In my opinion, NRI bank account is one subject wherein the NRI's are not able to comprehend the need and requirement. Typically an NRI bank account is opened based on the recommendation of a bank staff. The bank executive depending on branch's monthly targets suggest an account without accessing the need or requirement of an NRI. I touched this topic briefly in my previous post on 5 Financial Points to consider when you become a Non Resident Indian. As i mentioned that it is very critical to understand the requirement before you decide on the type of NRI bank account. Before i proceed, i ... Read More
5 Financial Points to Consider When You Become A Non Resident Indian
Being a Non Resident Indian is a premium tag for the majority of Indians. I have seen that many people are so passionate to go abroad that they are willing to spend the savings of their life. Most common opportunities to become an NRI is either due to employment or education abroad. In some instances, i observed that people move abroad if any of their close relatives is staying there. A few countries have very friendly policies in this regard i.e. you can very easily become Non Resident Indian. One such country is Australia. This post is not about residency status or how to become a Non ... Read More
Impact Of Demonetisation On The Property Market – 5 Points to Consider
In the last couple of days, i received loads of queries on "What will be the impact of demonetisation on the property market?". The reason for this panic is news reports on "collapse" or "Free Fall" of the property market. Many of my clients who are in a process of buying a property asked me whether to cancel the deal and should they wait for prices to fall. Quite interestingly, they are "Happily" willing to bear the loss of up to Rs 5L. On the other hand, rumor mongering is at its peak in the property market. In city A there are rumors that builders have slashed property prices by 40% in a ... Read More
TAN or Tax Deduction Account Number – All You Want To Know
The readers of this blog must have come across "TAN" or Tax Deduction Account Number multiple times in my posts on NRI's and TDS on Sale of Property. It is also known as Tax Collection Account Number. Similar to PAN, it is also a 10-digit alphanumeric number issued by the department of Income Tax. There is a misconception that if the buyer has PAN for property transaction in case of NRI seller then TAN is not required. It is not a correct understanding. It is mandatory for a buyer to obtain TAN in case the seller is NRI and TDS will be deducted u/s 195. Another misconception is that if the ... Read More
Adjust LTCG against the Basic Exemption Limit and Save Income Tax
Income Tax is one of the most complex subjects in India. Most of the taxpayers struggle on this front. Through the posts on this blog, i always share my learnings, means and ways to save Income Tax in a legitimate way. The objective is to decode and explain the complex income tax rules in a simplified manner. In this post, i will share how a taxpayer can adjust LTCG against the basic exemption limit. Thus tax savings for the taxpayer. Some of the points shared in this post are already discussed in earlier posts. I hate being repetitive but some of the readers might not be able to comprehend. ... Read More
Life Insurance Plan – 5 Possible Reasons Why You Should Not BUY
Till date, all my posts on life insurance plan were focused on why we should avail life insurance plan. At the same time, it is a fact that same shoe doesn't fit all. In certain cases, a life insurance plan might not be required. To clarify that in this post, life insurance plan means term insurance plan. Normally "Insurance" in India means "Life Insurance" only :) but traditional plans like money back policy, endowment plans etc. From a personal finance perspective and as a thumb rule, if you buy any financial product then you should ask 5W's i.e. What, Why, When, Where and Who/m. The ... Read More