POSTED BY January 2, 2013 8:44 pm COMMENTS (7)ON
I do have 2 queries.
I have a surplus of 50k which I am planning to invest for next 2 years.
Risk Factor: Medium
I am planning to park 25k in either of HDFC Midcap opportunities Fund or SBI Emerging Business Fund. And the other 25k in banking funds like Reliance Banking Fund or ICICI Pru Banking and Financial Services. But strangely I found that both these Banking funds are not rated by CRISIL.
Do you feel the above mentioned options are good enough to move ahead or any changes should be made to them?
Secondly, my father is a retired Govt. Employee who draws a pension of 27k per month aged 65 yrs. He has to pay tax for Rs.75k approx as 2.5lakh is tax relaxation limit for senior Citizens. Tax comes to around Rs.7800. Calculated with the help of http://law.incometaxindia.gov.in/DIT/Xtras/taxcalc.aspx
Is the calculation right( I am not very sure) and if so he wanted to invest some amount in tax plans to avoid taxpaying. No to PPF or NSC Bonds.
Can he go ahead with ICICI , Canara Robecco or Reliance Tax Saver as locking period is 3 years, and if so how much amount he needs to invest in order to pay no Tax?