Voluntary Provident Fund or VPF is most useful yet most neglected tax saving option. Financial Planners or Relationship Managers will not suggest this as there are no commissions, no targets and no incentives. This option is available only to salaried individuals who are member of EPF or Employee Provident Fund. Every month, 12% of basic salary is compulsory deduction towards contribution to EPF. Ref to EPF contribution, not many people are aware that EPF is eligible for dedcution u/s 80C and is part of overall capping of Rs 1.5 lakh u/s 80C. For example, if you are contributing Rs 50,000 ... Read More
7 Benefits of Sukanya Samriddhi Account
Sukanya Samriddhi Account is another welcome step from Govt of India. Honorable Prime Minister of India, Sh. Narendra Modi Ji launched Sukanya Samriddhi Account "A Small Savings Scheme" on 22nd January 2015. It is part of "Beti Bachao - Beti Padhao" initiative of Government of India (GOI) also known as BBB. Despite sincere efforts from Govt of India, Sex ratio in India is still a grave concern and it shows the backwardness of the country. It's commendable that Govt of India is taking steps to change the mindset of people towards Girl Child. Recently i saw few TV ads of GOI with a message that ... Read More
11 Tips to Prevent Identity Theft
Identity Theft is one of the by-product of technological evolution. World was more secure when there was no internet, photocopier or scanner. Identity Theft can be disastrous for any individual. Recently one of my client's Home Loan was rejected because of low CIBIL Score. I advised her to pull out CIBIL Report. When i checked her CIBIL Report i found that Rs 200000 outstanding was written off against her credit card. She never applied for this credit card. The credit card was issued at her old Delhi address before she shifted to Mumbai. It was a clear case of Identity Theft. Worst part is ... Read More
Online Shopping – 11 Tips to Save Money
Online shopping has caught the fancy of many Indians to save money. Infact many analysts are terming the year 2014 as "Breakthrough" year for Online shopping. Valuation of some of the top e-commerce companies surpassed valuation of mid-sized FMCG companies. Profitability of e-commerce companies is still a distant dream. In order to gain Market Share and Mind Share of the customer, offering Deep Discounts seems to be the survival tactics. In many cases, online products were sold at below manufacturing price. The funding received by these e-commerce players are being utilized to offer discounts ... Read More
Home Furnishing – A Waste of Money?
Home Furnishing is one of the critical and final step to realize the dream of owning a home. Home Furnishing is aspirational in nature and there is no end to the amount being spent on the same. Marketers sell it as a dream package to convert your home to a premium property. It is highly profitable business as people don't bargain in this. Only condition is that the perceived value should be high. I have seen my clients bargaining hard for property deal for months but don't mind over spending savings from bargain on Home Furnishing. Common discussion while finalizing a property is around Home ... Read More
Encumbrance Certificate
Encumbrance certificate or most popularly known as EC is one of the most critical document for property purchase. In my post on Checklist of Property Documents i briefly discussed about EC but considering the importance of same, it deserves a separate post. Encumbrance Certificate certify that there are no dues on property both Mortgage and Legal & the title of the property is clear and marketable. It contain all the transactions in respect of the said property. Encumbrance is basically a Charge / Liability / Lien which is created on the property, which is held as a collateral or security ... Read More
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