Will I (I) News

Subscribe to enjoy similar stories. It turns out I’m going to write a book! It will require years of agony, but I’ll do it. Also, I will retire at 65.

I am 36 years old and professionally employed. I have savings of Rs 40 lakh. Will I be able to retire at 50 years with my current savings? My monthly household expenses are around Rs 15,000. Rushabh Desai Founder, Rupee With Rushabh Investment Services: If you invest Rs 40 lakh in equity for 14 years, at 12% CAGR return, you will accumulate approximately Rs 1.95 crore before tax.

Q. If I tear down and then rebuild my principal residence of 32 years and sell it without moving in, will I have to pay any capital gains tax or Harmonized Sales Tax (HST)? Is there anything else I should be aware of so I don’t get in the crosshairs of the Canada Revenue Agency (CRA)?

Jeff Bezos' 'regret minimisation framework formula' to lessen the number of regrets in life? This means that when making a decision, you project yourself forward into the future. Then, look back at a decision you will likely take and ask yourself, 'Will I regret doing this or not doing this?' and act accordingly.

You have to hand it to Apple Inc. After a tone-deaf ad last month that made the company look oblivious to AI’s impact on the world, its marketing department has now rebranded AI as ‘Apple Intelligence.’ It’s a feat only the company could pull off. Customers of Macs and the latest iPhones will use it to rewrite emails, transcribe and summarize calls, generate images and cross-reference information from Apple apps.

fixed deposits (FDs) have been in a sweet spot for a few years now. The interest rates of FDs had gone up and small finance banks (SFBs) were offering 9% to 9.5%, which in many cases were more attractive than the offerings of public and private sector banks. Many have opted for such FDs. But now these FD investors should take note of a development at a prominent player in the sector: Fincare Small Finance Bank, which used to offer 9.21% to senior citizens on FDs maturing in 750 days as on March 27, 2024, according to Paisabazaar.com, recently merged with AU Small Finance Bank, the largest SFB in the country in asset size. This is the first such merger in the small finance bank sector, and it came into effect on April 1, 2024. Now, customers should be aware of what will happen to the FDs they had opened in Fincare SFB before the merger? Will they be eligible for the deposit insurance protection of up to Rs 5 lakh, including principal and interest? Will the IFSC codes change after the merger? ET Wealth Online presents an FAQ on how the Fincare-AU Small Finance Bank merger will impact customers.

I wish to obtain a home loan for booking an under-construction property. Can you please guide me on how to go about it? When would I be able to get the tax benefits for the home loan for an under-construction property?

A Toronto man who won a $68 million lottery jackpot says he wants “to be the same” person and plans to continue working.

I have taken a housing loan from our Employee’s Co-operative Credit Society of ₹5 lakh. I have taken an additional 15 lakh home loanfrom a bank for the same property. Will I be able to claim tax benefits on both home loans?      

Are Europeans ready to introduce a digital version of the euro? After coins and banknotes, the European Commission is now proposing the digital euro, a virtual version of the currency issued by the European Central Bank that could be used free of charge alongside cash in the eurozone. 

The luxury housing segment continues to maintain a seemingly unstoppable growth curve in 2023. According to Anarock Research data, overall sales have been increasing steeply across the top 7 cities in 2023 compared to the previous year.

Rupesh Goel’s father received approximately Rs 1 crore after the acquisition of his inherited farmland by the Government. In an email sent to FE Money recently, Rupesh shared that his father wants to buy a flat in his name with the money received from the Government. All the transactions for the purchase of the property will happen from his father’s bank account. Rupesh asked whether he would have to face any taxation on the purchase of the flat. Also, is there any way in which he can avoid such a tax?

Non-callable Fixed Deposit Rule Change 2023: The Reserve Bank of India has decided to increase the minimum amount for offering non-callable term deposits from Rs 15 lakh to Rs 1 crore. What this means is that all fixed deposits of up to Rs 1 crore shall have a premature withdrawal facility.

Debopriyo Bhattacharyya purchased a flat in 2017 after taking a loan of Rs 30 lakh. Bhattacharyya is planning to sell the flat in the near future and also purchase another flat by investing the amount remaining after repayment of the home loan. In an email sent to FE Money recently, Debopriyo asked whether he would be liable for taxes against the flat sale irrespective of the amount or the residual amount in his hand after buying the new flat.

Companies considering India as an investment destination are concerned over long-term outlook of the India-China relationship, besides factors such as competitiveness, the Centre-state polity, societal conflicts, short-term infrastructure and skill availability, said Nick Allan, chief executive of risk consultancy firm Control Risk. This is particularly relevant, considering several American, European, and Japanese companies are exploring India as a key part of their China-plus-one strategy. “In the long term, you know, people question, where’s India and China’s relationship heading? There’s no question that India is emerging as a competitor in a number of spheres to China.

I have held a health insurance policy worth ₹5 lakh for the past decade. However, I now believe that this coverage is inadequate, and I wish to enhance it to ₹50 lakh. Additionally, I had previously made a claim of approximately ₹4 lakh under my current policy four years ago. How do I increase the cover? Will I be eligible to do so with the same insurance company or will I need to look for other insurers? —Name withheld on request You have three options here.

₹5,15,000 comprising ₹3,70,000 interest income, ₹1,20,000 long-term gain from equity mutual funds, and ₹25,000 short-term gain from equity mutual funds. I also have made short-term losses from debt-oriented mutual funds to the extent of ₹42,000.

Meta recently launched its Twitter rival Threads and it has amassed great support from the users. Needless to say, it became the fastest app to cross 1 million users surpassing OpenAI’s chatbot ChatGPT. However, as we know, Threads doesn’t have web support yet.

Housing Development Finance Corporation (HDFC) Ltd. and HDFC Bank will become a merged entity on July 1, 2023. This implies that HDFC will cease to exist as of Saturday.