Section VI: Income Tax and Your Financial Planning

• Ques: Identify your financial goals
• Ans: Major financial goals to be achieved by a young person nowadays are:
  • 2010: Own marriage/honeymoon - Rs. 5 lakh
  • 2011: House for self occupation - Rs. 50 lakh
  • 2012: 1st child birth/hospital/ party - Rs. 1 lakh
  • 2014: 2nd child birth/hospital/party - Rs. 1 lakh
  • 2014: Purchase of car - Rs. 2 lakh
  • 2016: Foreign Tour/change to bigger house - Rs. 20 lakh
  • 2017: Higher career growth course( e.g., MBA) - Rs. 5 lakh
  • 2029: 1st Child higher education - Rs. 2 lakh
  • 2031: 2nd Child higher education - Rs. 2 lakh
  • 2034: 1st child marriage - Rs. 8 lakh
  • 2036: 2nd child marriage - Rs. 8 lakh
  • 2044: Retirement - Rs. 30 lakh