DO YOU HAVE A QUERY?
A 49% allocation in the large-cap can lead to concentration risk to the overall portfolio. Consider shifting from Franklin India Bluechip Fund to SBI Magnum Multi Cap Fund. For the additional 30,000, consider investing 10,000 each in Axis Small Cap & Kotak Emerging Equity Scheme. The remaining 10,000 can be divided equally among SBI Magnum Multi Cap and the existing L&T Equity Fund. Since the house was purchased three decades ago, the gain will be considered as long term capital gains (LTCG). You can consider the market value of the property as on 1 April 2001 as its cost, which would be further indexed by applying the index for 2019-20. So for example, if market value of the property as on 1 April 2001 was 5 lakh, the indexed cost would be 14.45 lakh and the resultant LTCG would be @ 20%. As a resident senior citizen, you are eligible for a basic exemption of 3 lakh plus a tax rebate under Section 87A on taxable income up to 5 lakh for the financial year 2019-20. Considering you qualify to be a resident for tax purposes, you will not be liable to pay income tax as your taxable income from all sources including interest on FDs is below 5 lakh.
I invest 8,000 each in Aditya BSL Frontline Equity and Franklin India Bluechip, 5,000 each in Mirae Large Cap and L&T Equity, 6,000 each in Franklin India Prima and L&T India Value and 5,000 in Franklin India Smaller Companies per month. I want to start investing another 30,000. Please guide.
I am 82. I want to sell a flat for 20 lakh, which I bought for less than lakh, over 30 years ago. What will be the tax implications?