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Useful articles for your finance management by our team of experts

Setting Financial Goals and Saving on Taxes

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Question: Got to save Rs. 500000 for sister’s marriage in 2013, and  Rs. 400000 for own marriage in 2015. Monthly income Rs. 50,000. Advise needed on tax saving investment schemes for fulfilling above goals.

Answer: Dear Mayur, in order to achieve a corpus of Rs 5 lakhs for your sister’s wedding in 2013, you need to set aside ~ Rs 19,200 per month; in addition to this, you need to also set aside ~ Rs 7,000 per month for your own wedding corpus of Rs 4 lakhs in 2015. You can set aside this money in a bank Recurring Deposit, post office scheme or a balanced or debt mutual fund scheme depending upon your risk appetite and tax saving strategy for FY 2010-11.

We recommend you avail our premium investment planning service which we are currently offering for a minimal fee of Rs 999 only. Your investment plan will be chalked out by our Financial Plan Experts and will take into account your risk profile and tax planning for current financial year. This will ensure you get the best of investment recommendation and also helps you save on taxes.

Warm Regards,

TaxYogi

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