Prajna Capital |
- What are the pre-requisite for taking Reverse Mortgage?
- Factors affecting Rupee depreciation or appreciation
- Filing Tax Returns - New Rules
| What are the pre-requisite for taking Reverse Mortgage? Posted: 08 Jul 2013 06:11 AM PDT Invest In Tax Saving Mutual Funds Online Call 0 94 8300 8300 (India)
The reverse mortgage loan is available to any person who is owner of a residential house property and has completed 60 years of age. In case of a couple wishing to avail this scheme, one of the spouses should have completed 60 years of age and the other should be over 55 years of age, though it is not necessary that only a couple can avail this loan.
Even a person who is single and a senior citizen, can avail loan under reverse mortgage scheme but the property should be owned by him/ her. In case of couple the property can be owned jointly but in case of single the property should be in the name of the applicant.
You need to mortgage your residential property which is being used by you as your own residence. So the property should be used by the person who is taking this loan as his primary residence.
Moreover the property should be self-acquired, implying you cannot get a loan on inherited property or any property received by you as gift. The loan can only be obtained on residential property situated anywhere in India whether in rural or urban area.
Therefore under this scheme you cannot mortgage any other property like commercial property or other residential property which is let out though owned by you. Even in case of a property on which any loan has been taken cannot be used for taking this reverse mortgage until and unless entire loan has been repaid.
For availing the reverse mortgage loan you have to submit some basic documents like your permanent account number (PAN), list of legal heirs and copy of the registered will. Moreover you need to provide the details like cost and area of the property to be mortgaged.
It is pertinent to note that making and registering of your will is a prerequisite for availing the reverse mortgage. You are required to intimate the lender as and when there is any change in the will.
Happy Investing!! We can help. Call 0 94 8300 8300 (India) Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com
--------------------------------------------- Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
Invest Tax Saving Mutual Funds Online Tax Saving Mutual Funds Online These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)
Download Tax Saving Mutual Fund Application Forms from all AMCs Download Tax Saving Mutual Fund Applications
These Application Forms can be used for buying regular mutual funds also
Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )
------------------ Best Performing Mutual Funds
|
| Factors affecting Rupee depreciation or appreciation Posted: 08 Jul 2013 04:08 AM PDT Invest In Tax Saving Mutual Funds Online Call 0 94 8300 8300 (India)
There are different factors that affect the currency movements and all the factors are interlinked with each other. Impact on one will definitely impact one or more other factors. Let's understand these in brief:
1. Current account deficit (CAD): CAD is the result of country's higher imports than exports or where payment is higher than receipts. Gold and crude oil are the two major items In India's import list. The more you spend on these two, the more we need to import these and more will be the demand of dollars and thus more depreciation in rupee.
2. Capital Account flows: Capital account flows comes in the shape of FIIs (foreign Institutional Investors) and FDI (Foreign direct Investments). FIIs invest in Stock market or bonds and FDIs come in with Business opportunities. Looking at the country's weak growth outlook, high inflation, high current account deficit etc. FIIs are taking their money back to their country where they are seeing more growth opportunities and also no currency risk. And FDIs are getting impacted by weak government policies, Red tapism and less parliamentary action. If both these investors come in India then demand for rupee will increase as they will bring in dollars to convert into rupees which provide stability to rupee.
3. Interest rate and inflation: High interest rates (as in India) attract foreign investors as they get less rate of interest in their own country , but high interest rates hit local industry and their cost of capital increases. High inflation and interest rates makes our export costlier and thus reducing the demand of our products outside which means less exports. This in turn increases the Current Account deficit and thus rupee depreciation. The unstable currency movements make foreign investors wary of their decision and they prefer to move out of such country.
Let's understand it with an example:
One FII invested $ 1 million on 25th June'2012 in Indian market and earned 10% return on its investment. The dollar rate was Rs 52, so it invested around Rs 5.2 crore in Indian market. But now when it is about to redeem the investments and book profits the dollar price is Rs 60. So the value of its investment which is Rs 5.72 crore, has become 0.95 million dollar after converting into dollar. Which is even less than the capital invested.
Happy Investing!! We can help. Call 0 94 8300 8300 (India) Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com
--------------------------------------------- Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
Invest Tax Saving Mutual Funds Online Tax Saving Mutual Funds Online These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)
Download Tax Saving Mutual Fund Application Forms from all AMCs Download Tax Saving Mutual Fund Applications
These Application Forms can be used for buying regular mutual funds also
Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )
------------------ Best Performing Mutual Funds
|
| Filing Tax Returns - New Rules Posted: 08 Jul 2013 12:29 AM PDT Invest In Tax Saving Mutual Funds Online Call 0 94 8300 8300 (India)
THERE are some changes in income-tax regulations on filing of returns. The due date for filing the tax return is July 31 and it will be a good idea to know about these changes.
Until last year, taxpayers having total income above Rs 10 lakh were compulsorily required to file their returns electronically. The new amendments have amended this limit to Rs 5 lakh. Hence, if your total income is above Rs 5 lakh, you need to file your tax return electronically.
Below changes are also relevant and will come handy when you file your tax returns: IFSC code: It was mandatory to provide MICR code earlier. However, MICR code has been now been replaced with IFSC code. IFSC code is an 11 digit alphanumeric code mentioned on your cheque and is mandatory to be quoted.
Taxpayers earning income up to Rs 5 lakh need not worry about these provisions, as they are anyways not required to file tax returns, subject to certain conditions.
Happy Investing!! We can help. Call 0 94 8300 8300 (India) Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com
--------------------------------------------- Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
Invest Tax Saving Mutual Funds Online Tax Saving Mutual Funds Online These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)
Download Tax Saving Mutual Fund Application Forms from all AMCs Download Tax Saving Mutual Fund Applications
These Application Forms can be used for buying regular mutual funds also
Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )
------------------ Best Performing Mutual Funds
|
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