FPSB® Retirement and Tax Planning DEMO

Abhishek is the minor child of Amitabh and Mrs Jaya. During the previous year 2019-20, the income of Abhishek is Rupees. 2500, During the previous year 2019-20, the income of Amitabh is higher than that of Mrs Jaya What will be the tax implications

EDLI Covers the employee:

Ajay inherited a small piece of land in May 2010 consequent to the demise of her father. The land was acquired by her father in April 1996 for Rs. 10,000. The fair market value of the land was Rs. 1,75,000 on April 1, 2001 and Rs. 4,50,000 on the date of her inheritance (May 2010). Ajay sells this land in November 2020 for Rs.15,00,000. What cost of acquisition should Ajay consider for calculating her indexed cost of acquisition?

• During the year 2019-20, Mr. Kumar received following gifts. Ascertain the total amount of gift charged to tax.
• Gift of Rs. 84,000 from his father.
• 2,52,000 received on account of will of his grandfather.
• 30,000 received from his friends on the occasion of marriage anniversary

Ishan has been saving Rs. 1.5 lacs in her PPF account at the beginning of every year for the past 10 years. He wishes some money for her home repair at the end of the 10th year Assuming PPF interest rate to be constant at 8% p.a. What is the amount she is permitted to withdraw?

Vedant current Age is 35 and wishes to retire at 55. His current expenses are 60000 Rs and he wants to maintain same life style adjusting for 25 years post retirement.Post Retirement annuity will yield at 9%.What shall be the incremental amount of investment vedant must done for acheiving his goal if investemnt is done at 11% with increasing invstment at the rate of 7% every year. Inflation is 6% thoughout. ?

Vatsal is 32 years of age having life expectancy of 78 years, his wife is 28 years of age and having life expectancy of 70 years, He is planned to accumulate 50Lacs at the time of retirement at the age of 60
His Expenses at the time of retirement will be 250000 Annual, which will be reduced to half after his wife’s death.

What will be the money Vatsal has at the time of his wife’s departure? Inflation is 6% throughout Post retirement Returns are 9% ?

What is the first factor a financial planner should consider when determining the suitability of an offshore investing strategy for a client?

OASIS stands for:

Mrs. X has let out one house property @ Rs. 62,000 p.m., Municipal Valuation Rs. 72,000 p.m., Fair Rent Rs. 90,000 p.m., Standard rent Rs. 1,00,000 p.m., Municipal Tax paid Rs. 40,000. Compute Net Annual Value.

Ram, aged 42 years, is a self-employed person having business of garment in Kanpur. He furnishes the following particulars of his income and expenses for the previous year 2019-20:

i. Income for profession, Rs. 4,50,000
ii. Short term capital gains on sale of gold, Rs. 65,000
iii. Long term capital gains on sale of land, Rs. 5,000
iv. Rent paid for a house in Delhi, Rs. 1,20,000
What shall be the permissible deduction for Akhil under section 80GG on account of the rent paid by him for Assessment Year 2020-21?

Who contributes to Employee Pension Scheme (EPS) of an eligible employee ? 

A goal required to be achieved by the client should be:

Defined benefit plans guarantee a retirement income benefit, usually based on which of the following except:

NPS subscriber’s and their nominee enjoy several tax benefits under the scheme. Which one of the following statements in the most appropriate with regards to the NPS related taxation?