January 10, 2014 6:44 pm
1> IS POSTAL LIFE INSURANCE BETTER OPTION FOR DEFENCE PERSONAL?
2> To save 30000 income tax annually, how much home loan I should I should take for how much duration?
Dear Angu, as you are in 10% tax slab and already the 1L Rs. limit of section 80C is over, the maximum benefit from home loan interest for you ‘ll be 15000 Rs. for 150000 Rs. interest outgo if the house in question is going to be self occupied. Hence a 15-16L Rs. as on date ‘ll be enough for you.
MY TAX SLAB IS 10%. PF CUTTING IS 14000 PER MONTH. NO LOAN ON ME.INSURANCE (LIC &PLI) 45000 ANNUALY.
Dear Angu, insurance should be there to cover family’s financial loss due to untimely death of the income earner. PLI can not provide enough life cover, hence it’s useless on this count. On investment front too, PLI can not provide super duper returns, hence not good here also.
What is your tax slab to know the answer for home loan thing?
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