Tax Planning continue ...

Tax Planning continue ...

8. Prepare physical tally of your assets

• During the year 2015 I would like to suggest each and every person whether a small investor or a big investor or whether a serviceman or a retired person, it is time now to have a physical tally of all your assets during the year 2015.
• Once the tally is made, you will be sure of all your bank FDR or Mutual Funds or Shares and all your gold and diamond jewellery.
• Both husband and wife should prepare a physical tally of all the assets and this must be done at least once in a year.
• In the year 2015 think of having a physical tally of all your assets.

9. Tax Planning for Real Estate in the year 2015

I feel that Real Estate should be a good investment for you in the year 2015 and here are some of the important points which you may keep in mind while making your investment in the Real Estate.

1. Expected creation of 100 smart cities. Hence, invest and make profit.
2. Buy and sell property only with Circle Rate or else big tax problem coming to you.
3. When you buy the property, have a clear cut demarcation of the same.
4. For bright future buy the property jointly in the name of husband and wife with their individual funds and let both of them take the benefit of tax deduction.
5. Tax advantage of the upcoming affordable housing scheme which are being planned in different towns of India. Invest and make big profit.
6. Don’t sell your Real Estate before holding it for a minimum period of three years.

10. Gold, Silver and Diamond investments

• I would like to recommend to our viewers that when the prices of the gold and silver further fall, at that time it would be a good idea to think of making a small little investment in the year 2015 in gold and silver and in raw diamonds.
• I am not in favour of buying more and more jewellery because the resale value will be lower and more particularly when you want to make investment in gold and if you want no wealth tax liability to come to you and also you want to take care of the theft of the gold, then it is time for you now from the year 2015 on-wards think of buying not raw gold but of buying gold in Demat Account through Mutual Fund and also invest in gold bees.

11. New business in the year 2015

• For those who are thinking of starting a new business it is time for them to encash the growing economy of the country and at least start one new business venture in the year 2015.
• Most important from tax planning point of view when you are thinking of starting a new business venture then first find out the tax entity in which your business should be started.

12. Investing in Stock Market in the year 2015

In the year 2015 I will see a blooming Stock Market. It is time now for the investor to think of making investment in the Stock Market and reaping the fruits in the year 2016 on-wards. For those interested to invest in the Stock Market, the following tips are important :-

1. Think of investing and forgetting the sale of the same for a minimum period of one year so that the profit you get becomes tax free.
2. If you do not know where to invest in equity market, then think of investing through the Equity Mutual Fund only.
3. Do not make investment in Debt and other investment options of the Mutual Fund investment.
4. I expect in the year 2015 new investment proposals being made available by the Government of big investment in Government company shares. I feel it should be a good time to make investment in those shares.

13. Surplus money in buying second house or a commercial property

• From tax point of view buying a second house property not for self occupation but only for getting rental income is a good idea.
• Similarly, making investment in commercial property for the purpose of getting rental income is also a good idea.
• The main important feature is that when you buy the property for letting it out, you get a deduction in respect of interest on loan without any upper limit.
• Hence, it is really a good idea.

14. Wait for Budget 2015

• Yes, the Finance Minister will be presenting the budget on 28th February and I would suggest all my viewers that please keep your eyes and ears on your Budget so that you are able to get the plus point and the minus point of the budget 2015-16 and you can gear and plan your strategy of investment and tax saving based on the exemptions and deductions which are available as per the Finance Bill.

15. Miscellaneous points from Tax and Investment Planning point of view

Some of the small point to be taken care are as under :-

1. Plan for Succession Planning. Prepare Wills. Revise Wills.
2. Think of making investment in Tax Free Bonds issued by the Government.
3. Invest in KVP that is Kisan Vikas Patra particularly in the names of all those family members having income below the exemption limit or in the name of your parents who do not have taxable income. For you it is not advisable to invest in KVP but for family members, yes, you can invest.
4. Now relax and think of having on your agenda the first item as Health Care Management with peace, happiness, bliss at your command and then the money will be made available to you by tax and investment planning and finally do remember to adopt tax planning but not tax evasion.