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POSTED BY ON August 26, 2011 2:17 pm COMMENTS (2)
My friend who lives in a small town and would like to stop doing agriculture and sell his land. He might get around 50 Lakhs after selling the land. Since he is not earning and he would like to use this 50 L and use it for his future needs. Following are his goals
1. Regular monthly income
2. Daughter’s marriage after 5-6 years
Please suggest safe ways of investing this amount and ways to save tax
TIA
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Dear Advait, your query is silent on one issue – What is the current mly expenditure of your friend? Without knowing this – it’s not right to say anything. Also out of that 50L Rs. how much money he ‘ll spend on his D’ter’s marriage? What’s his current age & why he is not earning?
In my view – although the income from 50L Rs. looks enough or more than it today but down the line after 7-10-12 years, the same income ‘ll fall short to cover his expenses, Hence he should think to earn some support income.
Thanks
Ashal
Advait
– I can think of putting some part in POMIS (totally safe)
– Some part in MIP’s (very mich safe , but not 100% , still this does not mean his money will be lost, just that the growth will be small and irrefular income)
Manish