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Do you have income tax and personal finance queries?
Please ask your questions here and rediffGURU Vivek Lala, who is a partner at S L Wealth, will answer them.
Chander: I am getting monthly annuity of Rs 10,000 from Max and I have received Rs 1,77,800 maturity amount from LIC and total become of Rs 2,97,000. Is this amount of LIC & Max annuity taxable? I don't have any other income except interest in saving account?
Annuity payouts are generally taxable as income under the head 'Salaries' in the year they are received so if your income from salaries and interest is below the taxable limit then no tax
Vijayaraghavan: In the New tax regime income up to 12 lakh has been made tax free. If this total income of 12 lakh includes 3.5 lakh of capital gains, is the total income still tax free or this 12 lakh is exclusive to salary income only, as is made to appear in some of the write ups in newspapers for the last 10 days and creating confusion in the minds of readers?
Capital gains is different and has its own deductions whereas income is separate with its own deductions
So yes there will be some tax as per the final computation.
Anonymous: Sir, I don't have any other income source and am been living on old savings which was over. So to survive, I want to sale my property which I had purchased @ 49 lakh in Feb 2023. Today's, value is around 90L.
In the meantime, I took gold loan of @9.9 L and personal loan of @ 14 L.
What is the tax payable by me and how much of these loans can be adjusted against income? How capital gain tax and income tax payable? Thanks in advance for your valuable guidance.
Your loans, either gold loan or personal loan, shall have no impact on your income tax liability. When you sell your property you would be liable to pay LTCG (if you sell property after February-2025). You should calculate LTCG without indexation & pay 12.50%. This LTCG & tax liability can further be reduced by around Rs 3,00,000 since you have got no other income.
Gourisankar: I am maintaining 2 small cap mutual funds since last 2 years. Should I shift one to flexi cap fund? If yes to which flexi cap fund?
Depending on the other assets that you hold is when i can answer if you should have multiple kinds of funds or just one category.
For example you can follow this rule for portfolio creation:
Aggressive portfolios: small cap 30%, mid-cap 30%, multi cap 15%, large and mid-cap 15%, and thematic 10%
Remember that past performance is not a guarantee for future returns, and it's always important to review your investments periodically to ensure they remain aligned with your financial objectives.
Anonymous: I am 35 and earning 3 lakh per month. I have a daughter of 5 yrs old and recently bought a house 1.5 cr and paid 30% from my savings.
I currently have a corpus of about 1 cr including MF, NPS and few term INSURANCE. I do a monthly SIP of about 2 lakh in MF like Mirae emerging fund, Dsp opportunity fund, parag parik flexi, hdfc midcap opportunity fund, UTI nifty fifty index and few small cap funds as well.
I look forward to retire in next 5-7 years.
My monthly expense is about 1 lakh a month. I want to understand how can I secure future of my daughter and repay my loan that will start after 3 yrs.
Also to get 2 lakh monthly after the retirement of 5-7 yrs from the corpus that I will make. Please help me.
You are 35 and if you decide to retire at 45 with a 2L SIP and 1 cr corpus as of today, you will have about 8.54 cr @13% xirr at the age of 45 yrs.
A conservative SWP % is about 5-6% which means you can get 4.2L per month from your corpus collected.
If you are satisfied with the same you can continue on the same path
Please note that these suggestions are based on your stated goals and the information you provided. It is always a good idea to consult with a financial advisor in person to better understand your risk tolerance, time horizon, and specific financial goals.
Disclaimer: This article is meant for information purposes only. This article and information do not constitute a distribution, an endorsement, an investment advice, an offer to buy or sell or the solicitation of an offer to buy or sell any securities/schemes or any other financial products/investment products mentioned in this QnA or an attempt to influence the opinion or behaviour of the investors/recipients.
Any use of the information/any investment and investment related decisions of the investors/recipients are at their sole discretion and risk. Any advice herein is made on a general basis and does not take into account the specific investment objectives of the specific person or group of persons. Opinions expressed herein are subject to change without notice.