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Hardik Parikh | Answer |Ask -Follow

Tax, Mutual Fund Expert - Answered on Apr 06, 2023

Hardik Parikh is a chartered accountant with over 15 years of experience in taxation, accounting and finance.
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more

Question by Rajeev on Mar 24, 2023Hindi

Money

I am 60 years old. My NPS account has been shifted to All citizen. Can I invest it this account now.

Ans: Thank you for reaching out to me. It's great to see you're considering further investments in your National Pension System (NPS) account. As a 60-year-old resident of India, you can still contribute to your NPS account, which has been shifted to the "All Citizen" model.

You can continue to invest in this account until you reach the age of 70. However, I would recommend that you assess your financial goals and risk appetite before making any further investments. At your age, it's crucial to strike a balance between capital protection and growth.

Best regards,

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Question by Vijay - Mar 14, 2024Hindi

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hi Vivek, at age 50 years is it ok to invest in NPS fund for getting regular pension say after 10 years ?

Ans: Hello, NPS is an instrument to save tax according to me
Investments should be super liquid, and since NPS is not liquid till retirement, you can choose Mutual Funds instead of NPS

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Question by T - May 03, 2024Hindi

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I opened an NPS account in 2022 at the age of 68. Made investment of 50,000 each in the last two years to avail tax benefits. I no more require this tax benefit. Now I have completed 70 years. Can I withdraw the entire amount with accruals and close the account.

Ans: Congratulations on reaching 70! It's great that you opened an NPS account for tax benefits. Let's discuss your situation and withdrawal options:

1. NPS Withdrawal Rules:

Lock-in Period: NPS has a lock-in period until you turn 60 or retire from your regular job (whichever is earlier).

Partial Withdrawal: After 60, you can withdraw 60% as a lump sum and invest the remaining 40% in an annuity that provides regular income.

Full Withdrawal with Conditions: At 70, you can withdraw the entire accumulated corpus (your contributions and earnings) if it's less than Rs. 5 lakh.

2. Understanding Your Situation:

Full Withdrawal Possible: Since your total contribution is Rs. 1 lakh (2 years * Rs. 50,000) and you're 70, you can likely withdraw the entire amount with accrued interest.

Tax Implications: The entire withdrawn amount (including accrued interest) might be taxable as per your income tax slab.

3. Considering Alternatives (Optional):

Annuity for Regular Income: If you need regular income, consider using a portion of the corpus to purchase an annuity. This might provide a steady stream of income post-retirement.
Here's the key takeaway: You can likely withdraw the entire NPS corpus since it's less than Rs. 5 lakh. However, the withdrawal will be taxable. Consider consulting a tax advisor for specific tax implications.

Remember, financial planning is an ongoing process. Consulting a Certified Financial Planner (CFP) can help you make informed decisions about your retirement income and tax strategies.

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www.holisticinvestment.in

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Tax Expert - Answered on Aug 31, 2024

Asked by Anonymous - Aug 25, 2024Hindi

Money

Dear Sir, I was private employee till 2020 and had NPS account (All citizens scheme) and was contributing from 2012. Now from 2020 onwards joined government organisation and the account was shifted from all citizens to central government sector. Now my doubt or query is Can I withdraw the amount that I have contributed when I was in all citizens scheme. Waiting for your kind reply and suggestions.

Ans: Since you have contributed to this scheme for more than 3 years, You can partially withdraw the amount, for some specific purpose.
Most welcome for any further clarifications. Thanks.

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Sir the median package at ssnce for cse core is less than rvce ise .So does it make more viable option considering placement in mind .I have a dream of becoming software engineer from my childhood. But my seniors are advising for rvce ise.what to do should I follow my dream or placement.I am a Bangalore resident and Tamil is my mother tongue.

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Question by Sukhpal - Oct 12, 2024Hindi

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Sir i am 41 years old. Time horizon is 20 years. Investing 2000 rupees each in four flexicap funds- parag parikh, hdfc, franklin templeton, canara robeco. And one elss- SBI long term equity. Do i need to add or remove some funds to have the right mix of value, growth, momentum style of investing and to reduce overlap. I am in the beginning phase of my investment and can make changes. If required, kindly suggest the changes i need to make.

Ans: Hello;

If ELSS is required for availing 80 C benefit then it's okay. But then you may limit the the monthly sip into this scheme at 12.5 K per month(1.5 L pa)

Split 50 K equally for monthly sip between a
Flexicap(PPFAS flexicap) and a Large and Midcap fund(Kotak Emerging Opportunities Fund).

Allocate 20 K to HDFC Mid-Cap opportunities fund.

Allocate balance 17.5 K into Nippon India Small cap fund.

For a 20 year horizon this is my suggestion.

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My name is pramod i am 49 years i want to retaire at the age of 55 ihad invested 3000000 in nsc and kvp in post 3000000 in ppf and 1200000 in mf and 1000000 in fd i am having 3000000 housing loan please give me a good plan

Ans: Hello;

Please provide the following details so as to help you better:

When was NSC investment done?
When was KVP investment done?
Term of loan and extent of principal repaid till now.
Any EPF/EPS and/or NPS corpus?
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I’m Manish from Vadodara. I’m 43, married with two children aged 10 and 8. I have a term plan of Rs 75 lakh but no health insurance. Should I prioritize getting health insurance, or should I enhance my term plan first?

Ans: It's great that you already have a term plan of Rs 75 lakh, but getting health insurance should be a top priority now. Here's why:

Health Insurance Coverage: Medical expenses can be high, and without health insurance, you may have to dip into your savings to cover unexpected medical costs. Health insurance safeguards your family's financial stability against medical emergencies.

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Asked by Anonymous - Oct 12, 2024Hindi

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HI, I am 35 years only and my monthly income is 3 lacs. I have a corpus of 1 cr. Of mutual funds. I have been investing from last 7 yrs. Now I have reached to a monthly SIP of 2 lacs. I want to retire in the age of 45, please advise can build a corpus of 7 cr in 10 yrs and how can I build that. Also, recently I have purchased a house of 1.3 Cr and paid 30% from my saving. I will have emi's starting in next 3 years. Should I take loan or should I put more money from my corpus to reduce the total emi. Please advise.

Ans: Hello;

My suggestion is instead of taking more home loan you should utilize your corpus for home finance requirement so as to reduce total EMI.

A monthly SIP of 2 L will yield you a corpus of 8.16 Cr in 13 years time frame.(A modest return of 13% is from pure equity funds is assumed).

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HI, I am 35 years only and my monthly income is 3 lacs. I have a corpus of 1 cr. Of mutual funds. I have been investing from last 7 yrs. Now I have reached to a monthly SIP of 2 lacs. I want to retire in the age of 45, please advise can build a corpus of 7 cr in 10 yrs and how can I build that. Also, recently I have purchased a house of 1.3 Cr and paid 30% from my saving. I will have emi's starting in next 3 years. Should I take loan or should I put more money from my corpus to reduce the total emi. Please advise.

Ans: Hello;

My suggestion is instead of taking more home loan you should utilize your corpus for home finance requirement so as to reduce total EMI.

A monthly SIP of 2 L will yield you a corpus of 8.16 Cr in 13 years time frame.(A modest return of 13% is from pure equity funds is assumed).

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Msc integrated courses ( 5 year course) in Coimbatore PSG vs B.E in psg. Q1. What are the advantages of former except internship and placements. Q2. With MSc integrated - going for higher studies possible? Is this accepted by foreign universities.

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2. Research-Oriented Approach
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An Integrated M.Sc. is generally well-accepted by foreign universities for higher studies.
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My son took admission in BE-CSE in BITS,Pilani,Pilani campus.He was also getting lower branch in top iit.is this is right decision future wise.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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