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Journalism of Courage
* Myself and my husband,age 28 years,are both government employees with salary of Rs 33,000 each. We have various insurance policies of approx Rs 2 lakhs per annum since 2009. We are not paying any loans,neither owing any land or automobile. Our provident fund saving is 30,000 pm. Considering the daily expenses of mobile,internet,electricity,transportation etc,I want you to please suggest any way out for some reasonable savings which increases our liquid money.
Ramanpreet Kaur,Chandigarh
Saving in SIPs is a good idea for you. You could invest in large/ midcap funds to channelize the surplus funds you have. To augment liquidity,you could put aside some money in flexi deposits of banks. You could also invest in liquid funds to augment liquidity. Monthly/ quarterly interval plans are also a good idea and you could consider them in view of the good yields they are offering now.
* I have paid Rs 1,01,867 to LIC to take a policy Child Future Plan for 26 years in favour of my grand daughter (2 years). I have given,as demanded,2 cheques of Rs 19,114 and Rs 82,753,for which LIC has given me 2 receipts,with the understanding that I,as proposer,shall be entitled to deduction under 80 (C) from my gross income and that there shall be total 5 annual subscriptions i.e. 1st being Rs 19,114 for the current year whereas the remaining 4 installments shall be deducted by LIC out of Rs 82,753 every year in next 4 years. Kindly tell me if,I can deduct a sum of Rs 1 lakh from my income of the current financial year under section 80 (c).
S Chandra,Noida
Normally,a grand parent cannot take a policy on the grand child as there is no insurable interest. However,it is stated in the policy features in a third party site that a grand parent can be a proposer for his grand daughter provided he takes the consent of the parents. I presume that this is what you have done. As far as Section 80C is concerned,future premiums paid in advance cannot be considered for benefit in the current year. Its advantage can be claimed in the respective future years.
* I am a retired person. If I want to generate a monthly income of Rs 15,000 – Rs 20,000,how much do I need to invest. Which is the safe investment option?
Anil Desai,Mumbai
You could invest in bank Fixed deposits (FDs),Post office MIS,Senior Citizen Savings Scheme ( which offers 9 per cent interest ),interest bearing bonds as they become available,MIP schemes from Mutual Funds.
* The registration of my property under construction was done in June,2007. Posession was given in March,2010. Due to some reasons I sold the flat in December,2010. What will be the Capital Gain tax liability and at what rate? Can I save the CGT?
Srinivasan,Pune
The reckoning for capital gains is from registration(some people opine that it is possession and it is a grey area). Short term CGT applies if the house so acquired is sold within 36 months. Here,LTCG applies as the home is sold after 36 months of registration,which is 20 per cent with indexation.
* I have incurred long term capital loss in equity oriented mutual fund where STT has been paid. Can I set off this loss against long term capital gain earned by me in debt mutual fund?
Vinayak Gadre,Thane
Long term capital loss in an equity oriented Mutual fund cannot be set off against any other longterm capital gain of any other asset as in equity oriented MFs the LTCG is zero.
Suresh Sadagopan
Certified Financial Planner
Ladder 7 Financial Advisories
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