My Annual Gross Salary is about Rs.19,46,000/- and Total Taxable Income is Rs.16,78,000. Total Tax Liability is Rs.3,28,000/-. So what will be total tax liability under New Tax Regime for FY 2023-24 .

Ans: Hi Ayesha,

I have a few questions for you:

1. Are you a citizen of India?
2. Is the exam you mentioned the licensure exam? If so:
- Why do you want to take it in Pakistan?
- Why did you not complete the licensure exam in India?
- Are you planning to settle in Pakistan?

If the answer to the first question is yes, then taking the licensure exam in Pakistan raises some concerns. I suggest it would be better for you to complete your FMGE in India and then move to Pakistan.

Ans: Hi Manoj,

Greetings! I wanted to discuss why she is planning to pursue medicine in the UK. A bachelor's degree in medicine is a foundational course, so I suggest she complete her MBBS in India first. For her postgraduate studies, she can reconsider studying abroad. Additionally, if she wants to work in the UK after completing her course, she will need to take the exit or licensure exam. Therefore, it may be better for her to finish her medical education in India. This is just my suggestion.

Ans: Hi Nageswari,

I hope this message finds you well.

I wanted to inquire whether he has completed the FMGE in India. Without passing this exam, pursuing opportunities abroad may not be advisable. It is important for him to at least attempt the licensure exam and pass it. Without this qualification, seeking higher education will not be appropriate.

Additionally, I want to emphasize that completing a Master of Public Health (MPH) after studying medicine is often viewed as a step to gain entry into the U.S. healthcare system; however, it may not be as beneficial if he has not completed the licensure exam. If he intends to pursue higher education in medicine, he needs to finish the licensure exam in order to practice medicine effectively.

Therefore, it’s crucial that he focuses on completing the FMGE exam in India first

Ans: Assuming 5 lacs as interest from FD and 3.4 lacs of LTCG is earned in 1st Qtr, tax liability under new tax regime will come to Rs.24960

Please note that 50k standard deduction is for salary/pension income and 50k deduction of Sec 80TTB is not available for new tax regime.

You can also calculate the same using income tax calculator available at https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator

Ans: Hello;

If you have a known illness of the heart unfortunately hardly any general insurance company will come forward to cover you despite other positives.

Because insurance works on probability and when they reckon that probability of claim, in future based on current information, may be high they refuse to underwrite such risks.

Since you are an employee of a public sector company, I suppose your employer may have some group mediclaim plan or coverage for the retirees as well.

Take that coverage even if you have to pay and undergo a waiting period.

Alternatively you may earmark some fixed sum 8-10 L as medical contingency fund for yourself.

For your spouse you should opt for a minimum 25 L healthcare cover from companies such as HDFC Ergo, ICICI Lombard, Bajaj Allianz, SBI General etc which do not entirely depend on healthcare insurance as the only business segment.

Best wishes;

Ans: Hello;

You will need a corpus of 8 Cr.

You may buy an immediate annuity from a life insurance company for your corpus which may yield you a monthly payout of 2.8 L(post tax).
A 6% annuity rate is considered. Some companies may offer higher annuity rates.

You may select option of joint annuity for life for yourself and your spouse with return of purchase price to your nominee.

Select a big life insurer with good solvency ratio and better credibility.

Best wishes;

Ans: Hello.
The answer is Yes. You can appear JEE (Main) in your preferred language. The list of languages in which you can appear for JEE is available in the brochure of JEE (Main) and the official website of NTA. For your information, you can appear JEE (Main) by choosing any of the following languages: Assamese, Bengali, Kannada, Malayalam, Marathi, Odia, Punjabi, Tamil, Telugu, Urdu in addition to Hindi English, and Gujarati.

If satisfied, please like and follow me.
If dissatisfied with the reply, please ask again without hesitation.
Thanks.

Radheshyam

Ans: Hello;

General Comments:
People nowadays get carried away by FIRE(Financial independence retire early) fads on social media and go by thumb rules provided on SM for retirement corpus calculation.

Please consult a certified financial planner or a retirement advisor who can guide you on these matters professionally.

Specific comments:
Do your math. If you retire at 45 you have 35 years in retirement considering life expectancy of 80. What corpus would you need to fund:

1. Your inflation indexed retirement income
2. Impact on retirement income due to home loan EMI.
3. Separate provision for higher education of son

If doing 3% SWP can meet your monthly income requirements post-tax it is okay but If you are increasing SWP rate beyond 3% you run the risk of eating into your corpus during periods of flat or negative returns by your fund.

Also pure equity funds for SWP in retirement are a strict NO.

Only hybrid mutual funds such as equity savings or conservative hybrid funds may be suitable with moderate risk.

If your regular expenses are 50 K today they will be 90 K in 10 years, 1.6 L in 20 years time considering modest 6% inflation.

Your 60 K monthly sip if continued for 5 years may yield you a corpus of 50 L assuming modest return of 12% from pure equity mutual funds which could be earmarked for higher education of your son.

Do you have any EPF/NPS corpus?

Please confirm.

Thanks;

Ans: Hello;

If your time horizon for investment is long term (7 yr+) then you may ignore these notional losses and stay invested and continue your sips.

If your target is near or dip in investment value is affecting your health then you should exit and invest in other investments avenues.

Happy Investing;