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Chat Transcript

Anil Rego

CEO & Founder , Right Horizons

How to manage your finances for new financial year


Questions Answered


guest: I am a 36 year old female smoker running my own business and looking for a Health Cover to take care of lifestyle diseases with a cover of upto 40 lakhs. There are way too many options available and I\`m having a hard time shortlisting the best plans. Could you help please

Anil Rego: The best option available would be ICICI I health, Religare care NCB, Star comprehensive plan. these have some additional features which suits the lifestyle diseases.

guest: i have sold a residential plot .size 234 sq m. date of purchase of plot-2011 cost-6 lac 90000 date of sale of plot-March 2017..cost -17 lac 35000 questions- 1.what is my capital gain in this? 2.do i need to invest the capital gain or the entire selling cost? 3.can i do a prepayment of a home loan from the sale proceed/capital gain?i have taken a home loan from SBI on 09 March 2016 for purchase of flat worth 50 lac rupees.Flat is under construction. only allotment letter given by builder in oct 2015 .Registration of flat on our name will be done during possesion in oct 2017 tentatively .can i deposit the capital gain/selling cost in my home loan as prepayment? 4. If home loan prepayment is possible then do i need to only invest the capital gains or the entire sale proceeds?

Anil Rego: This is a long term capital gain. you can reinvest the proceeds from the sale of property as this helps in tax exemption upto 2 years from the sale of the old property

guest: Dear Sir, I am struggling to setup my financial goals. My 35 years of age and along with my wife our monthly net income is Rs 170000. Our monthly expenses are 1. Home loan (Rs 25000 monthly installment for 20 years where my parents stay), 2. Rent: Rs 25000 per month (where my wife, my daughter and i stay), 3. Miscellaneous monthly expenses: 25000, Car Loan (Rs 18000 per month for 7 years). Our investments are: 1. My LIC policy 10 lac 5 lac , My wife\`s policy details: 15 lac, My wife\`s term insurance: 1cr, my term insurance: 75 lacs. Sukanya Samridhi for our 1.5 year old daughter (yearly deposit of around 50000), LIC policy for her: 5 lacs. My SIP of Rs 6000 per month. We would like to retire at the age of 55 years (after 20 years) and would like to have 1.5 CR in our account (after clearing all loans) to live a comfortable life. Please guide me if the investments I have done are enough as per my retirement plan.

Anil Rego: Currently you would be having savings of Rs.65-71k after all your expenses and investments ina month the current SIP worth Rs.6k would help you to take care of your child`s education need the Sukanya Sanridhi would take care of marriage need of the child we suggest you to invest Rs.8-10k additional via SIP towards equity and balanced mutual funds to take care of your retirement needs you consider investing into large cap funds, multicap and balanced funds

guest: I am 54 years and can invest 30lakhs in the retirement plan as I am retiring soon. For assured income, somebody advised me for TATA retirement or HDFC retirement plan since the interest is taxfree. Is it ok?

Anil Rego: the Tata retirement fund and HDFC retirement plans are balanced funds . these are riskier option since you have mentioned that you would be retiring soon. Also these funds deosnt provide guaranteed returns we suggest you to invest towards LIC jeevan Akshya IV which provides immediate annuity at a rate of 7%. this helps to deliver regular guaranteed returns throught the retirement phase. Lumspum Rs.30 lakhs can be invested

guest: How much should be invested in NPS, should i use both employee and employer contribution ? NPS is good option in terms of tax n return at the end OR mutual fund outside is the good one ?

Anil Rego: NPS helps to save tax of Rs.50k over and over Rs.1.5 lakhs under section 80C you can invest Rs.50k towards NPS to save tax. NPS invest in equity market and hence the returns are not fixed. NPS is a good option for tax savings. if you are looking for corpus creation then you can consider investing towards equity MF. the returns are tax free post 1 year

guest: Sir, I\`m 56 years old. I have an amount of Rs. 5 Lakhs now; I wish to use it for my daughter marriage after 5 years, mainly for buying gold at the time of marriage. Whether should I buy gold jewellery now or gold bar or e gold or any other option? Guide me.

Anil Rego: if you are planning for daughters marriage post 5 years, then it is a long term need we suggest you to invest this money towards balanced fund and debt funds for another 4 years. Post 4 years, the amount can be withdrawn and kept in liquid funds or saving bank balance to reduce the exposure towards equity markets . Gold can be purchased at the time of marriage. This investment helps you earn returns of 8-10% / annum . you can invest in HDFC balanced fund, ICICI pru balanced funds and HDFC medium term opportunities funds

guest: I am 40 years old and planning to invest 5000-6700 Rs. per month in SIP for 20 year. Which plan am I invest to achieve big financial return.

Anil Rego: you can consider investing towards Multicap and MId & small cap funds in order to achieve higher returns in the long run you can consider investing towards ICICI Pru value discovery fund, Franklin India High growth companies fund, HDFC Midcap opportunities fund, DSP BR Microcap fund, Franklin India Smaller companies Fund etc.

guest: hi, im 40yrs old and self employed, im having a minimal saving of 10000 per month, i want to invest it in a proper channel with good returns in the next 10 yrs. kindly suggest

Anil Rego: since you are looking for a long term investment , you can consider investing towards equity funds. you can diversify the portfolio equally towards Large Cap (Birla SL frontline Equity Fund), Mid Cap (HDFC Mid Cap Opportunities Fund), Small Cap ( Franklin India Smaller Companies Fund), Multi Cap (ICICI Pru value discovery fund) Rs.2.5 k each . fund option is provided

guest: Hi Team, I am a salaried individual and my wife is a homemaker. I have made few FD\`s on her name with my money. 1. Should I file tax for her? 2. How should I show the source of income for her ?

Anil Rego: If the interest received against the FD is greater than Rs.10k, then returns should be filed and source of income should be shown. Else if the interest is less than or equal to Rs.10k then the interest is tax free
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