultation with... Read More

I have made the investments for long term will they be able to achieve my goals

My name is Deb. I am from New Delhi. I have made the investment for long term prospective (20yrs to 25Yrs). Where in the goals are as follows: Child Higher Education in India – Time period: After 20yrs, need at least 80Lakhs. Child Marriage – Time Period: After 25yrs, need at least 80Lakhs-1cr. Retirement at the age of 60 (currently I am 33yrs old): Time: after 27yrs. need at least Rs. 5cr. (for Self and Wife). I am looking to have probably Rs. 8.00Cr. overall for the above requirement after 300months from today. Kindly guide if the below investments are sufficient for the above goals? My idea is to increase the investment by 20% every year in SIP from the current value. SIP Funds Name: 1) Axis - Long Term Equity (G) Rs 2000, 2) Birla SL - Frontline Equity Fund Reg (G) Rs 2000, 3) Franklin - India Prima Plus (G) Rs 2000, 4) HDFC - Equity Fund (G) Rs 2000, 5) ICICI Pru - Value Discovery Reg (G) Rs 2000, 6) Franklin India Bluechip Fund (G) Rs 5000, 7) SBI Bluechip Fund (G) Rs 5000, 8) Franklin India Tax Shield (G) Rs 5000. Other investments are: Term Policy for Self and Wife: 1cr each, RD in Post office: Rs. 2500pm, Saving Bank investment of Rs. 25000.00pm, Medical Insurance of Rs. 10Lakhs for self and wife (we have no kids). Kindly suggest?

Jan 8, 2016 by Deb Bhattacharya, New Delhi | Financial Planning

You have made the right start by investing in mutual funds through SIPs for your longer term financial goals. Over a long investment horizon an investor can expect 15 – 20% returns from equities, based on... Read More

I want to invest 17000 per month in combination of ULIP and ELSS for Retirement Planning

I want to invest 17000 per month in combination of ULIP and ELSS, this is for retirement planning. Please advise me?

Dec 5, 2015 by Hemraj Chaudhari, Navi Mumbai | Financial Planning

It is always prudent to separate insurance and investment goals. Retirement planning is purely an investment goal. However, before you start investing you should ensure that you have enough life insurance cover... Read More

How to reduce the Home Loan EMI and invest in Mutual Funds through SIP

I have an ongoing home loan from, HDFC bank. Details are as follows: Home loan amount - 49 lakhs, Insurance of loan - 1.5 lakhs, Start date - March 2012, Initial EMI was - 51,000, Current Rate of interest - 10.8%, Current outstanding - 46 Lakhs, Current balance EMI - 144, Special situation - I had asked bank to increase my EMI from 51k to 58k in sep 2012, so as to pay faster. Query 1 - After discussion with bank if I want to reduce my ROI to 9.9%, I need to pay minimum of Rs. 5700+500. After which, with my current EMI of 58K, the balance EMIs will go down to 130. Shall I opt for it? Because if ROI by RBI goes down further, I will again be asked to pay conversion fees to bank. Query 2 - Should I reduce my EMI back to Rs. 52k, in that case my balance EMIs will go to 163. I am planning to invest this additional 6K per month in mutual fund, is this a good idea?

Aug 4, 2015 by Sudhir, Indore | Financial Planning

HDFC charges 0.5% conversion fee (plus tax) on the outstanding principal balance to move to the current adjustable rate of interest. The current adjustable rate offered by HDFC is 9.9%, has been in effect... Read More

How to get Educational Loan

I have secured admission in Manchester university. where should I apply for loan for lowest interest? Should I take up the loan in floating rate or fixed rate?

Jul 29, 2015 by Rituja, Chhindwara, Madhya Pradesh. | Financial Planning

You can get educational loans from most banks in the city / town where you live, if you fulfil the loan criteria of the banks. The bank will require you to have a co-borrower for the loan. The co-borrower should be your family member. Banks provide educational with or without collateral... Read More