As per my office records, my investment declarations till date is zero. I have been promptly paying my taxes without worries, whereas unlike me, people around me have been trying very hard to save taxes by INVESTING their earnings.
Well I have been investing too, investing money in whatever which means happiness to me like visiting places, going on biking trips, buying stuffs like Laptop, Bike, Air Conditioner, Furnitures, LCD TV, iPhones, Projector, iPad …etc. I’ve even sent my mom to Manassarovar yatra, Singapore and I have been giving a part of my salary towards house maintenance.
Now I’m back from a long onsite trip and I have enough money to invest big.., so Im buying off an apartment. My dad is helping me out by lending me 3 lakhs. I did manage to save 20k $s from my onsite trip and I had another 2 lakhs in my Indian bank account. The total cost of the apartment including registration is around 28.5 lakhs.
I borrowed loan of 13.5 lakhs from LIC Housing finance. EMI would be 17k for a 10 year tenure. Since the apartment is already rented out for 7k per month, I will end up paying 10k per month, a fair deal I guess. This would mean I wouldn’t be left with any savings/liquid cash. I would still be left with 20 k every month as per my current salary, which is a decent amount considering I’m still single 🙂
My US tax returns for the year 2010 will most likely be 3k$s and I’m planning to buy a car from that amount.
If everything works out and if I go on another onsite trip to US, which most likely will happen since I have a valid US Visa, I will save up another 16k $s (7 lakhs). I’l plan and to repay 3 lakhs towards loan, a lakh to my dad and keep another 2 lakhs with me for my spendings.