Tuesday, January 27, 2015

Clarity in loan interest and costs demanded by RBI

In its recent notification, RBI has advised banks to be more transparent in dealing with their customers, more particularly with respect to the loans and credits that they offer.

Accordingly, banks would have to now
a) display on their website, the interest and other cost details pertaining to various loans offered by them; and
b) provide a one-page 'key fact statement' to all the borrowers.

The details of the notification, which would be effective from April 1, 2015, are discussed below.

Friday, January 23, 2015

Sec 80C offers numerous tax saving alternatives

The month of January is close to its end and barely two months remain to make the investments — as specified in Section 80C of the Income Tax Act — so as to claim the allowable tax deduction.

As is often the case, there are still many who haven't made all the necessary investments as yet. If you are one of them, do hurry up. Else you may end-up with wrong products if you leave the matter to the last minute.

However, even among the disciplined tax savers, many are lagging behind.

Wednesday, January 21, 2015

Commission of your life insurance agent is exorbitant

Welcome to the annual "insurance season". As the Financial Year 2014-15 nears its end, people scamper to make their tax-saving investment u/s 80C. And, despite poor returns and many other obvious disadvantages, insurance policy is at the top of the list of tax-saving instruments.

This is unfortunate indeed... for the policy buyer, of course...  the insurance companies and their agents make merry.

Monday, January 19, 2015

Hazardous close-ended mutual funds can destroy crores

Mutual fund industry does not enjoy the confidence of an aam investor, despite the fact that
- mutual funds are an excellent product per se and
- they have been in business for more than two decades now.

In my opinion, this is primarily due to their focus on the short-term profits for their business. They have rarely given thought to educating the investors which could provide a solid foundation to a long-term super-profitable industry... for everyone i.e. mutual fund companies, investors and the distributors.

Friday, January 16, 2015

Drop in interest rate to ease EMI burden, finally

In line with the indications given in his fifth bi-monthly monetary policy issued on Dec 2, 2014, RBI Governor has finally declared a cut in the policy interest rates.

In fact, he did not even wait for the next review of monetary policy due early next month on Feb 3rd and made an unscheduled announcement.

Wednesday, January 14, 2015

Tax on sale of property made really simple

Sale of property generally results in a profit and occasionally in a loss. While the gains are liable for payment of tax, the losses are eligible for a set-off.

So here's a short and simple discussion on the tax implications that may arise when you sell any property owned by you.

Monday, January 12, 2015

House or Land : Which property is right for you?

Property (along with Gold and Bank Fixed Deposits) is the most preferred investment for the Indians.

And, land vs house is the most debated topic when it comes to buying property. 

Both, however, have their pros and cons. 

Therefore, whether you should buy a piece of land or a house property, would depend on which option offers you more pros than the cons given your specific circumstances and requirements.

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