Mukesh Patel.in
practical tax & investment planning online
international tax expert / columnist / author / speaker

LIFE IN FORWARD GEAR WITH REVERSE MORTGAGE!

Needy Senior Citizens can raise Funds against their House Without any pressure for Sale or concern for Borrowing

          Chinubhai Raval, a senior citizen aged 70, is living in his house at Ahmedabad, the present market value of which is Rs.25,00,000. Since their children have neglected them, the Raval couple is all on their own, having scarce financial resources to maintain even a decent livelihood. Their grave concern and dilemma is that if they opt to sell their house to raise funds, they are rendered homeless, and if they go for a normal borrowing against the mortgage of their house, they may just not be able to repay the installments of principal and interest.

          The ‘Reverse Mortgage Scheme’ introduced by Banks and Housing Finance Institutions provides a perfect avenue to the Raval couple and many other senior citizens to extract value out of their property without selling it off. Going by the standard norms on the subject, Shri Raval in his case can expect around Rs.10,00,000 as a single payment loan or Rs.5,000 as monthly advance for a 15 year term. (more…)

GLOBALISE YOUR INVESTMENTS!

Sell a Land in Ahmedabad & Enjoy Tax Exemption

Via Investment of an Apartment in London!

It may appear too good to be believed, but it is true! With the Foreign Exchange Management Act (FEMA) having liberalized remittances by resident Indians for their annual overseas investments upto US $ 2,00,000 and with the Income-tax Act enabling tax exemption of long term capital gains (LTCG) in case of an investment made in either the purchase or construction of a residential house, you can now plan to sell your land in Ahmedabad and invest funds even in a London apartment so as to enjoy tax holiday. (more…)

HOUSE NO.2 CAN BE YOUR CHOICE NO. 1 !

Interest Deduction available for Second Housing Loan?

Several readers have been asking this common question, “Can a taxpayer also avail tax benefits in respect of his investment in a second house, when he is still availing the same in regard to his first one?” Let us deal with this issue today. (more…)

HOW TO PLAN ZERO TAX ON ANNUAL PAY OF RS.4.50 LAKHS?

Minimize Tax on even Higher Incomes

Through Intelligent Pay Packet Planning!

Are you aware that as a salaried taxpayer you can conveniently structure your annual pay package of up to Rs.4,50,000 on a Zero Tax Basis? (more…)

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