Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

Mihir Tanna |824 Answers |Ask -Follow

Tax Expert - Answered on Apr 26, 2024

Mihir Tanna has more than 10 years of experience in direct taxation, including filing income tax returns.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Question by Vilas on Apr 06, 2024Hindi

Money

I AM70 YRS OLD. IN HDFC UNDER 5 portfolios I am having together 14 lac. ?. I WANT TO SELL 4 PORTFOLIS AND INVEST ALL MONEY IN ONE PORTFOLIO OF HDFC, WILL THIS CAUSE INCOME TAX PROBLEMS PLEASE SUGGEST AN ADVICE.

Ans: Yes shifting from one fund to another will be considered as transfer

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.

MoneyReply

You may like to see similar questions and answers below

Mihir Tanna |824 Answers |Ask -Follow

Tax Expert - Answered on Mar 30, 2023

Question by madhu - Mar 28, 2023Hindi

Money

my income is 25Lac per year, my investments are 50% equity MFs, 50% debt/ppf/ssy. I have two daughters. Every year, Can I invest 1.5Lac in my PPF, 1.5L in my wife's PPF, 1.5L in Sukanya SY of each daughter. if yes, do I need to pay any tax on the interest/returns of above 6L per year.

Ans: You can invest 1.5 lac in your as well as spous's PPF account. Also you can deposit 1.5 lac in Sukanya account of each daughter. However, deduction u/s 80C is restricted to 1.5 lac against the payment of Rs.6 lac.

Further, interest earned on said account is not taxable.

Sunil Lala |181 Answers |Ask -Follow

Financial Planner - Answered on Feb 11, 2024

Asked by Anonymous - Jan 26, 2024Hindi

Money

Hi sir I am 33 year old and following are my investment portfolio Parag Parikh flexi cab fung(G) 3000 Parag Parikh Tax saver fund(G) 5500 Mirae Asset tax saver fund(G) 5000 Axis Mid cap fund(G) 3000 SBI small cap fund (G) 3000 HDFC children gift fund 2000 Deactive funds SBI bluechip fund Axis tax saver fund UTI flexicap fund Nippon tax saver fund Please let me know if I have to make dny changes in above funds? Should I redeem from Deactive fund and purchase new scheme? I want to invest for long term period.

Ans: Redeem deactivate funds and invest in the schemes where you have already invested

Ramalingam Kalirajan |1709 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 01, 2024

Question by Mamta - Apr 30, 2024Hindi

Money

A portfolio of 10 Crore in next 5 years. Want to start 80-90 k sip in MF but not in Indian market. YOUR ADVISE REQUIRED? Me and my wife jointly monthly income three Lakh per month. By profession I am a PVC flex material trader, my wife is training centre owner. Having two cute nd naughty son 4 yrs and 2 yrs old. Myself Vishal Choubey nd My wife shanti both aged 39 years. Having 5 houses Rental income arround 55k per month collectively. 1 CR term insurance for both of us in case something happens. An lic of 6 Lac going to mature 2026. Till 31st March 2024 PPF Vishal (10L)+ 10(L) shanti. Ujjivan bank 9k share @ 21rs, Mix share 2Lac. Edelweiss greater China 3.1Lacs, Axis China fund 5.2 Lakh, An sip of 49000/- in Nippon Taiwan current investment 7.37 Lakh market value 9.53 lakh, 3k sip in icici tax fund. Idfc tax fund an investment of 70k is now 2.6 Lakh, Many fund got doubled in last 3-4 years Approx 50 lakh MF portfolio. FD 14 Lakh. A land parcel of 1 acre approx 40 Lakh. All the assets are created in last 10yrs. Wish to sell one apartment and invest into China fund your advise required?

Ans: Vishal and Shanti, it's inspiring to see how diligently you've built your portfolio over the years, especially while juggling busy professional lives and raising two adorable sons. Your dedication to securing your family's future is truly commendable.

Considering your aspirations to grow your portfolio to 10 Crore in the next 5 years, diversifying your investments beyond the Indian market through SIPs in MFs is a prudent move. It reflects your forward-thinking approach to wealth creation.

Before deciding to sell one of your apartments to invest in the China fund, reflect on the potential risks and rewards. Are you comfortable with the level of exposure to international markets, especially given the current geopolitical climate? Would the sale of the apartment significantly impact your overall financial stability and future plans?

As a Certified Financial Planner, my advice would be to carefully evaluate your investment goals, risk tolerance, and the long-term prospects of the China fund before making any decisions. Your journey towards financial success is a testament to your hard work and resilience. Keep navigating with wisdom and foresight, always prioritizing the well-being of your family.

Ramalingam Kalirajan |1709 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 06, 2024

Question by Mamta - May 01, 2024Hindi

Money

A portfolio of 10 Crore in next 5 years. Want to start 80-90 k sip in MF but not in Indian market. YOUR ADVISE REQUIRED? Me and my wife jointly monthly income 3lakh per month. By profession I am a PVC flex material trader, my wife is training centre owner. Having two cute nd naughty son 4 yrs and 2 yrs old. Myself Vishal Choubey nd My wife shanti both aged 39 years. Having 5 houses Rental income arround 55k per month collectively. 1 CR term insurance for both of us in case something happens. An lic of 6 Lac going to mature 2026. Till 31st March 2024 PPF Vishal (10L)+ 10(L) shanti. Ujjivan bank 9k share @ 21rs, Mix share 2Lac. Edelweiss greater China 3.1Lacs, Axis China fund 5.2 Lakh, An sip of 49000/- in Nippon Taiwan current investment 7.37 Lakh market value 9.53 lakh, 3k sip in icici tax fund. Idfc tax fund an investment of 70k is now 2.6 Lakh, Many fund got doubled in last 3-4 years Approx 50 lakh MF portfolio. 14 Lakh. A land parcel of 1 acre approx 40 Lakh. All the assets are created in last 10yrs. Wish to sell one apartment and invest into China fund your advise required?

Ans: Hello Vishal and Shanti,

It's wonderful to see that you've built a substantial portfolio and are actively planning for your financial future. Let's address your queries and provide some advice:

Investment in International Markets:
Diversifying your investment portfolio by investing in international markets is a prudent strategy to mitigate risks and capture global growth opportunities.
Given your intention to start SIPs in MFs outside the Indian market, consider researching and selecting funds that focus on regions or countries with strong economic growth prospects, such as the US, Europe, or emerging markets like China.
Look for mutual funds or exchange-traded funds (ETFs) that have a track record of consistent performance and are managed by reputable fund houses with expertise in international markets.
Selling Apartment and Investing in China Fund:
Selling one of your apartments to invest in a China-focused fund can be a strategic move, provided you have thoroughly evaluated the risks and potential returns associated with investing in the Chinese market.
Consider factors such as geopolitical tensions, regulatory changes, and economic stability when making investment decisions in international markets.
Consult with a financial advisor to assess the suitability of this investment strategy based on your overall financial goals, risk tolerance, and investment horizon.
Reviewing Existing Investments:
Periodically review your existing investments, including MFs, shares, and other assets, to ensure they remain aligned with your financial objectives and risk profile.
Take advantage of opportunities to rebalance your portfolio and reallocate funds to assets that offer better growth prospects or align with your evolving financial goals.
Risk Management and Insurance:
Continue prioritizing risk management by maintaining adequate insurance coverage, such as your term insurance policies, to protect your family's financial well-being in case of unforeseen events.
Regularly assess your insurance needs and consider updating your coverage as your financial circumstances change over time.
Long-Term Financial Planning:
Given your joint monthly income, rental income from properties, and diverse investment portfolio, continue focusing on long-term financial planning to achieve your goal of building a portfolio worth 10 Crore in the next 5 years.
Monitor your progress towards this goal regularly and make adjustments as necessary to stay on track.
Overall, your proactive approach to financial planning and willingness to explore international investment opportunities bodes well for your financial future. Continue seeking expert advice and stay disciplined in executing your investment strategies.

Latest Questions

Ramalingam Kalirajan |1709 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Question by Srikanth - Apr 24, 2024Hindi

Money

I'm an NRI. We're planning to return to India for my wife's health reasons - the family support and help needed at home will be better here in India for changes in her lifestyle due to multiple health challenges she's facing. The question in front of us is, health insurance for my wife. Initially she is returning to India in June/July 2024 and in one year, I will be shifting after sorting out transferring my job from my US company our Hyderabad office - takes time for approvals and official/legal/immigration/financial norms to comply for the transfer. Once I transfer to Hyderabad in June/July 2025, I will get company provided health insurance in Hyd and my wife will be on it. Till then, for next one year, I'm working in US and I've company provided health insurance in US but not in India, but my wife will be in India. Can we buy health insurance as individuals in India? I quickly scanned and found Tata AIG, HDFC, ICICI offering health insurance but it was not clear to me whether private individuals can buy it, will it cover regular hospital visits, medicines, medical equipment supplied and how good the coverage and how well the participating hospitals are across the country and in major city like Hyderabad? My wife is diabetic, needs insulin, has arthritis, has gluten issues. Please help us with any insight, guidance you can provide on health insurance access for my wife.

Ans: Hello,
It's understandable that you're concerned about your wife's health insurance coverage during the transition period before you relocate to India permanently. Here are some insights and guidance to help you navigate this situation:
1. Health Insurance for Individuals: Yes, private individuals in India can purchase health insurance policies. Many insurance companies, including Tata AIG, HDFC, and ICICI, offer health insurance plans that cater to individual needs.
2. Coverage: Health insurance policies typically cover hospitalization expenses, including room rent, doctor's fees, medical tests, surgeries, and medication costs. However, coverage for pre-existing conditions such as diabetes, arthritis, and gluten issues may vary depending on the policy terms and conditions.
3. Policy Features: When selecting a health insurance policy, consider factors such as coverage for pre-existing conditions, waiting periods, network hospitals, claim settlement process, and premium costs. Look for policies that offer comprehensive coverage and benefits suited to your wife's specific health requirements.
4. Network Hospitals: Most health insurance providers have tie-ups with a network of hospitals where policyholders can avail of cashless treatment facilities. Before purchasing a policy, ensure that there are network hospitals available in Hyderabad and other cities where you may need medical assistance.
5. Customized Plans: Some insurance companies offer customized health insurance plans for individuals with pre-existing conditions. These plans may provide enhanced coverage for chronic illnesses like diabetes and arthritis. Consider exploring such options to meet your wife's healthcare needs.
6. Consultation with Insurance Advisor: To make an informed decision, consult with an insurance advisor or agent who can guide you through the process of selecting the right health insurance policy based on your wife's health condition, budget, and coverage requirements.
By researching various health insurance options, comparing policy features, and seeking expert advice, you can find a suitable health insurance solution to ensure your wife's medical needs are adequately covered during the transition period.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

Ramalingam Kalirajan |1709 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Question by Apurv - Apr 22, 2024Hindi

Money

Hello everyone! I want to start an SWP. I'm ready to invest 25 lakhs at once and need 26000 every month for the next 30 years.I'm expecting 12%-15% CARG. Please suggest to me should I invest in one fund or multiple funds, what would be the better approach and which will be the best fund ?

Ans: Starting a Systematic Withdrawal Plan (SWP) is a wise decision for generating regular income from your investment corpus. Here's how you can approach it:
1. Investment Strategy: Given your requirement for regular monthly income over the next 30 years, it's essential to adopt a balanced investment strategy. Diversifying your investment across multiple funds can help mitigate risks and enhance returns over the long term.
2. Multiple Funds vs. Single Fund: Opting for multiple funds provides diversification across different asset classes, sectors, and fund managers, reducing concentration risk. It's advisable to spread your investment across equity, debt, and hybrid funds based on your risk tolerance and investment horizon.
3. Asset Allocation: Allocate your investment based on your risk appetite and financial goals. For instance, you can consider investing a portion in equity funds for potential capital appreciation and the remaining in debt or hybrid funds for stability and regular income.
4. Fund Selection: Choose funds with a track record of consistent performance, experienced fund managers, and a robust investment process. Look for funds that align with your risk profile and investment objectives. Consider factors such as fund size, expense ratio, risk-adjusted returns, and portfolio quality.
5. Risk Management: While aiming for a CAGR of 12%-15% is ambitious, it's crucial to assess your risk tolerance and be prepared for market volatility. Consider a more conservative approach if you have a lower risk appetite.
6. Regular Review: Periodically review your investment portfolio to ensure it remains aligned with your financial goals and risk tolerance. Rebalance your portfolio if needed to maintain the desired asset allocation.
As for specific fund recommendations, it's essential to conduct thorough research or consult a certified financial planner (CFP) who can provide personalized advice tailored to your financial situation, goals, and risk profile.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

Mihir Tanna |824 Answers |Ask -Follow

Tax Expert - Answered on May 08, 2024

Question by Raja - Jan 11, 2024Hindi

Money

Sir I am Government Servant. My income falls under the IT ceiling and I am paying income tax for last 20 years through my employer as TDS. Recently I received a mail from IT Department regarding outstanding Tax demand for FY 2011-12. On verification of Form26AS downloaded from TRACES, it is observed that my TDS amount is Nil whereas my Form16 clearly show that the TDS amount has been debited from Salary. The consultant who deals with the filing of return advise that I have to pay the demand. Because if he proceed for data correction in 2011-12, the employer will be in problem as there will be several corrections. I cant understand his stand. This is not only my problem. I came to understand that several other employees received similar demands for the periods 2008 to 2012. Please advise

Ans: You can file application with jurisdiction officer along with copy of ITR and Form 16.

If it is not possible for you to file application with officer, you can file grievance at income tax portal stating the fact that TDS is deducted and you have form 16. They will contact employer (TDS deductor) and once deductor file correction statement with correct PAN, amount of your income and TDS (along with applicable taxes); you will get the credit of TDS. However, employer will be liable for pay interest and penalty, if any.

If response is not received, you can send mail to taxdemand at the rate cpc.incometax.gov.in along with supporting documents.

Ramalingam Kalirajan |1709 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Asked by Anonymous - May 08, 2024Hindi

Money

I am a seniior citizen, husbsnd & wife residing in own house and taking care of siper cirizen (90 yrs) My neibour taken up extension of the building by adding 2 more floors to his existing gf + ff units. Site measuring 30'× 26' ( divided portion of 30'× 53 ' Only 3' to 4' gap is there betwen the stricture now cinstruction & our portion exposing us of falling out of contruction materials on us and Parked vehicle & putting us in lot of risk and axiety . The neibouring owner and the The contractorhas provided side protection partially & not taken safety measures to prevent falling if constn material which would cause damger to us. Reminders to them to provide sufficient protection & safety measures has fallen on deat ears. They are even adament. Suggest a best way to resolve the issue without affecting the relationship with each. other afterall we neibours.

Ans: I understand the concern you're facing with the construction activity next door and the potential risk it poses to your safety and property. It's indeed a challenging situation, especially when dealing with neighbors.

Here are some steps you can consider to address the issue without straining your relationship:

Open Communication: Initiate a conversation with your neighbor in a calm and respectful manner. Express your concerns about the safety hazards caused by the ongoing construction activity. Approach the conversation with empathy and understanding, acknowledging that you both share the same neighborhood.
Collaborative Solutions: Instead of placing blame, focus on finding collaborative solutions that ensure the safety and well-being of both parties. Propose practical measures such as installing additional safety barriers or netting to prevent debris from falling onto your property.
Seek Mediation: If direct communication doesn't yield positive results, consider involving a neutral third party, such as a community leader or mediator, to facilitate a constructive dialogue between you and your neighbor. Mediation can help find mutually acceptable solutions while preserving the relationship.
Legal Options: As a last resort, you may explore legal options to address the safety concerns if all attempts at resolution fail. Consult with a legal expert to understand your rights and options under local laws and regulations governing construction activities and property disputes.
Remember, the goal is to resolve the issue amicably while safeguarding your safety and well-being. Maintaining a positive relationship with your neighbor is essential for a harmonious neighborhood environment.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

Ramalingam Kalirajan |1709 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Asked by Anonymous - Apr 25, 2024Hindi

Money

I am 38 year old. Me & Wife both earn approx 12 lac per year. I have corpus of 3 CR as FD, MF, Shares. No liability. I have one daughter age 6. Can we both retire by 2028 ?

Ans: It's great to hear that you've accumulated a substantial corpus at your age, and it's certainly possible to consider early retirement given your financial situation. However, there are several factors to consider before making such a significant decision:
1. Current Expenses and Lifestyle: Evaluate your current expenses and lifestyle to determine if they are sustainable after retirement. Consider factors such as healthcare expenses, children's education, and any other financial commitments.
2. Retirement Goals: Define your retirement goals, including the desired lifestyle, travel plans, and any other aspirations you may have. Ensure that your retirement corpus can support these goals for the desired duration.
3. Inflation and Longevity Risk: Account for inflation and longevity risk, as retirement could potentially last for several decades. Ensure that your corpus is adequately inflation-adjusted and can last throughout your retirement years.
4. Health Insurance and Contingency Planning: Ensure that you have adequate health insurance coverage for you and your family to mitigate any unforeseen medical expenses. Additionally, have a contingency fund in place to handle any emergencies or unexpected expenses.
5. Professional Advice: Consider consulting with a certified financial planner who can assess your financial situation comprehensively and provide personalized advice based on your goals, risk tolerance, and investment horizon.
Given your substantial corpus and relatively high income, early retirement is feasible with careful planning and prudent financial management. However, it's crucial to conduct a thorough analysis of your financial situation and retirement goals before making any decisions.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

Ramalingam Kalirajan |1709 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Question by Vivek - Apr 25, 2024Hindi

Money

How much is it advisable to have a seperate health insurance apart from CGHS provided for government employee? Is it advisable to take one from outside to secure family members health or not required? I need to know about post retirement also. Will be CGHS card sufficient after post retirement?

Ans: Having a separate health insurance policy in addition to CGHS (Central Government Health Scheme) coverage can provide additional benefits and coverage options, especially for family members. While CGHS offers comprehensive healthcare coverage for government employees and their dependents, there are certain limitations and restrictions, such as restricted network hospitals and specific treatments covered.
Here are some points to consider regarding health insurance for government employees and post-retirement:
1. Coverage for Dependents: CGHS typically covers the employee and dependent family members. However, having a separate health insurance policy can offer additional coverage options for family members, including parents, spouse, and children.
2. Wider Coverage and Flexibility: A standalone health insurance policy from an insurance provider offers a wider range of coverage options, including pre-existing conditions, critical illnesses, and outpatient expenses. It also provides flexibility in choosing hospitals and medical facilities.
3. Post-Retirement Coverage: CGHS coverage continues post-retirement for pensioners who opt for it. However, having a separate health insurance policy can provide additional coverage options and flexibility, especially as healthcare needs may evolve with age.
4. Comprehensive Protection: While CGHS provides comprehensive coverage, having an additional health insurance policy ensures comprehensive protection against medical expenses, ensuring peace of mind for you and your family.
In summary, while CGHS coverage provides significant benefits for government employees and pensioners, having a separate health insurance policy can offer additional coverage options, flexibility, and peace of mind, especially for family members. It's advisable to assess your healthcare needs, family composition, and budget to determine the most suitable health insurance coverage for you and your family.
Best Regards, K. Ramalingam, MBA, CFP, Chief Financial Planner, www.holisticinvestment.in

Sushil Sukhwani |339 Answers |Ask -Follow

Study Abroad Expert - Answered on May 08, 2024

Asked by Anonymous - Apr 28, 2024Hindi

Career

My daughter is completing her bachelors in biotechnology in June-July 2024. She wants to pursue masters in biotechnology, but we are confused that should we apply in India aur in Germany for better exposure and placement opportunities. Since getting into top IITs and IIsc is difficult. So what should she do now ?

Ans: Hello. Thank you for contacting us. It is good to hear that your daughter will be completing her bachelor’s in biotechnology soon. Deciding to pursue higher studies in Germany, or any country for that matter, is challenging at first. However, let me tell you that Germany is known for its world-class education system along with a thriving biotechnology industry, thus providing ample opportunities for internships, research collaborations, and good placement opportunities. German universities are highly sought-after, thus offering various specialised programmes and cutting-edge research facilities in biotechnology. Furthermore, it is advised to consider your daughter’s career goals, preferences, and long-term goals. Keep in mind the faculty expertise, research opportunities, and career opportunities. If you want to know more about biotechnology as a master’s degree in Germany, do let us know; we would be more than happy to help.

For any further queries, please get in touch with us. We have a team of expert counsellors who can guide you through any concerns or questions you may have

Mihir Tanna |824 Answers |Ask -Follow

Tax Expert - Answered on May 08, 2024

Question by Chandran - Jan 06, 2024Hindi

Money

A resident individual is having only income in the current FY Rs.3.5 lakhs LTCG from Mutual Funds. Is he/she required to pay tax and if yes, how much. If no, is ITR filing mandatory? (same question asked twice previously, missed your attention somehow. Pl. answer)

Ans: Taxability of MF depends on type on scheme (equity based - debt based scheme).

If an resident individual's total taxable income is up to Rs.7 lakh and chooses the new tax regime, he will be eligible for rebate of lower of the following:

An amount of income tax payable on his total income OR an amount up to Rs 25,000

E.g. if you have earned STCG from MF taxable @15% and tax on same is say Rs.15000. If you have taxable bank interest (after 80TTA deduction) and tax on same is 10000. Total tax will be Rs.25000 and rebate of 25000 is available, accordingly, net tax payable will be NIL.

Ramalingam Kalirajan |1709 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Question by Rohan - Apr 27, 2024Hindi

Money

Hi Sir/Ma'am, I am 25 yrs old and my take home monthly is approx 1.2 lacs working in IT. Currently I am investing in PPF since 2020. Used to invest around Rs. 1000/- pm but slowly increased my investment to 12,500 from last month onwards and looking to continue the same. Since beginning of this year, I have started to invest in mutual funds with a monthly SIP of 15,000. I invest in a mix of small, mid and large cap funds. Does it makes sense to consider investing in ELSS tax saver funds? Do they generally give good returns as compared to SML cap funds? I am looking to step up my SIP by 10% every year. My goal is to attain financial freedom in the next ten years with more 1cr. as a corpus. I also have a LIC jeevan anand policy and I invest around 1,250/- every month which will mature in next 10 years. In order to achieve my financial goal fast, should I increase my monthly SIP to maybe 30k by decreasing the amount invested in other schemes? I know that SIPs generally comes with a better return but with a high risk. Is there any other scheme that I should opt for which gives higher return? Please suggest how to go about it based on my current income and living expenses. I also have some liabilities after investments such as: Personal loan: 45k Consumer loans: around 10k House expenses: 20k My current investment portfolio so far: SIP: 40K (Recently started as mentioned) PPF: 2.2 lacs EPF: 1.8 lacs LIC: 1 lac Thank you!

Ans: Firstly, I commend you for taking proactive steps towards building your financial future at such a young age. Your commitment to increasing your investments over time is commendable and will serve you well in achieving your financial goals.

Regarding your query about ELSS tax saver funds, they can indeed be a valuable addition to your investment portfolio. ELSS funds not only offer tax benefits under Section 80C of the Income Tax Act but also have the potential to generate higher returns over the long term compared to traditional investment avenues like PPF.

As for comparing ELSS funds with small-cap funds, it's essential to understand that they belong to different categories with varying risk profiles. Small-cap funds typically carry higher risk but also have the potential for higher returns, while ELSS funds invest primarily in equity markets and have the added advantage of tax benefits. Both can play a role in diversifying your investment portfolio and achieving your financial goals.

Considering your goal of attaining financial freedom in the next ten years with a corpus of over 1 crore, it's essential to review your investment strategy periodically and make adjustments as needed. Increasing your monthly SIP to 30k and potentially reallocating some funds from other schemes could be a prudent move, given your high income and relatively low living expenses.

Regarding your existing LIC Jeevan Anand policy, surrendering it and reinvesting the proceeds in mutual funds could potentially yield higher returns, especially considering your long investment horizon and risk tolerance. However, it's essential to evaluate the surrender value, any applicable penalties, and the potential tax implications before making a decision.

In summary, continue with your disciplined approach to investing, consider adding ELSS funds to your portfolio, and review your investments periodically to ensure they align with your financial goals and risk tolerance.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

Ramalingam Kalirajan |1709 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Question by Narayan - Apr 26, 2024Hindi

Money

I wanted to purchase a plot in 2021 in Visakhapatnam and approached a mediator. That mediator took to an another mediator who himself pretended to be an owner and I was forced to pay him Rs.1.50 L towards token amount. Since the day I paid token money, he started insisting to pay full amount towards sale consideration before the registration of land takes place. I believe he had entered into an unregistered agreement with the owner and he does not want me to introduce myself to the owner. I insisted him to introduce me to the owner, but in vain. We mutually, fixed a date for registration. I went to Vizag from Hyderabad for this purpose. Further, he was supposed to get a survey number clearance certificate from MRO which he failed to get it till last moment of registration day. I was also supposed to complete the process of registration and leave for Hyderabad that particular day. Because of his non-cooperation, dominating nature, dictating answers over phone and delaying process, I cancelled the deal and informed over phone as well as Whatapp and cam back to Hyderabad. Since then (almost 3 years), he paid only Rs.50,000/- and Rs.1.00 lakh has still to be paid by him. I have been persuading from time to time and he has been postponing the re-payment. At the time of payment made, he signed a receipt for the payment received in which he has also written all the details of property even though the property did not belong to him formally. I would now request you to please advise me what are the option I have to recover my money from him.

Ans: I'm sorry to hear about your experience with the mediator, and it sounds like a frustrating situation. Here are some options you can consider to recover your money:
1. Legal Action: You can consider taking legal action against the mediator to recover your money. This may involve filing a civil lawsuit for breach of contract or fraud. Consult with a lawyer who specializes in property disputes to understand your legal rights and options.
2. Mediation or Arbitration: Before pursuing litigation, you may want to explore options for mediation or arbitration. This involves a neutral third party helping you and the mediator reach a resolution outside of court. It can be a faster and more cost-effective way to resolve disputes.
3. Demand Letter: Sending a formal demand letter to the mediator may prompt them to take action to resolve the issue. The letter should outline the details of the agreement, the amount owed, and a deadline for payment. Keep a copy of the letter for your records.
4. Negotiation: You can try negotiating directly with the mediator to reach a mutually acceptable solution. This could involve agreeing on a repayment plan or other terms to settle the debt.
5. Reporting to Authorities: If you believe the mediator engaged in fraudulent or illegal activities, you may consider reporting them to the appropriate authorities, such as the police or consumer protection agency.
It's important to gather any evidence you have related to the transaction, such as receipts, agreements, and correspondence, to support your case. Consider seeking advice from a legal professional to explore the best course of action based on your specific circumstances.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

See more questions »

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.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN

x