A thread about fixed deposits

[ijsa]

is there any capital gain tax liability arising out of sale of property ... if yes, then you might have to pay tax in following IT return or you can have CGAS a/c/ bonds to escape tax.

 

[Sushubh]

yeah. asked around at local branches... none of them seems to have capital gain tax saving bonds (is that what these are called). dad has dealt with karvy in the past. would visit them one of these days to sort that out. first need to find out how much tax is due. for that circle rate values are required and getting them is turning out to be a hassle. have filed a rti with the department and also sent manual queries... no one seems to be interested in providing the information.

54EC Bonds - Capital Gain Bonds Issued Under Section 54EC | Karvy Corporate

as for what i am doing with these funds... going to focus on short term fds for the time being. 15 month seems to offer the best interest at indusind. would be doing that.

 

[ijsa]

it is CGAS a/c..... you will have it at most nationalised banks..... it basically deferrs your tax liability for up to 3 years... In the meantime, if you purchase a new property with that amount, your tax liability is waived.

Bonds have longer lockin period and tax liability is waived off.

 

[Sushubh]

yeah. not much money to invest in property again. so would probably buy bonds.

 

[eriek_halenx]

I know its an older thread @Sushubh , but how long do you intend to invest the money instead of saving? I think If its above 5y, mutual funds could be considered. mutual fund returns.

You could considered gilt / debt funds. Maybe even gold etf?

Whatever you do please do not consider any ULIP or insurance + investment plans pushed by any blood sucking mosquitoes financial agents buzzing all around you. If one needs life insurance, one should take plain life insurance

 

[Sushubh]

FD rule changes: Multiple nominees to be allowed for fixed deposits soon? Check proposed modifications - Times of India

India Business News: FD nomination changes: Parliament is considering legislation to allow multiple nominees for fixed deposits, aiming to simplify inheritance for familie

timesofindia.indiatimes.com

 

[Sushubh]

Revised Fixed Deposit rules from Jan 1: Check RBI's new regulations for FD schemes

As per the guidelines by RBI, depositors may withdraw the full amount of small deposits (up to Rs 10,000) within three months of depositing without accruing any interest. For larger deposits, partial withdrawals of up to 50% of the principal amount or Rs 5 lakh (whichever is lower) are...

www.businesstoday.in

As per the guidelines by RBI, depositors may withdraw the full amount of small deposits (up to Rs 10,000) within three months of depositing without accruing any interest. For larger deposits, partial withdrawals of up to 50% of the principal amount or Rs 5 lakh (whichever is lower) are permitted within three months without interest.