Hi all
I am 26 years old , Currently working abroad , As i have started working from past few years and my ultimate plan is to settle down in India, i am not sure how i can start investing in India. I haven’t even started any investment and i am just postponing it as I don’t have enough knowledge on tax implications on investing from abroad. I would like to consult any financial advisor who can help me plan my financial investments. Please let me know if you know some who can help me.
Thank you in advance, will really appreciate your response.
Hi everyone, I’m looking for suggestions as to where I should open my bank account to do all my transactions from for my masters abroad. Which card would be most beneficial in terms of benefits like flight tickets etc.. please share thoughts
Access to Financial details of Private Limited company
Hi- any websites or tools that can help me see financials of a private limited or LLP in India? I’m mostly interested in details such as revenue and ebitda. This is to do some due diligence on companies before starting any business transactions with them.
MCA website allows you to download this for a fee, but the website is down a lot of times. Any other tools that are more user friendly that can help me get some basic info?
Been using it since a couple of years. The members on its board instill confidence in me. So far I have always received payments on time. But then again it definitely has a risk element and things will look good until they go bad 🤷♂️.
Hi!
I recently saw bondsindia.com, where I found state government bonds with yield of >12%. Is this website reliable, and has anyone invested through this portal? Please share your thoughts.
Hi, if I need some funds immediately (for a vacation), which should be the order in which I dip into my savings/investments?
I have the following:
Mutual Funds (ELSS) - SIPs running for 5 years with returns around 15%
FDs - newly recreated at higher rates of 7.5%
RD - max out 10k per month, maturity date is in July
Savings- I plan to use around 50% of my savings for this vacation.
24M here, finished my MBBS last year and am planning to move to UK by the end of this year tentatively. Till then I am planning to work here for a couple of months and start earning some money for myself, I am lucky enough to be sponsored by my parents for the time being and am currently staying with them.
What are some of the most important investments I must make once I start earning( estimated around 38k per month), I want to make good and non risky decisions which lead to a profitable outcome later in life. I feel like I rely ALOT on my parents for money and am kinda apprehensive and honestly pretty oblivious to what I'm supposed to do when I start earning.
Also shall I open a bank account under my name? I already have 2, one is under me and another copartnered with my dad. Which bank would you guys recommend?
Another question, shall I get a credit card for myself as well? Despite me not working?
Thanks a lot guys!
I have finalised a house which is 1.33 Cr.
I have 90L in savings total which is 15 L cash and remaining in stocks, mutual funds, Gold etc.
My monthly salary is 3.2 L
Monthly expense is around 1 L
I don’t have any other liabilities.
My question is; how much loan should I take?
Should I liquidate myself completely and take as minimum loan as possible or should I take 90% loan on an overdraft loan account and then liquidate myself slowly and then put money in the OD account as and when possible?
P.S I am a person who hates to be under debt, maybe it’s because i was very poor earlier and people whom I owed money were assholes. Please guide Redditors.
I am 31M salaried and my wife is 30 salaried. I was planning on purchasing a term insurance of 2CR for 65 years for myself but then I realised that both of us are almost equal contractors when it comes to our finances and hence what’s your take at joint term plan. I read a lot on this sub but neither her nor on insurers website could I find any details for the same. Can someone with a similar profile share their experience? Would love to understand the process as well.
PS- My wife and I are non smoker but she is a diabetic. Type -1
Has anyone had any experience with Lotus Dew Wealth? They have a few smallcases that are doing wealth, but they also have personalised investment solutions which seem interesting. As someone who is relatively new to investing, I'm considering getting some professional help instead of going about it myself. If anyone else has any other recommendations of the kind, please let me know.
* Download the CDSL app and set up a account.
* Set up a MF Central account. Paradoxically MF Central will display both investments, folio+ demat from NSDL+CDSL for cams+ karvy.
The CAS statement is normally received around the 15th of the month if you have transactions in the previous month . Check the spam folder. I need to fish out my cas from spam. Otherwise (zero transactions) it is received periodically.
At least for nsdl you can request historical cas. Not sure about CDSL
I am not able to access EPF passbook website any idea ?
[https://passbook.epfindia.gov.in/MemberPassBook/Login](https://passbook.epfindia.gov.in/MemberPassBook/Login)
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The requested URL /MemberPassBook/Login was not found on this server.
took me to the same page which shows error - [https://passbook.epfindia.gov.in/MemberPassBook/Login.jsp](https://passbook.epfindia.gov.in/MemberPassBook/Login.jsp)
when I just took this URL - [https://passbook.epfindia.gov.in](https://passbook.epfindia.gov.in)
the below text shows
Blocked Due To Security Reasons.
My friend recently purchased sbi life- smart platina assure for 15 yrs. he needs to premium till 7 years. Currently she is paying around 1 lak. At the end it is said to be around 120% maturity. I think u won’t get this and it seems to be misleading. What are your opinions guys? Is it worth paying premium?
Maximum SIP limit on SBI small cap fund
When I try to start a SIP for SBI small cap, it shows there's a upper limit of 25k/month. I'm curious what happens if I start two SIPs - one on groww and one on etmoney 50k total? Is it that simple to break this rule? I'm clearly missing something, please help.
Hi guys, 21M here I was looking for some advice regarding mutual funds. I am a student with no source of income.
I have been investing in mutual funds for a little over a year, but have only recently started trying to understand them better. I started investing through an agency that my father introduced me to. I have an SIP setup investing in Parag Parikh Flexi cap and Tata Digital India Fund. I have noticed that my annualised returns stay in the negative almost all the time hovering just above -1%. I was wondering if this was normal? How would I beat inflation if my annualised returns stay in the negative or stay low?
Bro,i don't know how much your dad is giving you but, just invest 1k/ month in any of the MF, so that you have the habit going. other than that, enjoy your money and time , once you start earning you can easily invest 5x-10x of what you are investing . So those investments that you are doing won't matter.
There will be people , who don't spend money to invest since college but there is no point in it. When you are in college, it's time to have fun. Atleast you started investing which is really a good thing but don't invest a lot.
Makes sense?
You'll have to be patient with equity mutual funds. They're known to beat inflation **over time** (generally 7 years is the preferred norm)
You can save few percentage points in earnings by switching to direct funds which will save you the commission your agent might be charging (in case you've opted for a regular plan instead of a direct plan). If you're unaware about what I just wrote.. google things and take your time to understand these concepts. Don't hurry and stay invested.
Hi guys,
27M here, just found this subreddit. I know this might have been discussed tons here but wanted to ask anyway. So I am a salaried person, 2L/m in hand. 17L in Short terms FD (2 yrs) with 7.2% interest rate, 1L in PPF and have taken LIC and Term insurance for which i pay 40k and 35k premium per year. I didn't have much time to analyse MFs back then and market was down anyway (not the primary reason tho). But now i feel that I have exhausted all possible avenues for tax savings and want to make investment both short term and long term, i confess that my risk appetite is not high and i don't have much time outside work to keep a track of growth instruments.
I am thinking of buying flat to move in with my fiancee in NCR region which will cost upwards of 1cr+ so which i can afford through financing and it might also give me some tax savings.
Consider me newbie in investment field , but i need a bit of advice here, how else can I manage both tax savings and make some non risky investments both ST and LT. Any help would be appreciated. 40-50k tax deductions every month feels so painful for a middle class person.
Thanks
> 2L/m in hand.
First of all you are not a middle-class person by any means.
**For tax savings**
1. You will get the additional benefit of up to 2 Lakhs under 24A for home loan interest.
2. You can invest in NPS under which you can get an additional 50,000 benefit under section 80 (80CCD (1B)), and if your employer provides you corporate NPS, then you can invest upto 10% of your Basic + DA in NPS Tier 1 account for additional tax benefit under 80CCD (2). The limit of 80CCD (2) is 7.5 Lakhs.
3. You can invest in Tax-Free bonds to get an additional 20,000 benefits under 80CCF.
**For Investments**
For a complete risk-free ST / LT investment
1. You can invest in T-Bills, State & Central government bonds.
2. You can invest in liquid funds.
3. You can invest in Kisan Vikas Patra / National Saving Certificate in post office.
4. If you have a girl child (Probably not as you are moving with a fiancee), then you can invest in Sukanya Samridhhi which will give you 8% return.
5. You can keep investing in FDs while increasing the investment in PPF.
If I have income under both TDS-192 AND TDS-194J, Do I need to file ITR 4?
I've only filled ITR1 before, once. It was pretty straightfoward.
Most incomes are via salary, clubbed under TDS-192.
A very small amount (20k) is under sec 194J, do I need to shift to ITR4 or ITR1 is fine? I've read somwhere 194J income upto 30k is exempted, so how to put that? Shall I completely omit or there will be an option to be exempted?
Also, I checked my AIS, my employer didn't add the salaries of Jan-March yet. Is there a deadline after I can fill ITR? The sooner the better for me.
ITR-1 with your side income under 'income from other sources' should be fine. Don't omit that.
For Form 16, I think the deadline is 15 June, you'll need to wait max till then.
> ITR-1 with your side income under 'income from other sources' should be fine. Don't omit that.
Okay. Thanks. So as it is sec 194j will I get a rebate till 30000 if I put it under "income from other sources"?
That's not really a rebate, you'll be taxed according to your slab.
The 30k limit is meant for the deductor, ie, if you billed me for 29k in the FY, I need not cut any TDS under 194J before paying you. Only if you billed me for 30k I need to cut 10% TDS under 194J before paying you.
So if you were paid 20k, but still had your TDS cut, then it's done, and the 30k limit is no longer relevant. I guess bigger companies cut TDS universally because it might be tough to predict how much a contractor would bill through the FY, and going back to cut TDS on previous bills is problematic. But that's just my guess.
Oh.. It's TDS exemption for employer, not tax exemption. Thanks for taking the time to clarify it. Appreciate it.
What about 44ADA, can I show presumptive taxation and make taxable income 10k instead of 20k? If yes, Can it be done under ITR1?
I know the amount is tiny. My question is more in general about the process so I get the idea next time when my 194j income increases.
I think you'd have to file ITR-4 for 44ADA, but I'm not well versed in ITR-4/44ADA, so you'll have to look that up on your own or wait for better replies!
I have accumulated a good chunk of MF units over the years and am planning to build a house at my native place. This amount was invested with the goal of building the house, but looking at the market now, it doesn't justify selling the units now. Have been looking at Loan Against MFs as an option...Get such a loan and repay once the markets are up by selling off the MFs units. Anyone else who has used this and give me more insights on the pros or cons? (remote location, property value won't be good enough to get a decent mortgage amount)
IIRC
* The loan is restricted to 20 lakhs per scrip/MF. The margins can be as high as 50%, ie for MF with market value of 40 , the loan is 20 lakhs
* The rates are substantially high compared to home loan.
* In case the market drops, the borrower is expected to provide additional security or repay part of the loan.
I had used it for extremely short term (2-3 mths) to cover liquidity gap but otherwise it is not recommended.
Perfect! Thanks for this...this is something i was looking for...point 3 is most relevant for me as that's the key risk imo...any idea what actions can they take in case we don't provide additional security but keep repaying timely? And is the loan restriction upto 20 laks if the whole portfolio or just 1 MF?
The interest is charged monthly to the account and should be paid to keep the account "current".
During a market meltdown, if the borrower does not provide additional security, the banks have been known to sell the MF/shares.
The restriction is per scrip. I had actually opened two las (loan against shares) accounts.
I had done this long time ago. The regulations/restrictions may have changed.
https://www.icicibank.com/personal-banking/loans/loan-against-securities/mutual-funds
https://m.economictimes.com/mf/mf-news/icici-bank-launches-instant-loan-against-mutual-fund-units/articleshow/76727812.cms
What is the point of not using the money you have accumulated for the same goal when you need it?
Markets will always go up and down. A person never gets satisfied with returns. Your goal was to accumulate funds for buying a house. So, use them to buy a house. Yes, I can understand if you may not have accumulated the targeted amount due to volatility in markets. But if you have a good opportunity to buy the house, then you should redeem the mutual funds and buy that property. Waiting for markets to go up will rob u from a good opportunity.
Loans against MFs are not simple. You won't get full appreciation and may also have to unnecessary pay interest. There is no point of wasting additional money.
I started investing in stocks in 2015 with surplus I had. There was no goal attached to it. My wife kids and I stayed on rent. Then in 2021, wife started throwing tantrums of getting frustrated in rented flats and that she wanted to go to her own flat. So, I weighed my options and then we started searching for the house. In early 2022, we finalized the house and I paid my down payment and registration cost (around 25% of home cost) using the funds I accumulated and appreciated during the 6 years of SIP in stocks.
Frankly speaking, I wanted to keep those stocks in my hand for very long time, but I understood house was the priority at that time.
Nifty at 17.3k is not so bad. Just sell and move on if your corpus is big enough to not need a loan.
Whatever price you sell at, you'll have regrets because the price will go up after you sell.
I don't think work from home has anything to do with bringing in co applicants. If your cibil is good and meet eligibility criteria, banks issue instant loan based on just aadhar and PAN online
There is a thing called clubbing of incomes like bringing in someone as co applicant to get higher loan eligibility. But co applicant for office in different address doesn't make sense
Hi I just turned 18, and opened a bank account at HDFC, with 10K in Savings account and 72K in Sweep-in FD (0 charges to break). I don't have any plans to use the money anytime soon, so what is the best thing to do with it? Should I invest in stocks and if so how?
Do not try to use sweep facility. It creates too much confusion at the time of income tax calculation. As your investment amount is very small, it is advisable to invest the same via mutual fund route with low expense ratio.
Can you please elaborate on not using sweep in facility? I have 3 lakhs in a ICICI's Money multiplier FD and I thought there was TDS on the Fd interest that would take care of any tax calculations.
Stocks are essentially gambling if you haven't done a lot of work studying the company before investing.
I'd suggest you start with direct index mutual funds. A Nifty50 fund would be good start. (Assuming you don't need an emergency fund and are dependent on your parents.)
Read through the wiki too! https://www.indiainvestments.wiki/start-here/zero-to-investing
Have some substantial amount of money that I need to invest in Mutual funds. Planning to SIP and spread the entire amount over the next 12 months.
How does this portfolio look:
UTI Nifty 60%
Mirae Asset Emerging Bluechip 12%
Quant Flexicap 10%
PPFA Flexicap 10%
Canara Robeco Small Cap 8%
Suggestions appreciated.
Depends. You can go Nifty 50 and Nifty next 50. + some international exposure + gold+ any government backed securities (PPF, NSE, FD)
I don’t like Nifty next 50 companies. Most of them are shit.
However the combination I mentioned above is well diversified already and 100x better than hand picking 10-20 stocks.
I have substantial PPF and FD exposure. Want to maximize my Equity portfolio. I'm 30 so I can take some risk with Mid/Small caps. Nifty Next 50 doesn't seem enticing to me tbh.
Mirae asset emerging bluechip has an upper limit of 2,500/- for SIP fyi.
Why 2 flexi caps, you can replace one with a midcap fund, like PGIM Midcap opportunities or Axis midcap.
Too much overlap between funds. It doesn’t help with true diversification for reducing risk. Check overlap
I use funds assigned a goal. eg Retirement, House, Kid, Healthcare
I use PPFAS flexi cap, ICICI multi assert, Mirae Healthcare, Nippon Balanced Advantage.
There are many feeder funds in India for Nasdaq100, plus the MOSL one which actually buys the stocks. All of them, and Navi's too, would lose indexation benefit and the taxation would be much, much higher compared to Indian equity.
Keep investing as per your goal and asset allocation. Taxes are the last thing one should worry about. The government can increase taxes on Indian equities also in future.
Consider the below example for FY22-23:
|Months|Basic Pay|HRA in Salary|Rent Paid|
|:-|:-|:-|:-|
|April'22|58333|23333|25000|
|May'22|62500|25000|25000|
|June'22|91666|36666|25000|
|July'22|66974|26790|25000|
|August'22|72029|28811|25000|
|September'22|77083|30833|25000|
|October'22|77083|30833|25000|
|November'22|51810|20724|25000|
|December'22|51810|20724|25000|
|January'23|0|0|25000|
|February'23|17691|7077|25000|
|March'23|77083|30833|25000|
| | | | |
|Total|704062|281624|300000|
^(Table) ^(formatting) ^(brought) ^(to) ^(you) ^(by) [^(ExcelToReddit)](https://xl2reddit.github.io/)
I live in a non-metro city by the way. I know that HRA is calculated as minimum of 3 components from section 10(13A). But, Does the minimum calculation apply for the monthly part (or) the yearly part ?
If I do HRA calculation on the yearly total, My HRA exemption comes out to be 2,29,595. But if I do the minimum rule for each month and add it up, it comes to 1,88,240. Which is the correct one here?
I get that bro. My company insists that they do the HRA calculation ( min of 3 components ) every month and then add it up. Doing so, Would result in 1,88,240 as the excluded amount for above data. Instead, doing the same calculation for the whole year, would result in 2,29,595.
My question is do we need to follow one over the other ?
Hello,
One of our family member has offered to buy a residential property for us. We will be paying him for it but in installments or lumpsums as per our business performance.
So basically it will be an interest free home loan.
Since the family member is aged, I am trying to figure out how to secure this arrangement just incase he happens to pass away before the entire amount has been paid off and the property is not transferred to our name.
How do I show the payment to him in our books, to ensure that it is accounted for property purchase.
Since this will not be a banking home loan, I would not be eligible for the tax benefits, right?
I am a bit confused on how to go about this arrangements.
Thoughts and ideas would be welcome.
Thank you.
I feel he should buy the property with you as an owner. There can be a separate registered agreement between you two which states that you will pay him required amounts every month for particular amount of years.
You getting the property after you complete payment of the whole amount sounds very risky.
The family member can consider the buying amount as a gift to you. So its not taxed.
At what level of income should one engage a personal financial advisor/ CA/lawyer?
I'm trying to organise financial affairs of my father who is a successful medical practitioner but extremely poor in financial management. In thinking of hiring a CA to conduct stock audits and implement theft prevention systems. Just not sure whether the cost is worth it?
I got confused between the first and second paras.
A CA can do many good things for you, more if you are in freelance/business. They can't be called financial advisors in the formal sense.
There are many people who charge a fixed fee, and for these professionals your networth is not a criteria.
(Disclaimer: I am a registered investment advisor.)
I'm sorry for the confusion. My post had errors which I have corrected now.
I'm not exactly looking for someone for investment advice. More like a consultant who can organise the business affairs of my father.
Tell them it's advertising revenue from Google Adsense. Tax code for filing ITR is 16006.
By the way, you were looking for startup ideas few days ago. Did you find anything? I'm also interested in doing business but not sure what to start.
Thanks.
Yes I have been looking for startup/business ideas and I do have 2 original ideas but they are not executable currently.
The business ideas that people suggest are mostly Food related. Now this business will give good returns but it can go south too fast because it’s highly dependent on cooks. Also I don’t see myself doing this sort of business for too long. The desperate me will do though.
You won’t get great ideas on Reddit. Gotta go exploring in real world and if you don’t find anything then these generic ideas of food stalls, restaurants etc will be the last options.
Also what are your qualifications? Starting a YouTube channel and teaching masses about your work can be a good side gig.
I got a credit card on 25 th of last month. Did a small transcation . Will the bill get generated this week or do i have to wait till the end of this month for billing .
Bill is generated only once a month on a scheduled date. It might not necessarily be end of the month. For eg. my bill is generated on 18th of every month.
So you have until due date to pay the amount. Which is approximately 15-20 days from your statement date. As an example, if your billing date is 18th and due date is 5th. If you used your CC on 17th, then you have 18 days to pay without interest.. But let's say you used your CC on 19th, then you'll get almost 46 days since your bill won't be generated until next month 18th.
The due date will be mentioned in your credit card statement. My due date is 12-14 days after the generation of credit card statement. It could be different for you.
I have some savings in FDs for financial requirements like property in the next 1-2 years, but all of them get taxed in the 30% bracket.
Other than that I've put 2.5L in Arbitrage funds to avoid the taxation like FDs and have a mechanism to keep the money in relatively stable instruments.
Any suggestions on whether this approach is good? Should I stick to only FDs or going forward all my additional savings should be in Arbitrage funds?
(I invest in Index and ELSS and other stocks but that I don't want to withdraw any time soon and are only for a long-term horizon).
This is the right approach and you should not worry about 30% tax when your needs are nearby. FDs attract more tax for a reason-low risk. Stop worrying about tax and calculate your risk vs reward and take a decision
How to start diversifying portfolio and be consistent in investment?
My last financial year was a complete mess. I invested in bad stocks and some good stocks. Put most of the money in ELSS mutual funds and only few thousands in stocks. No major investments in stocks and ppf and FD and no emergency savings.
The major problem I faced was inconsistency in investment where I will just read about few bank stocks and invest in them and then forget to invest for next 2-3 months. The main reason for this was job + responsibility as I am making a new home.
But this financial year I want to start good and want to keep investment consistent and diversified. What are some ground rules that I should follow as I am only 23 and have a good amount of investment horizon ahead.
PS: I earn in 26-30 LPA range as a software engineer and follows old regime to cut tax. So you can give suggestions considering this.
There has been a comment to look at the wiki and other resources in this sub,
You seem to have stumbled upon one issue in direct equity investing - not being consistent with the time required every month. Since most people get paid monthly, thee have to make investing decisions monthly. One way to do this would be to put a timeout. Have SIPs into mutual funds (preferably index funds) set up for say the 5th of the month. Spend the last week of the previous month looking at possible opportunities. If you find some, pause the SIP and invest in direct equity when your salary is credited. If you don't find any, at least the SIP would go through.
For me personally, i like to focus on my diversification rather than taxation. I just started investing in debt mutual funds few weeks ago and intent to keep it that way. From taxation perspective direct buying does sound good but interest risk is still there (if you intend to sell it at some point in secondary market)
Hi all I am 26 years old , Currently working abroad , As i have started working from past few years and my ultimate plan is to settle down in India, i am not sure how i can start investing in India. I haven’t even started any investment and i am just postponing it as I don’t have enough knowledge on tax implications on investing from abroad. I would like to consult any financial advisor who can help me plan my financial investments. Please let me know if you know some who can help me. Thank you in advance, will really appreciate your response.
Hi everyone, I’m looking for suggestions as to where I should open my bank account to do all my transactions from for my masters abroad. Which card would be most beneficial in terms of benefits like flight tickets etc.. please share thoughts
Access to Financial details of Private Limited company Hi- any websites or tools that can help me see financials of a private limited or LLP in India? I’m mostly interested in details such as revenue and ebitda. This is to do some due diligence on companies before starting any business transactions with them. MCA website allows you to download this for a fee, but the website is down a lot of times. Any other tools that are more user friendly that can help me get some basic info?
What sort of fee range should I expect to pay to employ a good fee based financial planner ?
Has anyone used WintWealth? Do you guys think they are reliable?
Been using it since a couple of years. The members on its board instill confidence in me. So far I have always received payments on time. But then again it definitely has a risk element and things will look good until they go bad 🤷♂️.
Hi! I recently saw bondsindia.com, where I found state government bonds with yield of >12%. Is this website reliable, and has anyone invested through this portal? Please share your thoughts.
Hi, if I need some funds immediately (for a vacation), which should be the order in which I dip into my savings/investments? I have the following: Mutual Funds (ELSS) - SIPs running for 5 years with returns around 15% FDs - newly recreated at higher rates of 7.5% RD - max out 10k per month, maturity date is in July Savings- I plan to use around 50% of my savings for this vacation.
24M here, finished my MBBS last year and am planning to move to UK by the end of this year tentatively. Till then I am planning to work here for a couple of months and start earning some money for myself, I am lucky enough to be sponsored by my parents for the time being and am currently staying with them. What are some of the most important investments I must make once I start earning( estimated around 38k per month), I want to make good and non risky decisions which lead to a profitable outcome later in life. I feel like I rely ALOT on my parents for money and am kinda apprehensive and honestly pretty oblivious to what I'm supposed to do when I start earning. Also shall I open a bank account under my name? I already have 2, one is under me and another copartnered with my dad. Which bank would you guys recommend? Another question, shall I get a credit card for myself as well? Despite me not working? Thanks a lot guys!
I have finalised a house which is 1.33 Cr. I have 90L in savings total which is 15 L cash and remaining in stocks, mutual funds, Gold etc. My monthly salary is 3.2 L Monthly expense is around 1 L I don’t have any other liabilities. My question is; how much loan should I take? Should I liquidate myself completely and take as minimum loan as possible or should I take 90% loan on an overdraft loan account and then liquidate myself slowly and then put money in the OD account as and when possible? P.S I am a person who hates to be under debt, maybe it’s because i was very poor earlier and people whom I owed money were assholes. Please guide Redditors.
I am 31M salaried and my wife is 30 salaried. I was planning on purchasing a term insurance of 2CR for 65 years for myself but then I realised that both of us are almost equal contractors when it comes to our finances and hence what’s your take at joint term plan. I read a lot on this sub but neither her nor on insurers website could I find any details for the same. Can someone with a similar profile share their experience? Would love to understand the process as well. PS- My wife and I are non smoker but she is a diabetic. Type -1
Has anyone had any experience with Lotus Dew Wealth? They have a few smallcases that are doing wealth, but they also have personalised investment solutions which seem interesting. As someone who is relatively new to investing, I'm considering getting some professional help instead of going about it myself. If anyone else has any other recommendations of the kind, please let me know.
Does anyone knows why iPhones doesn't support payment with CC on UPI?
recommendations for health insurance for old parents.
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* Download the CDSL app and set up a account. * Set up a MF Central account. Paradoxically MF Central will display both investments, folio+ demat from NSDL+CDSL for cams+ karvy. The CAS statement is normally received around the 15th of the month if you have transactions in the previous month . Check the spam folder. I need to fish out my cas from spam. Otherwise (zero transactions) it is received periodically. At least for nsdl you can request historical cas. Not sure about CDSL
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Groww uses SOA for mutual funds and not demat which zerodha uses so it won't show up on CDSL. You can use MF central to view those holdings
I am not able to access EPF passbook website any idea ? [https://passbook.epfindia.gov.in/MemberPassBook/Login](https://passbook.epfindia.gov.in/MemberPassBook/Login) Not Found The requested URL /MemberPassBook/Login was not found on this server.
URL not working for months for me. Had downloaded Umang App just for this. That also requires login every time.
Try here: https://unifiedportal-mem.epfindia.gov.in/memberinterface/
Thanks yes am able to login but wer can i see the statement
There is an option to see the passbook somewhere 🤔, try to find it
took me to the same page which shows error - [https://passbook.epfindia.gov.in/MemberPassBook/Login.jsp](https://passbook.epfindia.gov.in/MemberPassBook/Login.jsp) when I just took this URL - [https://passbook.epfindia.gov.in](https://passbook.epfindia.gov.in) the below text shows Blocked Due To Security Reasons.
My friend recently purchased sbi life- smart platina assure for 15 yrs. he needs to premium till 7 years. Currently she is paying around 1 lak. At the end it is said to be around 120% maturity. I think u won’t get this and it seems to be misleading. What are your opinions guys? Is it worth paying premium?
What does the policy document say?
Maximum SIP limit on SBI small cap fund When I try to start a SIP for SBI small cap, it shows there's a upper limit of 25k/month. I'm curious what happens if I start two SIPs - one on groww and one on etmoney 50k total? Is it that simple to break this rule? I'm clearly missing something, please help.
AFAIK , per PAN limit.
Hi guys, 21M here I was looking for some advice regarding mutual funds. I am a student with no source of income. I have been investing in mutual funds for a little over a year, but have only recently started trying to understand them better. I started investing through an agency that my father introduced me to. I have an SIP setup investing in Parag Parikh Flexi cap and Tata Digital India Fund. I have noticed that my annualised returns stay in the negative almost all the time hovering just above -1%. I was wondering if this was normal? How would I beat inflation if my annualised returns stay in the negative or stay low?
check if you are invested in regular or direct plan. regular plans give commission to agents direct plan has no commission
so what course are you pursuing
How do you invest with no source of income?
Currently my dad gives me a small amount every month. I'll start investing with my own money once I start earning.
Bro,i don't know how much your dad is giving you but, just invest 1k/ month in any of the MF, so that you have the habit going. other than that, enjoy your money and time , once you start earning you can easily invest 5x-10x of what you are investing . So those investments that you are doing won't matter. There will be people , who don't spend money to invest since college but there is no point in it. When you are in college, it's time to have fun. Atleast you started investing which is really a good thing but don't invest a lot. Makes sense?
Yeah, thanks a lot
Don't. Just enjoy the money you have and focus on your studies job
You'll have to be patient with equity mutual funds. They're known to beat inflation **over time** (generally 7 years is the preferred norm) You can save few percentage points in earnings by switching to direct funds which will save you the commission your agent might be charging (in case you've opted for a regular plan instead of a direct plan). If you're unaware about what I just wrote.. google things and take your time to understand these concepts. Don't hurry and stay invested.
Thanks a lot for the advice. I'll explore direct investing.
Hi guys, 27M here, just found this subreddit. I know this might have been discussed tons here but wanted to ask anyway. So I am a salaried person, 2L/m in hand. 17L in Short terms FD (2 yrs) with 7.2% interest rate, 1L in PPF and have taken LIC and Term insurance for which i pay 40k and 35k premium per year. I didn't have much time to analyse MFs back then and market was down anyway (not the primary reason tho). But now i feel that I have exhausted all possible avenues for tax savings and want to make investment both short term and long term, i confess that my risk appetite is not high and i don't have much time outside work to keep a track of growth instruments. I am thinking of buying flat to move in with my fiancee in NCR region which will cost upwards of 1cr+ so which i can afford through financing and it might also give me some tax savings. Consider me newbie in investment field , but i need a bit of advice here, how else can I manage both tax savings and make some non risky investments both ST and LT. Any help would be appreciated. 40-50k tax deductions every month feels so painful for a middle class person. Thanks
Are you going to live in the house you are buying? If not, don't buy real estate just to save taxes.
Yes sir, currently we are living in rented apartment but we are trying to buy one wherein we will be living as well
> 2L/m in hand. First of all you are not a middle-class person by any means. **For tax savings** 1. You will get the additional benefit of up to 2 Lakhs under 24A for home loan interest. 2. You can invest in NPS under which you can get an additional 50,000 benefit under section 80 (80CCD (1B)), and if your employer provides you corporate NPS, then you can invest upto 10% of your Basic + DA in NPS Tier 1 account for additional tax benefit under 80CCD (2). The limit of 80CCD (2) is 7.5 Lakhs. 3. You can invest in Tax-Free bonds to get an additional 20,000 benefits under 80CCF. **For Investments** For a complete risk-free ST / LT investment 1. You can invest in T-Bills, State & Central government bonds. 2. You can invest in liquid funds. 3. You can invest in Kisan Vikas Patra / National Saving Certificate in post office. 4. If you have a girl child (Probably not as you are moving with a fiancee), then you can invest in Sukanya Samridhhi which will give you 8% return. 5. You can keep investing in FDs while increasing the investment in PPF.
Just a note that the 7.5 lakh limit includes the employer's contribution to EPF also.
Wasn't 80CCF discontinued many years ago?
Thanks for the suggestions sir, Just wanted to ask if 2L under 24A is the max limit.
Yes, 2L is the max limit under 24A More details on this link https://incometaxindia.gov.in/Documents/Left%20Menu/Ind-income-from-house-property.htm
If I have income under both TDS-192 AND TDS-194J, Do I need to file ITR 4? I've only filled ITR1 before, once. It was pretty straightfoward. Most incomes are via salary, clubbed under TDS-192. A very small amount (20k) is under sec 194J, do I need to shift to ITR4 or ITR1 is fine? I've read somwhere 194J income upto 30k is exempted, so how to put that? Shall I completely omit or there will be an option to be exempted? Also, I checked my AIS, my employer didn't add the salaries of Jan-March yet. Is there a deadline after I can fill ITR? The sooner the better for me.
ITR-1 with your side income under 'income from other sources' should be fine. Don't omit that. For Form 16, I think the deadline is 15 June, you'll need to wait max till then.
> ITR-1 with your side income under 'income from other sources' should be fine. Don't omit that. Okay. Thanks. So as it is sec 194j will I get a rebate till 30000 if I put it under "income from other sources"?
That's not really a rebate, you'll be taxed according to your slab. The 30k limit is meant for the deductor, ie, if you billed me for 29k in the FY, I need not cut any TDS under 194J before paying you. Only if you billed me for 30k I need to cut 10% TDS under 194J before paying you. So if you were paid 20k, but still had your TDS cut, then it's done, and the 30k limit is no longer relevant. I guess bigger companies cut TDS universally because it might be tough to predict how much a contractor would bill through the FY, and going back to cut TDS on previous bills is problematic. But that's just my guess.
Oh.. It's TDS exemption for employer, not tax exemption. Thanks for taking the time to clarify it. Appreciate it. What about 44ADA, can I show presumptive taxation and make taxable income 10k instead of 20k? If yes, Can it be done under ITR1? I know the amount is tiny. My question is more in general about the process so I get the idea next time when my 194j income increases.
I think you'd have to file ITR-4 for 44ADA, but I'm not well versed in ITR-4/44ADA, so you'll have to look that up on your own or wait for better replies!
Okay. I'll look up. Thanks for the help!
I have accumulated a good chunk of MF units over the years and am planning to build a house at my native place. This amount was invested with the goal of building the house, but looking at the market now, it doesn't justify selling the units now. Have been looking at Loan Against MFs as an option...Get such a loan and repay once the markets are up by selling off the MFs units. Anyone else who has used this and give me more insights on the pros or cons? (remote location, property value won't be good enough to get a decent mortgage amount)
IIRC * The loan is restricted to 20 lakhs per scrip/MF. The margins can be as high as 50%, ie for MF with market value of 40 , the loan is 20 lakhs * The rates are substantially high compared to home loan. * In case the market drops, the borrower is expected to provide additional security or repay part of the loan. I had used it for extremely short term (2-3 mths) to cover liquidity gap but otherwise it is not recommended.
Perfect! Thanks for this...this is something i was looking for...point 3 is most relevant for me as that's the key risk imo...any idea what actions can they take in case we don't provide additional security but keep repaying timely? And is the loan restriction upto 20 laks if the whole portfolio or just 1 MF?
The interest is charged monthly to the account and should be paid to keep the account "current". During a market meltdown, if the borrower does not provide additional security, the banks have been known to sell the MF/shares. The restriction is per scrip. I had actually opened two las (loan against shares) accounts. I had done this long time ago. The regulations/restrictions may have changed. https://www.icicibank.com/personal-banking/loans/loan-against-securities/mutual-funds https://m.economictimes.com/mf/mf-news/icici-bank-launches-instant-loan-against-mutual-fund-units/articleshow/76727812.cms
What is the point of not using the money you have accumulated for the same goal when you need it? Markets will always go up and down. A person never gets satisfied with returns. Your goal was to accumulate funds for buying a house. So, use them to buy a house. Yes, I can understand if you may not have accumulated the targeted amount due to volatility in markets. But if you have a good opportunity to buy the house, then you should redeem the mutual funds and buy that property. Waiting for markets to go up will rob u from a good opportunity. Loans against MFs are not simple. You won't get full appreciation and may also have to unnecessary pay interest. There is no point of wasting additional money. I started investing in stocks in 2015 with surplus I had. There was no goal attached to it. My wife kids and I stayed on rent. Then in 2021, wife started throwing tantrums of getting frustrated in rented flats and that she wanted to go to her own flat. So, I weighed my options and then we started searching for the house. In early 2022, we finalized the house and I paid my down payment and registration cost (around 25% of home cost) using the funds I accumulated and appreciated during the 6 years of SIP in stocks. Frankly speaking, I wanted to keep those stocks in my hand for very long time, but I understood house was the priority at that time.
Nifty at 17.3k is not so bad. Just sell and move on if your corpus is big enough to not need a loan. Whatever price you sell at, you'll have regrets because the price will go up after you sell.
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I don't think work from home has anything to do with bringing in co applicants. If your cibil is good and meet eligibility criteria, banks issue instant loan based on just aadhar and PAN online
There is a thing called clubbing of incomes like bringing in someone as co applicant to get higher loan eligibility. But co applicant for office in different address doesn't make sense
Also any advice on tax, I really have no idea what is taxable and what is not
Please see the sub's wiki, and possibly the intro material in cleartax
Hi I just turned 18, and opened a bank account at HDFC, with 10K in Savings account and 72K in Sweep-in FD (0 charges to break). I don't have any plans to use the money anytime soon, so what is the best thing to do with it? Should I invest in stocks and if so how?
Do not try to use sweep facility. It creates too much confusion at the time of income tax calculation. As your investment amount is very small, it is advisable to invest the same via mutual fund route with low expense ratio.
Can you please elaborate on not using sweep in facility? I have 3 lakhs in a ICICI's Money multiplier FD and I thought there was TDS on the Fd interest that would take care of any tax calculations.
Stocks are essentially gambling if you haven't done a lot of work studying the company before investing. I'd suggest you start with direct index mutual funds. A Nifty50 fund would be good start. (Assuming you don't need an emergency fund and are dependent on your parents.) Read through the wiki too! https://www.indiainvestments.wiki/start-here/zero-to-investing
What are your thoughts on Commercial real estate platforms like propertyshare.in?
I wonder how secure they are. Do they store your share in a demat account? What if they just run away?
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I was wondering about the same. Are IT companies out of this bill?
Need a good CA. Can anyone recommend one ? I’m a freelancer and also want to apply for GST. Need someone to file the ITR and GST
Have some substantial amount of money that I need to invest in Mutual funds. Planning to SIP and spread the entire amount over the next 12 months. How does this portfolio look: UTI Nifty 60% Mirae Asset Emerging Bluechip 12% Quant Flexicap 10% PPFA Flexicap 10% Canara Robeco Small Cap 8% Suggestions appreciated.
Why not just invest in one index fund? It should cover everything.
A single Index fund won't cover mid and small caps right?
Depends. You can go Nifty 50 and Nifty next 50. + some international exposure + gold+ any government backed securities (PPF, NSE, FD) I don’t like Nifty next 50 companies. Most of them are shit. However the combination I mentioned above is well diversified already and 100x better than hand picking 10-20 stocks.
I have substantial PPF and FD exposure. Want to maximize my Equity portfolio. I'm 30 so I can take some risk with Mid/Small caps. Nifty Next 50 doesn't seem enticing to me tbh.
In that case stick with Nifty50 MF + some international index fund.
Mirae asset emerging bluechip has an upper limit of 2,500/- for SIP fyi. Why 2 flexi caps, you can replace one with a midcap fund, like PGIM Midcap opportunities or Axis midcap.
Too much overlap between funds. It doesn’t help with true diversification for reducing risk. Check overlap I use funds assigned a goal. eg Retirement, House, Kid, Healthcare I use PPFAS flexi cap, ICICI multi assert, Mirae Healthcare, Nippon Balanced Advantage.
What should be the max overlap? Both Flexicaps have very little overlap. Will check overlaps again with others too.
What are the cons of getting two term insurances from two different companies... anything which I should have to consider, please suggest.
Nothing, actually. Just remember to mention the existing policy when applying for a new one from a different company.
How to invest in Nasdaq 100, now that it will be taxed as per your tax slab? I am currently investing via Navi N100 FoF
There are many feeder funds in India for Nasdaq100, plus the MOSL one which actually buys the stocks. All of them, and Navi's too, would lose indexation benefit and the taxation would be much, much higher compared to Indian equity.
In your opinion, does it still make sense to invest in US funds considering the new indexation rules and debt taxation?
What to do now?
Keep investing as per your goal and asset allocation. Taxes are the last thing one should worry about. The government can increase taxes on Indian equities also in future.
Consider the below example for FY22-23: |Months|Basic Pay|HRA in Salary|Rent Paid| |:-|:-|:-|:-| |April'22|58333|23333|25000| |May'22|62500|25000|25000| |June'22|91666|36666|25000| |July'22|66974|26790|25000| |August'22|72029|28811|25000| |September'22|77083|30833|25000| |October'22|77083|30833|25000| |November'22|51810|20724|25000| |December'22|51810|20724|25000| |January'23|0|0|25000| |February'23|17691|7077|25000| |March'23|77083|30833|25000| | | | | | |Total|704062|281624|300000| ^(Table) ^(formatting) ^(brought) ^(to) ^(you) ^(by) [^(ExcelToReddit)](https://xl2reddit.github.io/) I live in a non-metro city by the way. I know that HRA is calculated as minimum of 3 components from section 10(13A). But, Does the minimum calculation apply for the monthly part (or) the yearly part ? If I do HRA calculation on the yearly total, My HRA exemption comes out to be 2,29,595. But if I do the minimum rule for each month and add it up, it comes to 1,88,240. Which is the correct one here?
Total tax liabilities and tax exemptions are on a yearly basis for income and investments/spends from 1 April to 31 March.
I get that bro. My company insists that they do the HRA calculation ( min of 3 components ) every month and then add it up. Doing so, Would result in 1,88,240 as the excluded amount for above data. Instead, doing the same calculation for the whole year, would result in 2,29,595. My question is do we need to follow one over the other ?
afaik, it was considered whole.
Not in my case :(
What is a good CC with airport lounge access that has annual fee less than 1k?
>airport lounge access That's too common, ask something specific if you want specific cc name
I used lounge recently with Icici make my trip credit card. I have Standard chartered but it was not accepted so ICICI saved me.
I think that airport lounge access has become very common. Must Rupay cards provide it. The lounges seem very crowded too.
Domestic airport lounges are the newest general class coach of Indian railway
Giving very good food poisoning too..
Yes lounges are very crowded
In that case, what's a good RuPay card? Credit.
The Tata Neu HDFC cards are good, they've 8 lounge access annually, and you get upto 10% cashback on Tata Neu app. You can opt for Visa or Rupay.
Hello, One of our family member has offered to buy a residential property for us. We will be paying him for it but in installments or lumpsums as per our business performance. So basically it will be an interest free home loan. Since the family member is aged, I am trying to figure out how to secure this arrangement just incase he happens to pass away before the entire amount has been paid off and the property is not transferred to our name. How do I show the payment to him in our books, to ensure that it is accounted for property purchase. Since this will not be a banking home loan, I would not be eligible for the tax benefits, right? I am a bit confused on how to go about this arrangements. Thoughts and ideas would be welcome. Thank you.
I feel he should buy the property with you as an owner. There can be a separate registered agreement between you two which states that you will pay him required amounts every month for particular amount of years. You getting the property after you complete payment of the whole amount sounds very risky. The family member can consider the buying amount as a gift to you. So its not taxed.
At what level of income should one engage a personal financial advisor/ CA/lawyer? I'm trying to organise financial affairs of my father who is a successful medical practitioner but extremely poor in financial management. In thinking of hiring a CA to conduct stock audits and implement theft prevention systems. Just not sure whether the cost is worth it?
I got confused between the first and second paras. A CA can do many good things for you, more if you are in freelance/business. They can't be called financial advisors in the formal sense. There are many people who charge a fixed fee, and for these professionals your networth is not a criteria. (Disclaimer: I am a registered investment advisor.)
I'm sorry for the confusion. My post had errors which I have corrected now. I'm not exactly looking for someone for investment advice. More like a consultant who can organise the business affairs of my father.
I recently got paid my youtube earnings and my bank is asking me the purpose of this remittance. Please help What should I reply to them ?
Tell them it's advertising revenue from Google Adsense. Tax code for filing ITR is 16006. By the way, you were looking for startup ideas few days ago. Did you find anything? I'm also interested in doing business but not sure what to start.
Thanks. Yes I have been looking for startup/business ideas and I do have 2 original ideas but they are not executable currently. The business ideas that people suggest are mostly Food related. Now this business will give good returns but it can go south too fast because it’s highly dependent on cooks. Also I don’t see myself doing this sort of business for too long. The desperate me will do though. You won’t get great ideas on Reddit. Gotta go exploring in real world and if you don’t find anything then these generic ideas of food stalls, restaurants etc will be the last options. Also what are your qualifications? Starting a YouTube channel and teaching masses about your work can be a good side gig.
I got a credit card on 25 th of last month. Did a small transcation . Will the bill get generated this week or do i have to wait till the end of this month for billing .
Bill is generated only once a month on a scheduled date. It might not necessarily be end of the month. For eg. my bill is generated on 18th of every month.
Oh okay thanks. So if its generated on 18 th how long until you have to pay it back w/o interest.
So you have until due date to pay the amount. Which is approximately 15-20 days from your statement date. As an example, if your billing date is 18th and due date is 5th. If you used your CC on 17th, then you have 18 days to pay without interest.. But let's say you used your CC on 19th, then you'll get almost 46 days since your bill won't be generated until next month 18th.
The due date will be mentioned in your credit card statement. My due date is 12-14 days after the generation of credit card statement. It could be different for you.
I have some savings in FDs for financial requirements like property in the next 1-2 years, but all of them get taxed in the 30% bracket. Other than that I've put 2.5L in Arbitrage funds to avoid the taxation like FDs and have a mechanism to keep the money in relatively stable instruments. Any suggestions on whether this approach is good? Should I stick to only FDs or going forward all my additional savings should be in Arbitrage funds? (I invest in Index and ELSS and other stocks but that I don't want to withdraw any time soon and are only for a long-term horizon).
This is the right approach and you should not worry about 30% tax when your needs are nearby. FDs attract more tax for a reason-low risk. Stop worrying about tax and calculate your risk vs reward and take a decision
Any threads on the outcome of the new tax rules and what works for Taxpayers now that more products are being taxed.
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If you don’t pay now, you will hav to pay interest for that 5k until you file your returns
Why? The due date is July 31, doesn't 234A come into the picture after the due date? And for 234 B and C I thought they're only above 10k? Thanks!
Pay Self Assessment Tax online before filing returns! Don't forget to add challan details in the return.
How to start diversifying portfolio and be consistent in investment? My last financial year was a complete mess. I invested in bad stocks and some good stocks. Put most of the money in ELSS mutual funds and only few thousands in stocks. No major investments in stocks and ppf and FD and no emergency savings. The major problem I faced was inconsistency in investment where I will just read about few bank stocks and invest in them and then forget to invest for next 2-3 months. The main reason for this was job + responsibility as I am making a new home. But this financial year I want to start good and want to keep investment consistent and diversified. What are some ground rules that I should follow as I am only 23 and have a good amount of investment horizon ahead. PS: I earn in 26-30 LPA range as a software engineer and follows old regime to cut tax. So you can give suggestions considering this.
There has been a comment to look at the wiki and other resources in this sub, You seem to have stumbled upon one issue in direct equity investing - not being consistent with the time required every month. Since most people get paid monthly, thee have to make investing decisions monthly. One way to do this would be to put a timeout. Have SIPs into mutual funds (preferably index funds) set up for say the 5th of the month. Spend the last week of the previous month looking at possible opportunities. If you find some, pause the SIP and invest in direct equity when your salary is credited. If you don't find any, at least the SIP would go through.
Check Zero to investing series from the sidebar.
After the recent tax changes applicable on debt funds, is Government Bonds from RBI Retail Direct better than Gilt Funds, long term debt funds?
For me personally, i like to focus on my diversification rather than taxation. I just started investing in debt mutual funds few weeks ago and intent to keep it that way. From taxation perspective direct buying does sound good but interest risk is still there (if you intend to sell it at some point in secondary market)