• Discrepancies in matters such as tax and brokerage: Always verify your contract note. (Veena Venugopal)
Invest
Investing in foreign equity, whether directly or through mutual funds, does not get the tax benefits on dividend and capital gains that domestic equity investing does. Remember, the dividend earned on such holdings is liable for tax at the rate applicable to the investor, and long-term capital gains are taxed at 20%. You will also be liable for tax under laws prevailing in the country of trade. But this can be set off against the tax liability in India if there is an agreement between the countries to avoid double taxation. (Sunita Abraham)
Do
Some easy steps to help you manage your money if you are in the Armed Forces:
• Get a PAN card.
• Minimize transactions that are offline.
• Open a demat account and trading account with online brokers. Ensure that they offer you offline (over the phone) trading facility too.
• The details of the bank account you give for payouts should be for one that you will not close.
• For SIPs, leave a few signed copies of renewal mandates with a trusted person who can mail these to the fund house, or carry them with you. (Sunil Dhawan)
Buy
India Post, with World Gold Council and Reliance Money, will sell 24-carat gold coins at its post offices. In the pilot phase, the coins will be available for sale in at least 100 India Post outlets in Delhi, Tamil Nadu, Maharashtra and Gujarat. The coins will be available in denominations of 0.5g, 1g, 5g and 8g. The price that you pay for these coins will be competitive and based on the prevailing price of gold. They will have a certification from Switzerland-based gold company Valcambi and come with certification, product standardization, numbering and assayer certification.
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