I Kunal Dhotre age 30, required your guidance on tax saving and investment and would appreciate if you could please go through our my monthly income and expenses statement.
I am working with a private firm and earns a monthly salary of Rs. 30,000/- (only Income source)
Investment in shares total of Rs. 30,000/-, LIC Policy for Rs. 7,000/- approx Yearly with total sum assured of Rs. 1,50,000/- and Mediclaim Policy for both Rs. 3,989/- Yearly (Only saving & investment)
Fixed commitment with my Dad of Rs. 10,000/- monthly, as money used for marriage function (will be starting from Feb 2013 for 20 months)
Currently had to make investment of Rs. 20,000/- for tax saving. My office colleague suggested me to take LIC policy Jeevan Tarang, but after going through our blogs I came to know that we can have a better option than investing in Jeevan Tarang.
But I am still confused where to invest. After reading our news letter ” How a newcomer should start his financial life – 4 steps”. As given in step 2 – My wife had started a Recurring deposit of Rs. 1,000/- from Jan 2013. As given in step 3 – I am opening a PPF account in on 1st February 2013 and will keep emergency fund of Rs. 4,000/- per month from my Jan salary.
Right now I don’t have any outside loan liability, hence going forward I want to create wealth for my family.
Request you to kindly guide us and suggest few investment options suitable within our limited income.