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Chat Transcript

Pankaj Mathpal

CFP & MD , Optima Money Managers

How Budget 2018 impacted your money matters


Questions Answered


guest: Do you see any major incentives for the salaried class in the Budget?

Pankaj Mathpal : Nothing has changed much. There are two important points to note. one is that Exemption in respect of Transport Allowance (except in case of differently abled persons) and reimbursement of medical expenses is proposed to be withdrawn and t is proposed to allow a standard deduction upto Rs 40,000/- or the amount of salary received, whichever is less. In current financial year Medical reimbursement up to Rs. 15,000 and Transport allowance up to Rs. 19200 is exempted from tax. second important point is that Deductions u/s 80C shall not be allowed unless the return of income is filed by the due date.

guest: I want to save my 6000 tax from my Salary how to save the same , I have 1 lac surplus fund and invest for 3 to 5 years.

Pankaj Mathpal : I advise you to invest in Tax Saving MF schemes (ELSS) to save tax if you have not exhausted your limit of Rs. 1.50 lakh available u/s 80C of Income Tax Act. You can claim additional deduction up to Rs. 50,000 by investing in National Pension System (NPS).

guest: I want to invest around 1 Lac of Rupees in mutual fund with short term benefits. please advise me the mutual funds which can give me good returns in short term.

Pankaj Mathpal : You cannot expect good returns in short term. You can park your money in short term funds but then don`t expect high returns or invest in Equity oriented MF schemes for long term, if your objective is wealth creation.

suku_ajish: Hello Sir, what will happen to Equity Mutual fund & debt mutual fund. if I redeem mutual fund. will I be required to pay tax. please explain

Pankaj Mathpal : There is no change in taxation of Non-equity MF as Short term as well as long term capital gain from non- equity MF is already taxable.Long term Capital Gain from equity oriented MF scheme which was exempted earlier, will be taxable at the rate 10% without benefit of Cost Inflation Index. To calculate the capital gain the purchase cost will be considered the market value as on 1st Jan` 2018 or the actual cost, whichever is higher.

Sudhir Padhye: Sir Is ltcg tax on mf investment applicable for earlier investment? Thanks

Pankaj Mathpal : Yes but the cost of acquisition will be considered the market value as on 1st Jan` 2018 or the actual cost, whichever is higher. For example, you invested Rs. 1 lakh in Equity oriented MF scheme one year ago and the value as on 1st January 2018 was 1.50 lakh. If you redeem all MF units for Rs. 1.75 lakh on a later date then you will pay capital gain on the difference between selling price i.e. 1.75 lakh and market value as on 31st Jan i.e. 1.50 lakh.

Sudhir Padhye: Sir Rs 40000 std.deduction is applicable to pension holders also? Thanks

Pankaj Mathpal : It may be applicable for retired government employees. Please wait for clarification.
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