POSTED BY February 7, 2014 9:38 am COMMENTS (21)
ONHi,
Kindly guide me, for Money Invest In Bank FD. I plan to invest 250000-Rs, splitted into 5-slap i.e:-50,000+50,000+50,000+50,000+50,000 for 1-year FD int @ 9.00%. so yearly i will get 4500+4500+4500+4500+4500=22,500/-. it is more profit compare with PPF.
shall i do this .Pls guide me clearly otherwise shall i go for PPF.Pls.
Thanks
karthik
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As per SCSS rules on maturity, the account can be extended for further 3 Years. Now whether the benefit of Section 80C shall be available for the year in which it is extended.
Hi MURLI
If you are making fresh investment , then yes !
Hi,
Need your suggestion on the below situation. I got a gift of 25 lakhs from my dad. Should i go ahead and pay my home loan (Loan against plot, outstanding 12L @ 11% with 25k EMI/month) I can’t claim IT exemption for the interest paid, though my bank says its a home loan and issued a certificate for the same. Please advice. What are the other investments i can investigate.
Thanks,
Anto
Yes you can do that, but do it only if you want to really get out of loan . Or for now, just invest this money to get more returns and pay off the loan in some years only from your own money !
Hi Ashal,
Thanks.One more confirmation, I read 5-years Tax Saving Scheme in SBI, invest upto 1-Lac. At maturity after 5-yr Return amt fully Tax free also show it under TDS U/S 80cc.
Is it true?
Thanks
karthik
Dear Karthik, please invest in PPF in place of Jeevan Saral.
Thanks
Ashal
Hi Ashal,
I read past discussions on Jeevan saral. Some Peoples said bad opinions also read your comments too. you said long back told some one “pls surrender this policy and take ppf”.
Pls confirm.
Thanks
karthik
Dear Kartik, this jeevan saral is the best plan and should be made mandatory by Govt. of India so that everybody can be benefited from it. Also all other investment things including PPF should be banned by Govt. of India.
Can you get it? If not, please search within this forum for past discussions on Jeevan saral. 🙂
Thanks
Ashal
Hi,
I heard one lic plan named lic ‘Jeevan saral’. It is 10/15-yr policy and investment also as per our requirements(M/Q/Y). some one told , this is life coverage with tax free return compared with PPF. which one is best? Pls help.
Thanks
karthik
Dear Karthik, no matter it’s 1L Rs. or 10K Rs. or 1 Crore Rs. FD interest is always taxable. The only thing is if your interest income is less than 10000 Rs. in a FY, bank does not apply TDS on interest amount. But do note not applying TDS, does not means that FD interest is tax free. It’s still taxable and it’s your duty to report the same and to pay the due tax.
Thanks
Ashal
Hi,
It is 2.5L. Can i invest this amt in 1-yr-FD@9%p.a. What is the tax exemption.
I heard upto 1,00,000 is the limit of FD per Financial Year. otherwise tax deducted from returns. is it true?Pls let me know.
Thanks
karthik
Dear Karthik, SCSS is basically a Central govt. scheme. One may invest in it either at P.O. or bank of his choice. By the way, you did not answer my question. Is it 25L Rs. or 2.5L Rs. you are asking for?
Thanks
Ashal
Hi,
what is the difference sbi bank SCSS(Senior Citizen Savings Scheme) and post office SCSS(Senior Citizen Savings Scheme).
Thanks
karthik
Dear Kartik, is it 2.5L or 25L Rs. as the subject and content of your query is not matching?
Thanks
Ashal
Hi,
I heard one lic plan named lic ‘Jeevan saral’. It is 10/15-yr policy and investment also as per our requirements(M/Q/Y). some one told , this is life coverage with tax free return compare with PPF. which one is best? Pls help.
Thanks
karthik
How can PPF be an option, when yearly one can invest upto 1 lakh only?
Please explain.
Hi Karthik,
If you require monthly/yearly income in hand, this can be good option.
Thanks,
Ramkiran
Hi,
Thanks,I don’t require any income(monthly/yearly).Invest lum-sump amt in SCSS and get the interest trf to MIS a/c both in post office(SCSS&MIS). This is my calculation for future requirements. Any better option do you know.If any pls guide.
Thanks
Karthik
Dear Karthik,
How would you transfer the interest from SCSS to MIS?
The MIS is basically investing lump-sum amount in one go for 5 years and interest payout every month and not the other way around.
Better would be lump-sum investment in MIS and transfer the monthly interest payment to RD account. If SCSS pays interest on monthly basis then combing it with RD would be even better.
Ashish
Hi Karthik,
Pls note that interest returns on FD are taxable income and tax depends upon your yearly total income. And, returns on PPF are tax-free.
I am not sure what’s your requirements are and do you have additional income or not.
If you are looking for regular income into your hands, you can not use PPF and it would have lock-in period. If it’s for long term investment, PPF would be tax friendly.
Thanks,
Ramkiran
Hi,
Thanks for your Feedback. I saw one article, In post office Senior Citizen Savings Scheme (SCSS) 9.2%p.a. for 5-years. I would like to 2,00,000-INR invest my father(senior) a/c in Post office. but TDS is deducted at source on interest if the interest amount is more than INR 10,000/- p.a. I think it is good one.
can you clarify this pls.
Thanks
karthik