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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.

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Warm Regards,


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