Recently i was reading an article on Life's 15 most stressful events. Quite surprisingly "Divorce" was at no 2 in the list after "Death of a Spouse". Almost 10% queries posted on my blog are related to financial implications of a Divorce. I will not term it as financial implications/mistakes rather these are financial blunders. Divorce is a personal matter between the couple. Based on my interaction i can conclude that emotions like revenge, anger, and resentment take over financial wisdom. The financial implications of a divorce take a backseat. As a result, both husband and wife incur a ... Read More
Who Is Responsible To Clear The Loan Liabilities Of A Deceased Borrower
As a borrower, loan or debt is the biggest financial liability especially high-value loan. Human life is like a financial balance sheet of the company. We have assets on one side like Gold, Property, Investments etc. On the other side, we have liabilities like loan, debt, responsibilities etc. There are two types of liabilities i.e. one in the form of responsibilities like kid's education, marriage etc. The 2nd type is more tangible i.e. financial liability e.g. debt or loan as a borrower. The balance sheet is dynamic in nature. It keeps changing. If i avail a high-value loan then suddenly ... Read More
Being a Joint Owner – 5 Clauses You Should Include In Sale Deed
Being a Joint Owner of a property is a casual affair in India. The potential joint owner of a property doesn't understand the future implications. In my previous post, i highlighted why it is important to mention the type of joint property ownership in agreement. Though the inclusion of Joint Tenants or Tenants in Common is more relevant in case one of the joint owner is deceased. There are certain other clauses that should be included in sale deed to safeguard your interest as a joint owner. Before we proceed, i would like to clarify one of the biggest misconceptions of joint property ... Read More
Why you should mention Type of Joint Property Ownership in Agreement
Joint Property ownership is very common in India, especially with a spouse. Personally, I don't suggest joint property ownership with parents because of inheritance and other hassles/issues. With the increasing marital and family disputes, sometimes joint property ownership becomes a major pain point. During happy times, we don't think of future repercussions. If the potential buyer comes to know about a dispute between joint owners then it might be difficult to dispose of the property. Such sales are distress as i shared in my post, Beware of Heavily Discounted Property. In the case of joint ... Read More
Lower Interest Rate Cycle – Are You Ready for these 5 Changes
Lower Interest Rate is an alien concept for India. Typically, India as a country is "high interest rate" country. The reason being we are Savers rather Spenders. Because of this reason, we expect "high" interest rate on Savings and willing to pay "higher" interest rate on Loans. As i shared in my previous posts, the saving rate in India is one of the highest in the world i.e. 30%. In my post, Small Savings Schemes i explained how a cut in interest rates will help consumption cycle. Basically, the objective is to reduce savings and increase spending. The interest rate in growth-oriented ... Read More
Advance Ruling – NRI or Resident Indian can Avoid Tax Issues
Advance Ruling is one of the "Brahamastra" to avoid any future taxation issues. Not many NRI's or Resident Indian's are aware of the same. Advance Ruling is more popular among the corporates, in the case of disputes between 2 parties or high-value transactions. Alternatively, it can help to plan income tax liability in advance and avoid any future shocks on tax liability. In layman terms, if a resident Indian has any doubt or issue related to taxation in respect of a transaction with NRI that is already undertaken or proposed i.e. Scenario A. Alternatively, if the transaction is proposed or ... Read More
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