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POSTED BY ON April 14, 2012 1:52 pm COMMENTS (5)
I am a 22 year old person and just started to earn.I am a very long term investor.Please suggest me an investment option which suits my needs.My requirements are :
1. The investment should help me save tax.
2. It should be a liquid option i.e I should be able to withdraw my money at moment of time,may be incase of emergency.
3. I can compromise on returns i.e a lesser percentage of return is not a problem .
4. I am already a lot into equity,so I want this option to be a bit on the safer side,preferably debt-oriented.
The first two criteria are the most important.I am not getting any such option to my mind,so kindly suggest me something.
Thanks in advance.
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Dear Mohnish, As long as ELSS are available, please invest in the same. There is no clarity as on date on RGESS or DTC from Govt. of India. hence I w’d like to skip that part of your query.
Thanks
Ashal
With Rajiv Gandhi Savings Scheme coming in and the DTC,in the near future,would it be a good option to look at ELSS as I am a long term investor or should i start it now and whenever Rajiv Gandhi Savings Scheme is implemented i shoul shift over to it.
Dear Mohnish, may I know your current yly income & the amount you are investing in Eq. & in which funds?
Thanks
Ashal
AFAIK the minimum lockin period for tax saving products is 3 years and its ELSS. For debt oriented the minimum is 5 years and its NSC / Tax saving Bank FD. In any case both are not as liquid as you may want. Like justgrowmoney said keep tax saving and emergency fund separate.
Govt has introduced tax savings schemes to incentivize people to save tax and eventually force them save money for the long term. There is no proper ‘liquid’ option that can help you in saving tax.
Emergency corpus hence must be created without saving tax in mind.