Sir,
I am very impressed by this site , more so by your candid replies, so I am taking the liberty to seek your advice in solving my problem. My husband recently passed away. Now his PPF account has been transferred to my account. Some FDs have also matured-in all, some 35 lakh rupees is in the savings a/c. I would like your advice on how to invest them so that there is tax saving as well as some monthly income. I am working and have to pay income tax annually. there are no dependents that I have to care for. I have a health insurance cover for over 10 years now.
Thanking you, Swapna.
3 Answers
Hi Swapna Ji,
'Sorry for your loss.'
May I ask for few details;
1 - Is your monthly salary income sufficient to meet your personal living expenses?
2 - Do you have Personal Accident insurance cover?
3 - Do you have any liabilities to take care of (loans) ?
4 - Have you made any investments? Do have any other sources of income(s)?
thank you for your condolences, Sir.
Regarding your queries: 1) my monthly income is sufficient for my regular expenses. 2) I have a health insurance of Rs 4 lakhs with super topup of 5 lakhs. Is this what you mean by personal accident cover? 3) I have a car loan which is paid from my monthly earnings and will continue till Sept.2018.I have no other liabilities or dependants to take care of. 4) My husband had invested in mutual funds for both of us so there is some money there plus FDs but I wnt to discontinue with the FDs once they mature.
I wish to invest in a mutual fund scheme where there is tax saving as well as withdrawal options plus increase in capital with some degree of reliability.Is it too much to ask? Someone suggested ICICI Pru Dynamic Bond fund and Balanced fund . What is your opinion?
Looking forward to your reply,
Swapna
Hi,
1 - Personal accident cover is different from Health insurance cover.
Kindly go through this article;
https://www.relakhs.com/best-personal-accident-insurance-policies-in-india-details-comparison/
2 - Balanced fund is a better option. Kindly note that the investments made in an equity oriented balanced fund are not eligible for Tax saving (if you are looking for tax exemption also). However any capital gains on redemption of Equity oriented MF schemes are tax-free if the units are held for minimum 12 months.
Kindly read:
https://www.relakhs.com/top-best-balanced-mutual-funds-returns/
https://www.relakhs.com/mutual-funds-taxation-rules-capital-gains-tax-rates-on-mfs-fy-201516/
https://www.relakhs.com/best-mutual-fund-schemes-2017/
https://www.relakhs.com/list-of-best-investment-options-schemes-in-india/
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