Sir,
To take the full advantage of 80 c, my father ( age 63) has to invest more rs. 50000 within this coming march,2017. And my father wants to invest in elss( franklin india tax shield fund) as a lump sum investment. So I want to know two information.
- Can I continue this fund and redeem it after my father death (if yes then I want to continue it for 25 - 30 years)?
- Is it right option to make a investment at this moment (because due to budget expectation the market is in a boom period,) or should I wait for the coming election results of five states?
5 Answers
SIR,
MY FATHER WANTS TO INVEST THIS MONEY FOR MY FUTURE. SO IT IS FOR MY FINANCIAL GOAL.
Hi,
1 - He can invest it as a lump sum investment making you as Nominee...
2- As it is for your financial goal, which can be a long-term one, kindly do not wait to TIME the markets..
THANK YOU SIR FOR YOUR GUIDANCE . SIR I WANT TO ADD TWO MORE QUESTION I.E.
1.SHOULD I TAKE GROWTH OPTION OR DIVIDEND REINVESTMENT OPTION IN THIS CASE AND PLEASE GIVE THE REASONS BEHIND THIS ?
2. CAN THIS INVESTMENT WILL MAKE UNDER JOINT HOLDER STATUS ( MY FATHER AND ME)?
Hi,
1 - To keep it simple, opt for Growth option as it is for your long-term goal :)
2 - Yes, can do so. Investments in ELSS funds which are in your name alone can be claimed as tax deduction. ELSS funds can be held in joint-names, but only first-applicant (primary holder) who is a tax-assessee can claim the tax deduction.
Kindly read : Tax Saving investment options under Section 80C - in whose name can they be invested?
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