Investment, Financial Planning, Mutual Fund & Income Tax Queries

Want to do a SIP for Rs 5000 but I am a conservative investor

I am 61 years old a retired doctor engaged in private practice with presently a monthly come of 80,000 per month. Most of my money has been kept in Banks as FD as I have poor experience with shares and mutual funds. I am a single person and would now like to invest in this fallen market about Rs 5000 per month as SIP. Could you suggest some Mutual funds. I am somewhat a conservative investor but can afford to take some risk?

Sep 18, 2015 by Uttam Kumar Dasgupta, Kolkata | Mutual Fund

Your decision to invest in equities is wise because even though you are retired you have monthly income from your private practice and can afford to take some risks. While it is unfortunate that you had a poor... Read More

PRE CLOSURE OF HOME LOAN

I'm 42 years old and working in a private company. I've availed home loan from LIC on floating interest right now it is 12%. My total loan tenure is 19 years and loan amount is 24lack & EMI is 28098. Most of the banks reduced their rate of interest but LIC is not yet done. In this situation when I approached LIC for pre closure of my loan through other banks take over system they told me that if you close the loan before the stipulated time with your own source of income with necessary proof you won't get pre closure charge if you go for other banks take over you have to pay 2% on loan outstanding as a pre closure charge is it true? Is it advisable to change to other banks or continue with LIC? As of now I've 10000 as surplus money to invest my question is whether I include this in my home loan EMI or invest in any SIP for 3 to 5 years and use it to pay the loan as part payment. Which one is best still I've to pay 22lack. As a first time investor which one is best for me with respect to my condition?

Sep 18, 2015 by V.G. Chandrasekaran, Coimbatore | Financial Advisory

Unfortunately in India there is a cost associated with refinancing your home loan. You have to pay a pre-payment penalty if you are getting your home loan refinanced by another bank instead of pre-paying from... Read More

Choice of Mutual Fund SIP Schemes

I am 25 years old working as Software Engineer, I would like to invest in Mutual Funds for a span of 5 years as SIP. Details are follows: 1. ICICI Prudential Focused Bluechip Fund- 1500 Rupees, 2. Franklin India High Growth Option - 1500 Rupees, 3. ICICI Prudential Value Discovery Fund - 1500 Rupees, 4. Franklin India Smaller Companies - 1000 Rupees, 5. Birla Sun Life Long Term Advantage Fund - 1000 Rupees. Could you please suggest whether the above portfolio is good choice of investment for good returns or any changes are required. I will also be grateful if you recommend me any other good Mutual Funds?

Sep 15, 2015 by Sravan, Hyderabad | Mutual Fund

You have chosen very good funds. These funds are all highly rated and have given excellent returns over the last 3 years. Large cap and multi cap diversified equity funds comprise approximately 62% of your SIPs... Read More

What is the minimum business LIC agents have to do

What is the minimum business guarantee for LIC Agent?

Sep 9, 2015 by Ravindra Bahadur Srivastava, Allahabad | Financial Advisory

The minimum business guarantee criteria for LIC agents are as follows - First Year: 6 life insurance policies and Rs 50,000 first premium income, Second Year: 6 life insurance policies and Rs 50,000 first... Read More

What happens when wrong PAN number is mentioned while depositing TDS

I have a query regarding the income from other sources(Bank FDs). I have a salary account with a private bank. I gave my PAN number while opening the account but somehow bank has updated it incorrectly. There is a one letter mismatch in the PAN number. 1. I want to ask, what will happen to the TDS which is deducted by bank for the interest on FDs(FDs which I have made in the bank)? 2. Am I right in saying that this TDS will not be reflected in my Form 26AS? 3. Is it also true that Income Tax department will not come to know about the income by these FDs and also the TDS that is deducted by the bank on the interest earned on these FDs? 4. In my case, bank is deducting 10% TDS on the interest earned on FDs. I come in 30% tax bracket. As my PAN is wrong with bank, the income and TDS, both are not shown in Form26AS. I do not have to pay extra 20% tax on this interest income because it is not updated in form 26AS. If I update the PAN in my bank account, both income and TDS will start showing in Form 26AS correctly. And then I have to pay extra 20% tax on this income earned by interest. So, won't it will be a loss of 20% tax for me?

Sep 9, 2015 by Saurabh, Ghaziabad | Taxation

The bank should ensure proper tax deduction at source. In your case, since the PAN is incorrect in the TDS, they may get a notice for Income Tax authorities for . The bank will have to file a revised TDS return... Read More

Article on Term Plan versus Mutual Funds

Few days back I read Term Plan versus Mutual Funds Article. please send that Article?

Sep 9, 2015 by Raju, Hyderabad | Mutual Fund

Thanks for writing to us. Here is the link https://www.advisorkhoj.com/articles/Financial-Planning/Term-Insurance-and-Mutual-Fund-or-ULIP:-Which-is-a-better-option?... Read More

Can USA NRIs invest in Mutual Fund in India

My friend is an NRI living in USA. I would like to know if he can invest in MFs. If so, are there any restriction applicable for an NRI. Please advice?

Sep 9, 2015 by Arun, Hyderabad | Mutual Fund

Unfortunately, most mutual fund houses do not take investments from NRIs residing in US or Canada. However, a few AMC’s do take investments from NRIs residing in US or Canada. You or your friend or his... Read More

Investment in Bajaj Allianz invest gain policy

My name is Sujit Pandit, D.O.B 07/06/1990 working as a Engineer in a reputed company in Jamshedpur, my monthly salary is 20k per month. I have opened a plan of Bajaj Allianz (invest economy), in this plan I am investing 18k per year. I have successfully completed 3 years. But now I am getting confused about this plan, whether this plan is suitable for me or not, this plan is for 20 years. Since locking period is 3 years, so I want suggestion from your side that whether this will be good for me or not. Approx what will be maturity amount I will be getting, and should I will continue with this plan or not?

Sep 9, 2015 by Sujit, Jamshedpur | Life Insurance

You have not mentioned your cover or sum assured and certain other details of your life insurance policy. Based on your age, annual premium and your plan, as mentioned in your query, our guess is that your... Read More

What is the best SIP investment

I with a age of 34 years doing service. I can save my earning Rs. 5000 per month. I would like to start SIP or investment. I am confused to which SIP should be select and for which period i.e. 6 month, 1 year, 2 year, 3 year or more for long term. I am seeing with different portal that 1 year SIP is giving more return. Should be go with these or go with long time SIP. Which fund sector should also be selected i.e. Equity, Infra and Diversify?

Sep 9, 2015 by Vijay Bansal, | Mutual Fund

Firstly you have made the right decision to invest in mutual funds through monthly SIP. If you choose the right mutual funds and continue your SIP over a long period of time, you will be able get excellent... Read More

How to do online Trading

I want to know about online trading?

Sep 7, 2015 by Shiva Bogam, Hyderabad | Equity Investing

Brokerage rates: You need to get low brokerage for both delivery based trades, and also for intraday and F&O trades. If you're an intraday or derivatives trader, brokerage and other transaction costs (STT,... Read More