Archive for month: March, 2017
The passing away of a loved one always creates an emotional and financial trauma, especially if they have suffered a
An emergency fund is essentially the money that is set aside to cover life’s unexpected events. This money will enable one to live for a few months should anything unforeseen happen, that leads to the need of some money to cover the unfortunate event. It should be quickly and easily accessible on occurrence of such an event.
When an investment property was sold by Ashok in October 2016, he had 6 months to invest in Sec 54EC capital gains bonds to avail tax exemption on the capital gains arising from the sale of his property purchased in June 2005.
Besides a savings account, one should also have money set aside for a financial emergency – any emergency which is unplanned and unexpected.
Tips to save Income tax for Salaried Person
Explore Section 80C,Section 80CCC, and Section 80CCD, and in combination, you could claim a deduction of 1,50,000 maximum.You can invest in PPF account, five-year tax saving Fixed Deposit, Pension Plans, Life Insurance Policy, Employees Provident Fund or Nationals Savings Certificate [NSC]
Primarily a person should not invest only for the sake of saving taxes. Tax planning is but a small component of a person’s investment portfolio. One should invest keeping in mind his/her larger financial needs and goals and should think about and investigate the pros and cons of products before taking the final investment decision towards accumulating his corpus needed.