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1 Solutions-Irawati Senna 1) B) 2) A) Nominal interest rate Effective rate Inflation Real rate of return 9.00% p.a. 9.31% p.a. 5.50% p.a. 3.61% p.a. (1+0.09/4)^4-1 ( )/( )-1 3) D) Amount of loan including processing fees 749,750 EMI Outstanding after paying 1-Aug-2010 installment 22, ,020 FV(11.5%/12,12,22654, ) prepayment penalty 22, *4% Amt to be paid alongwith penalty 576,11 4) B) 5) B) 6) C) 1st installment 1-Apr ,050,000 11,607 2nd installment 1-Sep ,100,000 23,49 3rd installment 1-Dec ,100,000 23,663 4th installment 1-Apr ,750,000 19,923 Final EMI payable 7,61 PMT(10.5%/12,15*12, ) PMT(10.5%/12,15*12-5, ) PMT(10.5%/12,15*12-, ) PMT(10.5%/12,15*12-12, )

2 7) A) Balance in Irawati's bank account 2,726,000 Liquid MF 5.50% p.a. effective 0.45% p.a. monthly If Rs. 40,000 are drawn every month with immediate effect from this account, the number of months this arrangement will sustain 1.03 NPER(0.0045,40000, ,0,1) i.e. 1 full months Return on equity MF = 11% p.a. Return on balanced MF = 9%p.a. Market value as on 20/03/2010 Equity Mutual Fund 2,647,000 Balanced MF 97, % p.m % p.m. (1.11)^(1/12)-1 (1.09)^(1/12)-1 Market value at the end of the month till this arrangement lasts Equity MF,97,314 FV(1.11^(1/12)-1,1,-30000, ,1) Balanced MF 2,52,433 FV(1.09^(1/12)-1,1,-10000,-97000,1) Balance period till retirement 135 months 1*12-1 Market value of investment till retirement Equity MF 2,73,421 FV(1.11^(1/12)-1,135,,-97314,1) Balanced MF 7,520,792 FV(1.09^(1/12)-1,135,, ,1) Total Corpus 36,304,213 Net Corpus (post-tax) 34,52, *(1-4%) Monthly effective returns from risk free instruments Inflation rate (Monthly effective) Real Rate of return - Monthly effective - from risk free instruments If Rs. 1.6 lakh are drawn inflation-linked, no. of months for corpus to last % (1.065)^(1/12) % (1.055)^(1/12) % ( )/( ) NPER(0.079%,160000, ,0,1) i.e. approx 20 years

3 ) B) To sustain corpus of Rs. 3.4 crore for 25 years, i.e. 300 months, the yield required to generate Rs. 1.6 lakh in the beginning As the amount required is adjusted for 5.5% p.a., the gross post-tax yield required to generate the real rate driving the desired equation Additional yield over and above risk-free rate 0.246% p.m. effective RATE(300,160000, ,0,1) 2.99% p.a. effective ( )^ % ( )*(1+5.5%) %.66%-6.5% 9) B) 10) B) Current cost of trip 2,000,000 Cost of trip after 11 yrs 3,796, *(1+6%)^11 Opening Contribution Int Closing ,000 70,000 57,53 (659000)*%+(70000)*(%)*(11/12) 76, ,53 70,000 6,54 ( )*% 925, ,402 70,000 79,632 ( )*% 1,075, ,075,034 70,000 91,603 ( )*% 1,236, ,236,636 70, ,531 ( )*% 1,411, ,411,167 70,000 11,493 ( )*% 1,599, ,599,661 70, ,573 ( )*% 1,03, ,03,234 70, ,59 ( )*% 2,023, ,023,092 70, ,447 ( )*% 2,260, ,260,540 70,000 16,443 ( )*% 2,516, ,516,93 70, ,959 ( )*% 2,793, ,793,941 70, ,115 ( )*% 3,093,057 Shortfall in funds 703,

4 11) B) Cost of Boarding school a year from now Total cost for both children 50, *1.06 1,017, *2 PV of such cost for the next 5 years if the corpus is invested in Nifty Index Fund yielding 11% p.a. 4,649,0 PV((1.11/1.06)-1,5, ,,1) This PV is arranged by selling Equity shares Nifty ETF 2,592, ,000 Gold ETF 300, ( )*0.1 Total Funds 3,219,300 12) B) Total funds available for both children 15,000, *2 Investment at the end of 1st year 2nd year 3rd year 4th year 5th year 6th year Nifty Index Fund FMP Shortfall ) C) 14) C) These funds are the PV in Index Fund, which alongwith an SIP for 12 months will accumulate to Rs. 46,49,0 after one year The amount of SIP is given by 4731 PMT((1+11%)^(1/12)-1,12, ,46490,1) 15) B) Sales consideration of listed equity shares 2,592, a) Cost of acquisition Long term capital gains on equity shares Tax liability= Rs 0 b) Sales consideration of Nifty ETF Cost of acquisition Long term capital gains on nifty ETF Tax liability = Rs 0 c) Sales consideration of Gold ETF Cost of acquisition 16000

5 Long term capital gains on Gold ETF Tax liability *10% Sales consideration of gold coins sold Cost of gold = cost to the previous owner Since asset is held for more than 36 months indexation benefit is available Indexation would apply from the date of giving the gift Indexed cost of acquisition (632/244)*45250 Long term capital gains with indexation benefit Long term capital gains tax with indexation benefit *20% Total tax payable

6 Solution: Ravi Mohan 16) B) 17) A) Total amount invested in Balanced MF scheme till March, , *1 Value of investment in Balanced MF scheme as on March 20, ,000 Considering SIP of Rs. 5,000 till Sep.'2013 in Balanced MF scheme giving a return of 9% p.a., accumulated amount till end-sep.'2013 Monthly effective return in Balanced MF scheme % (1.09)^(1/12)-1 Accumulated value 414,997 FV(0.7207%,42,-5000, ,1) Further investments are Rs. 7,500 p.m. till he is 55 years in the same scheme, accumulated investment at end-mar.'36 9,123,03 FV(0.7207%,270,-7500, ,1) This further accumulates till 4 more years till he is of 59 years 12,77, *(1.09)^4 Total amount invested in scheme 2,325, *60+270*7500 Capital Gains 10,552, Tax on 10% 1,055, *0.1 Net of Tax Corpus 11,22, The annuity is drawn from beginning of 60th year of Ravi, when Abhilasha is 59 years of age Abhilasha's expecte life 0 years Number of months, annuity is required 252 months 12*(0-59) Current household expenses 20,000 Expenses inflated at pre-retirement stage 105, *1.055^31 Required expenses per month post-retirement 73, *0.7 Post-tax annuity returns 6.5% p.a. Inflation expected 5.5% p.a. Real rate of return % p.a. (1+6.5%)/(1+5.5%)-1 Monthly effective real returns from annuity 0.076% p.m. ( %)^(1/12)-1 Corpus desired for this annuity to last till Abhilasha's life time 16,35,092 PV(0.076%,252,-73613,0,1) For this desired Corpus at 60, amount invested in annuity at 59 15,07, /(1+6.5%) Shortfall in Corpus 3,94, Rs. 40 lakh approx.

7 1) B) Interest paid Interest 13 1-May Jun Jul Total Aug i) Interest for the previous year Sep ii) Interest for the preconstruction 1 1-Oct Nov Dec Jan Feb Mar Apr Total ) D) U/s 94(7) of Income Tax Act, all the three conditions mentioned below are satisfied. i) He has bought the units within a period of three months prior to the record date ii) He has sold the units within a period of 9 months after the record date iii) The dividend on such units received by him is exempted from tax The transactions of Ravi are as following 2-Apr-2009 cost of 1000 units Rs. 50 per unit *50 15-Jun-2009 Record Date 5-Mar-2010 sold per unit *1000 capital loss This loss cannot be claimed as short term loss for Tax computation as the dividend of Rs. 10,000 received is tax exempt 20) A) period i.e. from 1st Aug 2006 to (1/5th of 5000) Total amount of interest allowable as deduction u/s 24 (i + ii)

8 21) A) Inflation 5.50% p.a. Balanced MF return 9.00% p.a. Time period Age Present Value of Education and Marriage expenses 27 p.a NPV Amount of Monthly investments 13,65 PMT((1+9%)^(1/12)-1,20*12, ,0,1) 22) A) 23) B) 24) A)

9 25) A) 12-Oct Dec Nov Mar % XIRR 26) B) Yes, Ravi is eligble for Gratuity under Payment of Gratuity Act The organization is covered under Gratuity Act He is in continuous service in this company for more than 5 years Arvind's Average Salary = ,000 Years of Service months (Less than 6 months ignored for calculation) Gratuity calculation (Average monthly salary*15/26*no. of year of continous service 155, *15/26*5

10 27) A) Balance as on 31st March, ,000 Investment to be made in end of March, ,000 Balance as on 31st March, ,200 ( )+90000*0.0 Quarterly Contribution 3000 (Begin of each calender quarter from April, 2010 onwards) Opening Balance Contribution during the FY FY From FY To Interest Closing Balance end of FY 2) B) 1-Apr Mar ,200 12,000,616 (( )+(3000*9/12)+ 120,16 1-Apr Mar ,16 12,000 10,265 (( )+(3000*9/12)+ 143,01 1-Apr Mar ,01 12,000 12,047 (( )+(3000*9/12)+ 167,12 1-Apr Mar ,12 12,000 13,970 (( )+(3000*9/12)+ 193,09 1-Apr Mar ,09 12,000 16,04 (( )+(3000*9/12)+ 221,146 1-Apr Mar ,146 12,000 1,292 (( )+(3000*9/12)+ 251,43 1-Apr Mar ,43 12,000 20,715 (( )+(3000*9/12)+ 24,153

11 29) B) 0% of Present Expenses *0. Inflation Rate 5.50% p.a % p.m. Risk Free Returns 6.50% p.a % p.m. Inflation adjusted returns % p.a % p.m. present age of Abhilasha 2 years expected life of Abhilasha 0 years Life insurance needed 7,93,972 PV(0.076%,(0-2)*12,-16000,0,1) Rs. 0 lakh approx. 30) A) Calculation of Income Tax Liability of Ravi Mohan Basic Salary *12 DA *12 HRA *12 Transport Allowance *12 Less Exempt Children education allowance *12 Less Exempt Medical Reimbursement *12 Less Exempt Entertainment allowance *12 Gross Income Less: Deduction u/s Less: Deduction u/s 0 C Less : deduction u/s 0 D Net Income Tax Rates % % % Add : Edu Cess

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