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Year-2009

(upto Dec09)

Case Study Released By FPSB India

For the Month of

Case -1

Case-2

January09

Vijay Kumar

Apra Mehta

February09

Sameer Sopori

Suneel Gupta

March09

Arka Roy

Anil Bhai

April09

Anamika Sengupta

Eklovya

May09

Soumya

Omprakash

June09

Rahul

Prabhat

July09

Devnarayan

Anoo[

August09

Devendra

Dharampal

September09

Avinash Waghle

Dr. Vijay Mohan

October09

Kartik Gupta

Chandrika Raj

November09

Vinod Gupta

Vikrant Sahabji

December09

Ravinder Saxena

Thirukutti Murugan

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1,003.20 FV(0.09,19,-20,0,1)
8,115.49 FV(0.15,19,-80,0,1)
9,118.69 1003.2+8115.49
so to get Rs. 6,32,055 investment per year needed is
Thus approx investment per year needed for Manjesh is Rs. 7,000

20
80

Debt
Equity

719.47 FV(0.09,16,-20,0,1)
5,126.01 FV(0.15,16,-80,0,1)
5,845.48 719.47+5126.01
so to get Rs. 5,61,894 investment per year needed is
Thus approx investment per year needed for Mayuresh is Rs. 10,000
Assumptions for Manjesh
Yearly investment
100

20
80

Debt
Equity

6931.42 100*632055/9118.69

9612.46 100*561894/5845.48

B)

2)

Yearly effective
Inflation
0.04
Debt
0.09
Equity
0.15
Children's higher education
20:80 in Debt and Equity
No of years
amount needed
FV(0.04,16,0,-300000,1)
Mayuresh
16 561,894
19 632,055
FV(0.04,19,0,-300000,1)
Manjesh
Note: For exact corpus requirement we need to follow an alternative method.
Assumptions for Mayuresh
Yearly investment
100

B)
Term
51 80-29
Till Khyati is 80 years
inflation
0.04
Debt
0.09
Equity
0.15
Requirement
600000
per year returns needed today
Note: For exact corpus requirement we need to follow an alternative method.
Assumptions for corpus
if Corpus needed today
1000
Debt
900
45.43 PMT(((1+0.09)/(1+0.04))-1,51,-900,0,1)
Equity
100
9.62 PMT(((1+0.15)/(1+0.04))-1,51,-100,0,1)
yearly withdrawal till khyati is 80 years
55.05 45.43+9.62
10899344 600000*1000/55.05
corpus needed is
Thus approx Sum Assured requirement is Rs. 109 lakh.

1)

Vijay Case solution

C)

A)
B)
C)

B)
present age of Vijay
present age of Khyati
retirement age of Vijay
time to retire for Vijay
Monthly savings
yearly increase in savings
Kyati's age when Vijay retires
expected total life of Khyati
Khyati alive after retirement of Vijay
present expenses per year
inflation
Rate of returns
Exp at retirement
retirement benefits
corpus needed at retirement
value of savings at retirement
surplus

B)

4)

5)
6)
7)

8)

9)

D)

B)

10)

11)

Sum Assured
Premium per quarter
Bonus
Interim Bonus
Total amount due
Unpaid premium
Amount to be payed today

cost
Year 1
Year 2
Year 3
Taxable

RFA

HRA
Basic Sal
DA
CCA
Children Edu
Transport All
Bonus
Gross Salary

B)

3)
30200*12
362400*0.5
300*12
(200*12*2)-2400
(1000-800)*12

PV((1+10%)/(1+4%)-1,26,-671791,0,1)
((35000*(((1+10%)^(25)-(1+8%)^(25))/(10%-8%)))*1.1)+2000000
9673494-9451112

FV(4%,25,0,-252000,0)

80-54
21000*12

29+25

55-30

300000/1000*40
12000+120000+300000
(2500*3)
432000-7500

30
29
55
25 years
35000
8%
54
80
26 years
252000
4%
10%
671791
2000000
9451112
9673494
222382

500000*0.8
400000*0.8
320000*0.8
256000-150000

300000
2500
120000
12000
432000
7500 less
424500

500000
400000
320000
256000
106000

91800 612000*0.15

362400
181200
3600
2400
2400
60,000
612,000

B)
Present Rent
Increase
Discount Rate
PV
Approximate value

2004-05
2005-06
2006-07
2007-08
2008-09
2009-10

Balance B/F
20300
21956
23748
25686
27782
30049

C)
Compounding rate of interest=
Compounding frequency=
Time=
FV of 100 rupees deposited=
Absolute return in% over 3 years=
Annual Yield=

20300+20300*((1.04)^2-1)
21956+21956*((1.04)^2-1)
23748+23748*((1.04)^2-1)
25686+25686*((1.04)^2-1)
27782+27782*((1.04)^2-1)
30049+30049*((1.04)^2-1)

3 years
142.58 100*1.03^12
(142.58-100)/100
1.03^4

Quarterly

12%

Interest Balance C/F


1656
21956
1792
23748
1938
25686
2096
27782
2267
30049
2452
32500

36000 3000*12
6.5%
10%
1028571 36000/(10%-6.5%)
Rs. 10 lakh

C)

1
2
3
4
5
6

:

20300
32,500 FV(4%,12,0,-20300,0)

D
Z

Z&

PV
FV
20,300 PV(4%,12,0,-32500,0)

4%
12
32500

Apra Case solution


B)

16)

D)
Interest
NPER
Fv

15)

pv

B)

14)






 Z W


C)

13)

D
&

B)

12)

18%-(4%+(1.25*(15%-4%)))
14%-(4%+(0.85*(15%-4%)))
16%-(4%+(1.02*(15%-4%)))
17%-(4%+(1.2*(15%-4%)))

B)
Date of joining=
Date of probable resigning=
Total Period=
Gratuity payable for=
Last drawn basic+da (pm)
eligible annual salary=45000/26*15

A)
B)
Sum Assured
Rev Bonus for first 5 years
Rev Bonus for last 15 years
Additional Bonus
Maturity Amount

D)

'W

1
2
3
4
5
6
7
8
9
10

35000
35000
35000
35000
35000
35000
35000
35000
35000
35000

Premium

Year

30800
33250
33250
33950
33950
34650
34650
34650
34650
34650

Premium
available for
allocation after
PAC
30045
32457
32418
33076
33032
33686
33638
33588
33535
33479

32471.13
69393.21
109253.91
153044.90
200324.79
252129.46
308065.29
368463.26
433680.96
504104.71

After FMC

21875

53064

720
720
720
720
720
720
720
720
720
720

199605+500
699605 000
Rs. 7,00,000

31751.13
68673.21
108533.91
152324.90
199604.79
251409.46
307345.29
367743.26
432960.96
503384.71

Amount in
the kitty after
Policy Admin
FMC & Policy
Charges
Admin
Charges

Claim Proceeds at the end of 5th year


Say

33049.50
70629.22
111199.91
155770.89
203892.91
256620.31
313552.45
375026.22
441405.56
513083.68

Premium after
Growth of funds
PAC & Mortality
at 10%
charges

1/8/2002
31/03/2009
6 years & 8 Months
7 years
45000 30000+15000
25961.54 45000/26*15
25961.54*7

755
793
832
874
918
964
1012
1062
1115
1171

Mortality
Charge

1150000
287500 50/1000*1150000*5
1035000 60/1000*1150000*15
184000 160/1000*1150000
2656500

12%
5%
5%
3%
3%
1%
1%
1%
1%
1%

Premium Alloc
charge

Sameer's insurance calculations

C)

dEt

Accured interest on bank FDR for last 6 months=(500000*1+(.0875/2))=

A)
Sameer's capital account balance as of 31/03/2008=
Add: Accured interest on E^ for last 5 years (253064-200000)=
31/3/2006
200000
16320
216320
31/03/2007
216320
17652
233972
31/3/2008
233972
19092
253064

375000
375000
375000
375000
375000
375000
375000
375000

1019858.897
1101447.609
1189563.418
1284728.491
1387506.771
1498507.312
1618387.897
1747858.929

C)

Total PV after 1 year=


Ist payment due from 1 year from now=after
Rate of interest=
PMT=

or
A)
Current age
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25



Apra's loan account balance as of 31-3-2008=


Scheduled withdrawl as of 31-03-2009=
Balance as on 31-03-2009=

A)
Today Apra's Age=
Monthly addition in loan account=
Desired upto=
Interest=
Total Months Balance=

362595
359269
355973
352707
349471
346265
343088
339941
2809308

years
rupees
years
pm

375000
1387506.771
349471
375000
1498507.312
346265
375000
1618387.897
343088
375000
1747858.929
339941
375000
1887687.643
336822
375000
2038702.655
333732
375000
2201798.867
330670
375000
2377942.776
327636
5516932 2809308+2707624
2707624
13 years
9%
pa
-676,035
PMT(9%,13,5516932,0,1)

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

FV(1.5%,12,-30000,-965644,1)-500000
FV(1.5%,286,-30000,-1051646,1)
Crore
215776526/10000000

31
30000
55
1.50%

A)

Total

1
2
3
4
5
6
7
8
9
10
11
12

17,000
16,983
16,965
16,948
16,930
16,912
16,894
16,876
16,858
16,839
16,820
16,801
202,827

IPMT(12%/12,1,20*12,-1700000,0)
IPMT(12%/12,2,20*12,-1700000,0)
IPMT(12%/12,3,20*12,-1700000,0)
IPMT(12%/12,4,20*12,-1700000,0)
IPMT(12%/12,5,20*12,-1700000,0)
IPMT(12%/12,6,20*12,-1700000,0)
IPMT(12%/12,7,20*12,-1700000,0)
IPMT(12%/12,8,20*12,-1700000,0)
IPMT(12%/12,9,20*12,-1700000,0)
IPMT(12%/12,10,20*12,-1700000,0)
IPMT(12%/12,11,20*12,-1700000,0)
IPMT(12%/12,12,20*12,-1700000,0)

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B)

B)

B)

32)

33)

Last Year
24000
12000
12000
1600
1600
1600
1600
1600
1600
1200

25956 46350-20394

FBT to be paid
8497.5 (50000*33.99%)*50%
8497.5 (50000*33.99%)*50%
3399 (50000*33.99%)*20%
20394

Tax savings on opting for FBT on the three items =

50%
50%
20%

% of expenditure deemed to be
fringe benefit

887870
Nil
500
20000
191361
211861
0
6356
218217

110000

200000
1123

or
0-145000
145001-150000
150001-250000
250001-887870
Tax
Surcharge
E.Cess
Total Tax

Total Salary
Bonus

0
0
19200
19200
14400

9600

Taxable
288000
144000
144000

46350 150000*30.9%

Less 80C/D

73500
58800
882000
705600
Interest from Saving A/c
Interest from Sameer's firm

Current
30000
15000
15000
2000
2000
2000
2000
2000
2000
1500

Tax she would have paid on Rs.1.5 Lakhs, if she does not opt for FBT treatment -

Heads considered Club facilities


Gifts
Repair & Maintenance of car

A)
Basic Salary
D.A.
HRA
Transport Allowance
Child Education Allowance
Telephone Allowance
Entertainment Allowance
Driver Allowance
Travelling Allowance
Medical Allowance

31)

FPSBI/M-VI/02-01/09/SP-10

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Nil

13584
Total Tax=
Or

2507 (205070-180000)*0.1

Total Income=

100000
24930

Gross Total Income=

356000 **

E.Cess

13584

2507

295630-90560

420560-124930

24930+100000

686000-356000+90560

16091 13584+2507
482.73 16091*0.03
16573.73
482.73+16091
16570

205070
90560

295630

124930

90560
420560

-356000

686000
Exempt

600000
800000
1000000
1200000
1500000

Gross

A)
Upfront Security Deposit=
One Time Cost=

5)

Revenues
Year 1
Year 2
Year 3
Year 4
Year 5

C)

Net=80% of Gross Somya's Share=60% of Net


480000
288000
640000
384000
800000
480000
960000
576000
1200000
720000

claimed by her shall be added back to her income in the surrender year of the policy

Year 1
Year 2
Year 3
Year 4
Year 5
Year 6

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1000000
-1712000
384000
480000
576000
720000
1000000
20.54%

Refund of Deposit
IRR

288000-(1000000+1000000)

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A)

Tax on Special Rate Income=


u/s 111 A @15%=90560*.15=

Tax on Normal Rate Income=


0-180000
180001-205070

Normal Rate Income=


Special Rate Income=

Less:
Deduction u/s 80C
U/s 80D

4)

3)

A)
Income from profession:
Receipt from Partnership Firm: Rs. 225000
Derivatives loss at NSE

2)

** Permissible to be set off as non speculative loss


Short Term Capital Gain u/s 111 A

D)

1)

Solutions: Somya Vishwanathan

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6)

5 Years

sD

863955*1.035

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47,933.915
46,936.662
45,906.973
44,843.794
43,746.035
42,612.573
41,442.245
40,233.853
38,986.158
37,697.883
36,367.707
34,994.268
33,576.158
32,111.925
32,111.925
212401

pm
(10*(1.025)^4)*(1-0.0315)^2
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(1+0.0157)^12-1

1000000/(1-1.25%)
p.m.
PMT(14.5%/12,5*12,-1012658,0,0)
FV(14.5%/12,12,-23826,1012658,0)

1.57% p.m.
20.62% p.a.

1012658
23826
863955
3.50%
894193

1.25%

1000000
14.50%

C)
Original investment on 1-10-2007=
500000
NAV
10.00
Purchase Price
10.225
Units alloted
48899.7555
SWP Started from 1st April 008=
10000
NAV grew from
01-10-2007 to 31-01-2008=
2.50%
Estimated NAV as on 31-01-2008
11.04
NAV grew from
01-02-2008 to 31-03-2009=
3.15%
Estimated NAV as on 31-03-2008
10.3537
Date
Estimated Amount SWP
Units redeemed
NAV

10.3537
10000
965.840
D
10.0275
10000
997.254
:
9.7117
10000
1,029.689
:
9.4058
10000
1,063.179

9.1095
10000
1,097.758
^
8.8225
10000
1,133.463
K
8.5446
10000
1,170.328
E
8.2755
10000
1,208.392

8.0148
10000
1,247.695
:
7.7623
10000
1,288.275
&
7.5178
10000
1,330.176
D
7.2810
10000
1,373.439

7.0516
10000
1,418.110
D
6.8295
10000
1,464.233
D
6.6144

So Total Loan=
EMI =
Outstanding Loan Balance after 1 Year
Pre Payment Charge=
Total Amount to be paid after 1 Year=
Mode=
End
rate of interest=
So Effective rate of interest

D)
Loan Amount=
Rate of interest=
Term =
Processing Fee=

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B)

11)

12)

A)

10)

Premium Payable for Plan I


Premium Payable for Plan II
Risk Free Rate
Tenure of the Policy

4850 Present Value=


7375
7.50%
25

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Addition

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Total deposit in Sr Citizen Saving Scheme=
Time of Scheme=
Quartely Interest from the scheme=
First Interest Payment will come=
Rate of return in gold ETF account=

Intt

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5 years
3000000*(.09/4)
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per month

67500

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D)

Corpus required at the time of retirement for expenses


Corpus required at the time of retirement for providing for 50 lakh as residue
Total Corpus required
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Rate of Return of Equity MF scheme
Amount to be invested per month

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A)

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D)

19)

20)

21)

22)

1 year

C)

31-Dec-2009

Annual rate MMMF


Halh-yaerly rate MMMF
Annual rate Equity MF
Halh-yaerly rate Equity MF
Dates
Portfolio

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Present Personl loan
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Total Amount outstanding

18)

17)

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3 year

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Balance

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B)

B)

2)

3)

Till Devyani is 80 years


0.4074% p.m.
0.7207% p.m.
0.3120% p.m.
p.m. returns needed today
8996965 PV(0.312%,12*43,-35000,0,1)

30
70

8069.69
28957.61
37027.30

21.7939
78.2061
100

RFA

RFA
Basic Sal
DA
CCA
Children Edu
Transport All
Bonus
Gross Salary
50200*12
602400*0.5
600*12
(200*12*2)
(1200-800)*12

75030 1000400*0.075

602400
301200
7200
4800
4800
80000
1000400

To get a corpus of Rs. 1092775 he needs to invest monthly Rs.

To get Rs. 593979 after a year he needs to invest at present Rs.


Thus the corpus needed at age 21 is Rs.

Debt
Equity

100*593979/112.6924
527080+565695
2951 100*1092775/37027.3

FPSB India/Public

527080
1092775

23.5374
89.1550
112.6924

Note: For exact corpus requirement we need to follow an alternative method.


Assumptions for Devansh
Yearly investment
100 At Age 21
Ratio
At Age 22

Yearly effective
Inflation
5.00% p.a.
0.4074% p.m.
0.6434% p.m.
Debt
8.00% p.a.
1.0979% p.m.
Equity
14.00% p.a.
Devansh's higher education
30:70 in Debt and Equity
amount needed
At Age 21
At Age 22
No of years to go when required
13
14
565695
593979

B)
Term
43 80-37
inflation
5.00% p.a.
Returns
9.00% p.a.
Inflation adjusted returns
Requirement
35000
PV of future monthly requirement

1)

Case - Devnarayan

FPSBI/M-VI/07-01/09/WN-15

7)

6)

5)

4)


#! 
!




$
%



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C)

a)
b)







!"
!!!
!"
! !

33000
33000

Nil

  


Computation of Income to be clubbed with Devnarayan


Minor Son's share in another firm (Exempt)
Interest on minor's capital with firm
(Rs. 18,000*2 - Exemption u/s 10(32) Rs. 1,500*2)

378000 390000-12000

Amount to be payed today

B)

300000
90000
390000 300000+90000
4000
12000 less
4000*3

Surplus

FPSB India/Public

&' ()
&#! ' ()
&!' ()"
&' ()

35
37
55
20 years
55-35
45000
8%
57
37+20
80
23 years
80-57
420000
35000*12
5%
10%
1114385
FV(5%,20,0,-420000,0)
3000000
16106779 PV((1+0.1)/(1+0.05)-1,23,-1114385,0,1)
((45000*(((1+0.1)^(20)-(1+0.08)^(20))/(0.1-0.08)))*1.1)+3000000
8114693
(7992086) 8114693-16106779

Sum Assured
Bonus
Total amount due
Premium per quarter
Unpaid premium

B)

value of savings at retirement

A)
present age of Devnarayan
present age of Devyani
retirement age of Devnarayan
time to retire for Devnarayan
Monthly savings
yearly increase in savings
Devyani's age when Devnarayan retires
expected total life of Devyani
Devyani alive after retirement of Devnarayan
present expenses per year
inflation
Rate of returns
Expenses on retirement
retirement benefits
corpus needed at retirement

FPSBI/M-VI/07-01/09/WN-15

24874-20647

FPSB India/Public

C)
Present Wedding Cost
500000 each
inflation
5% p.a.
Equity MF Returns
14% p.a.
Equity present value
180000
to utilise 25%
45000 180000*0.25
A total of 18 installments beginning 1st Mar 2009 will continue till Devansh is 25 years and Devesh is 23 years of age.
Devansh
Devesh
Present age
8
6
Wedding at the age of
28
28
Time left for Wedding
20
22
Cost of wedding then
1326649
1462630
Marriage fund of Devesh discounted at the investment rate of 14% when Devansh's funds are withdrawn
1125447 1462630/(1.14)^2
Hence, total funds sought to be accumulated
2452095 in a period of 20 years.
1326649+1125447
As the installments are made for 18 years, the funds so accumulated are invested for 2 additional
years before the same are partially redeemed for Devansh's marriage
Hence, value of such yearly accumulation 2 years prior to their need
1886808 2452095/(1.14)^2
Yearly investment needed
(18096) PMT(14%,18,-45000,1886808,1)

4227

10)

56560*((1.04)^2-1)
61175*((1.04)^2-1)
66167*((1.04)^2-1)
71566*((1.04)^2-1)
77406*((1.04)^2-1)
83723*((1.04)^2-1)

A)
Suppose Dividend Declared =
100
DDT Paid @ 15% of Divident Declared
15
Surcharge paid @10% of Divident Declared
1.5
Education Cess & SHEC @ 3% of DDT & Surcharge
0.495 (15+1.5)*0.03
Total deduction
16.995 15+1.5+0.495
Thus divident received is
83.005 100-16.995
Devnarayan has received Rs
20647 as devidend in his bank
Thus the total of amount of divident distributed is Rs.
24874 100*20647/83.005
from the above calculations we know that the deducted amount of DDT and other taxes are

Balance C/F
61175
66167
71566
77406
83723
90554

9)

1
2
3
4
5
6

4%
12
90554
56560 PV(4%,12,0,-38425,0)
Balance B/F
Interest
56560
4615
61175
4992
66167
5399
5840
71566
77406
6316
83723
6832

D)
Interest
NPER
Fv
pv
FY
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11

8)

FPSBI/M-VI/07-01/09/WN-15

A)
B)
B)
C)

12)
13)
14)
15)

16)

Value
57000
56000
Dividend
total Dividend = Rs.
Loss on sale of units
Investment amount
Present Value
Loss on sale of units
Dissallowed loss
Loss carried forward

Units
4195.160
4195.160
1.5%

57000
56000
1000 57000-56000
629.27
370.73 1000-629.27

0.15 per unit


629.274 0.15*4195.16

FPSB India/Public

D)
The rate of return in the fund to be invested
15%
Cost inflation of Education
6%
Inflation discounted rate of growth of funds
8.49% ((1.15/1.06)-1)*100
Net Present Value of the stream of funds required
5
1340106
NPV
6
0
7
0
8
0
9
0
10
0
11
0
12
0
13
0
14
0
15
0
16
0
17
0
18
500000
19
700000
20
800000
21
1500000
22
1200000
Present age of Manish
5
First investment to be made at age 5, second at age 6, third at age 7,---- ---- ----, seventeenth at age 21.
Total number of annual installments needed
17
Yearly investments beginning today for the above stream of funds
192704 PMT(15%,17,-1340106,0,1)

Case - Anoop

C)

11)

FPSBI/M-VI/07-01/09/WN-15

A)

B)

24)

25)

Note:

1
2
3
4
5

NPV

A)

0.00
0.32
0.27
0.38

23)

IRR
(826.45)
2742.30
3763.40
3476.54

20000
10000
10000
5000
5000

Allocation
Charges
3875
3875
3875
3875
3875

Mortality
charges

13201



87544
199719
328721
482823
660040

Surrender Charge

11419
26050
42877
62977
86092

Surrunder value of
policy

76125
86125
86125
91125
91125

Closing Fund
Actual Investment
return on equity
Amount
value

FPSB India/Public

Present value of house on reinstatement basis


cost of construction 5 year before
20 Lakh
Escalation in Cost of Construction
10.00%
Present Cost of Construction
3221020 20,00,000*(1+10%)^5
Present value of Insurance on reinstatement basis


The value of Insurance on reinstatement basis the depreciation of the property is not considered

100000
100000
100000
100000
100000

Premium Amount

because if he first transfer house to Anoop by gift then to calculate Capital gain Cost of Acquistion is taken of previous
owner, but indexation is taken from the FY in which gift is given.( As per section 49(1) of Income tax act).

0
0
12000
3000

A)

C3

22)

0
7500
4000
3000

A)

C2

21)

10000
7500
2000
10000

C)

20)

1
2
3
4

D)
as per section 40 A(3) of income tax act payment of expenditure in cash of more than rs. 20000 in cash or by bearer
cheque is disallowed.

19)

Cash Flows (Rs)


C0
C1
-10000
-10000
-10000
-10000

D)
As per Section 56 (2) (VI) gift agreegating exceeding 50000 in cash in a particular FY is taxable as Income of the reciepnt

18)

Projects

C)

17)

FPSBI/M-VI/07-01/09/WN-15

28)

B)
Account opening date
Maturity date
Bal as on 01/04/09
Rate of interest
Contibution Left
Maximum permissable contribution
Extension Block

27)

1/4/2024

25/03/2004
1/4/2019
350000
8%
10
70000
5 years

1
2
3
4
5
6
7
8
9
10

296252
292469
288651
284797
280907
276980
273017
269016
264978
260902



D)
Loan Amount
Interest Rate
Monthly Interest rate
EMI

2813
2777
2742
2706
2670
2634
2597
2560
2522
2484

  
3748
3783
3818
3854
3890
3927
3964
4001
4038
4076


 

FPSB India/Public

300000
11.25%
0.9375%
6560 PMT(0.9375%, 60, -300000, 0, 0)

After extension maturity amount=


PV=
1,769,683
ROI=
8%
PMT=
0
NPER=
5
Mode=
End
FV=
 FV(8%,5,0,-1769683,0)

Pre extension maturity amount=


PV=
350000
ROI=
8%
PMT=
70000
NPER=
10
Mode=
End
FV=
1,769,683 FV(8%,10,-70000,-350000, 0)

After extension maturity on=

D)

26)

FPSBI/M-VI/07-01/09/WN-15

A)

30)

FPSB India/Public

But a small amount of equity is still recommended as a hedge against inflation. If not, if she lives until say 80, she will experience a drop
in his standard of living.

  *     ***   + *  + ,   -*  *.  . / 

D)

29)

143913 140103+3510

4114
4153
4192
4231
4271
4311
4351
4392
4433
4475
4517
4559
4602
4645
4688
4732
4777
4822
4867
4912
4958
5005
5052
5099
5147
5195

Total Amount to be paid to square


off his ost loan amount

2446
2407
2368
2329
2289
2249
2209
2168
2127
2086
2044
2001
1958
1915
1872
1828
1783
1739
1693
1648
1602
1555
1508
1461
1413
1365
140403
3510 140403*2.5%

256788
252635
248443
244212
239941
235631
231279
226887
222454
217980
213463
208904
204302
199657
194969
190237
185460
180638
175772
170859
165901
160896
155844
150745
145598
140403

Principal OS after 36th installment


Prepayment Penalty Charges

11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

FPSBI/M-VI/07-01/09/WN-15

FPSBI/M-VI/08-01/09/SP-16


d       ^ W      & W   
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3)

2)

LTCG

Add:EducationCess

DeducttheamountofIncometax

Dividend 4.00pershare
Requiredrateofreturn14%
PricePershare

B)
ValueofPadamLtd.shareasperTwostagegrowthmodel

Step3

Agricultureincome
Add:MaximumExemptionlimit
Total
Taxrate
180000260000

4.48
5.02
5.62
154.54

10%

4*1.12
4.48*1.12
5.02*1.12
(5.62*1.1)/(0.140.1)

8000

80000
180000
260000

4.48/1.14
5.02/1.14^2
5.62/1.14^3
154.54/1.14^4
3.93+3.86+3.79+91.5

FPSBIndia/Public

3.93
3.86
3.79
91.50
103.09

294 9800*3%
10094 9800+294

9800 178008000

8000

17800 12000+5800

AddAgriculturetothemaximumexemptionlimitavailableinthecaseofAssesseeandcompute
taxonsuchamountasifitisthetotalincome.

12000
5800

Step2

10%
20%

TaxableincomeundertheheadSalary
Add.Agricultureincome
TotalIncome
Less:Deductionu/s80C
NetTaxableIncome
Taxrate
180000300000
Above300000

Step1

A)
CalculationoftaxLiabilityofSanthyaPathakforAY200910
284000
80000
364000 284000+80000
35000
329000 36400035000

350000
7000 350000*0.02
168208 150000*(582/519)
174792 350000(7000+168208)

Aspersection49(1)incaseofincasegiftthecostofacquisitionistakenasthepreviousownerand
indexationtakesplacefromtheyearinwhichgiftisgiven.

Saleconsideration
Less:Expensesontransfer
Less:IndexedcostofAcquistion

SolutionsDavendra
1)
A)
PlotoflandisheldformorethanthreeyearsisconsideredLongtermcapitalgain(includingholdingperiod
ofhisfatherinlaw).

FPSBI/MVI/0801/09/WN16

8.602% RATE(10,0,8500,19400,0)

EMIwiththe2ndInstallmentofLoan
Disbursed31Jan10
Totalloanoutstanding=
Outstandingterm14.8years

Rateofinterest
TenureofLoan
EMIwiththe1stInstallmentofLoan
Disbursed31Oct09

3000000

FPSBIndia/Public

1200000
1795818 (597224
1406)+1200000
19990 PMT(0.105/12,177,1795818,0,0)

600000
6632 PMT(0.105/12,180,600000,0)

10.50%
15years

OutstandingpaymenttobemadebytakingloanfromBank

720
720
720
720
720
720
720
720
720
720
720
720
720
720
720

6632
6632
6632
19990
19990
19990
19990

600000 3000000*0.2
1200000 3000000*0.4
1200000 3000000*0.4

3000000 3300000300000

A)
Valueofflat
Downpaymentmade

7)

1stInstallmentreceivedfromBankon31stOct,2009
2stInstallmentreceivedfromBankon31stJan,2010
FinalInstallmentreceivedfromBankason31stOct,2010

3300000
300000

D)

6)

2550
2550
2550
2550
2550
2550
2550
2550
2550
2550
2550
2550
2550
2550
2550

IfCompanyexercisebuybackoptionafter10years
YieldtoCall

6300
2100
2100
1050
1050
1050
1050
1050
1050
1050
1050
1050
1050
1050
1050

PolicyCharges

8.191% RATE(5,0,8500,12600,0)

42000
42000
42000
42000
42000
42000
42000
42000
42000
42000
42000
42000
42000
42000
42000

PremAllocationchrs MortalityCharges

B)
IfInvestorexerciseaskforpaymentfromcompanyafter5years
Yieldtoput

8/29/2005
8/29/2006
8/29/2007
8/29/2008
8/29/2009
8/29/2010
8/29/2011
8/29/2012
8/29/2013
8/29/2014
8/29/2015
8/29/2016
8/29/2017
8/29/2018
8/29/2019

PremiumPaid

5)

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

years

CalculationofMaturityvalueofSandhya'sPolicy

A)

4)

FPSBI/MVI/0801/09/WN16

Disbursed1F
EMI1
EMI2
EMI3
EMI4
EMI5
EMI6
EMI7

31Oct09
30Nov09
31Dec09
31Jan10
28Feb10
31Mar10
30Apr10
31May10

31470
35670
35670
36720
36720
36720
36720
36720
36720
36720
36720
36720
36720
36720
36720

Invested
Amount
3776
8459
13641
19501
25985
33161
41101
49887
59609
70368
82272
95446
110023
126153
144003

Return12%

Loano/s
600000 Interest
Prin.Repaid
598618
5250
1382
597224
5238
1394
1795818
5226
1406
1791541
15713
4277
1787227
15676
4314
1782875
15638
4352
1778485
15600
4390

Accidental
CriticalIllness
TotalCharges
Insurance
Insurance
Premium
250
710
10530
250
710
6330
250
710
6330
250
710
5280
250
710
5280
250
710
5280
250
710
5280
250
710
5280
250
710
5280
250
710
5280
250
710
5280
250
710
5280
250
710
5280
250
710
5280
250
710
5280
423
947
1528
2184
2910
3714
4603
5587
6676
7881
9215
10690
12323
14129
16128

FMC

34823
78005
125788
179825
239620
305787
379005
460024
549678
648884
758662
880138
1014558
1163303
1327897

ClosingValue
ofunits

EMIwiththe3rdInstallmentofLoan
Disbursed31Oct10
Totalloanoutstanding=
Outstandingterm14years
33652 PMT(0.105/12,168,2955953,0,0)
1200000

FPSBIndia/Public

2955953

19990
19990
19990
19990
19990
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652

FPSBI/MVI/0801/09/WN16

EMI8
EMI9
EMI10
EMI11
EMI12
EMI13
EMI14
EMI15
EMI16
EMI17
EMI18
EMI19
EMI20
EMI21
EMI22
EMI23
EMI24
EMI25
EMI26
EMI27
EMI28
EMI29
EMI30
EMI31
EMI32
EMI33
EMI34
EMI35
EMI36
EMI37
EMI38
EMI39
EMI40
EMI41
EMI42
EMI43
EMI44
EMI45
EMI46
EMI47
EMI48
EMI49
EMI50
EMI51
EMI52
EMI53
EMI54
EMI55
EMI56
EMI57
EMI58
EMI59

30Jun10
31Jul10
31Aug10
30Sep10
31Oct10
30Nov10
31Dec10
31Jan11
28Feb11
31Mar11
30Apr11
31May11
30Jun11
31Jul11
31Aug11
30Sep11
31Oct11
30Nov11
31Dec11
31Jan12
29Feb12
31Mar12
30Apr12
31May12
30Jun12
31Jul12
31Aug12
30Sep12
31Oct12
30Nov12
31Dec12
31Jan13
28Feb13
31Mar13
30Apr13
31May13
30Jun13
31Jul13
31Aug13
30Sep13
31Oct13
30Nov13
31Dec13
31Jan14
28Feb14
31Mar14
30Apr14
31May14
30Jun14
31Jul14
31Aug14
30Sep14

1774057
1769590
1765084
1760539
2955953
2948166
2940310
2932386
2924392
2916329
2908195
2899989
2891712
2883363
2874940
2866444
2857873
2849228
2840506
2831709
2822834
2813882
2804852
2795742
2786553
2777283
2767932
2758500
2748985
2739386
2729704
2719937
2710084
2700146
2690120
2680006
2669804
2659513
2649132
2638660
2628096
2617440
2606691
2595847
2584909
2573875
2562744
2551516
2540190
2528765
2517239
2505613

15562
15523
15484
15444
15405
25865
25796
25728
25658
25588
25518
25447
25375
25302
25229
25156
25081
25006
24931
24854
24777
24700
24621
24542
24463
24382
24301
24219
24137
24054
23970
23885
23799
23713
23626
23539
23450
23361
23271
23180
23088
22996
22903
22809
22714
22618
22521
22424
22326
22227
22127
22026

4428
4467
4506
4546
4585
7787
7856
7924
7994
8064
8134
8205
8277
8350
8423
8496
8571
8646
8721
8798
8875
8952
9031
9110
9189
9270
9351
9433
9515
9598
9682
9767
9853
9939
10026
10113
10202
10291
10381
10472
10564
10656
10749
10843
10938
11034
11131
11228
11326
11425
11525
11626

FPSBIndia/Public

33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652

FPSBI/MVI/0801/09/WN16

EMI60
EMI61
EMI62
EMI63
EMI64
EMI65
EMI66
EMI67
EMI68
EMI69
EMI70
EMI71
EMI72
EMI73
EMI74
EMI75
EMI76
EMI77
EMI78
EMI79
EMI80
EMI81
EMI82
EMI83
EMI84
EMI85
EMI86
EMI87
EMI88
EMI89
EMI90
EMI91
EMI92
EMI93
EMI94
EMI95
EMI96
EMI97
EMI98
EMI99
EMI100
EMI101
EMI102
EMI103
EMI104
EMI105
EMI106
EMI107
EMI108
EMI109
EMI110
EMI111

31Oct14
30Nov14
31Dec14
31Jan15
28Feb15
31Mar15
30Apr15
31May15
30Jun15
31Jul15
31Aug15
30Sep15
31Oct15
30Nov15
31Dec15
31Jan16
29Feb16
31Mar16
30Apr16
31May16
30Jun16
31Jul16
31Aug16
30Sep16
31Oct16
30Nov16
31Dec16
31Jan17
28Feb17
31Mar17
30Apr17
31May17
30Jun17
31Jul17
31Aug17
30Sep17
31Oct17
30Nov17
31Dec17
31Jan18
28Feb18
31Mar18
30Apr18
31May18
30Jun18
31Jul18
31Aug18
30Sep18
31Oct18
30Nov18
31Dec18
31Jan19

2493885
2482055
2470121
2458082
2445938
2433688
2421331
2408866
2396291
2383607
2370811
2357904
2344884
2331749
2318500
2305135
2291653
2278053
2264334
2250495
2236535
2222452
2208247
2193917
2179462
2164880
2150171
2135333
2120365
2105266
2090035
2074671
2059172
2043538
2027767
2011858
1995810
1979621
1963291
1946818
1930200
1913438
1896528
1879471
1862264
1844907
1827398
1809736
1791919
1773946
1755816
1737528

21924
21821
21718
21614
21508
21402
21295
21187
21078
20968
20857
20745
20632
20518
20403
20287
20170
20052
19933
19813
19692
19570
19446
19322
19197
19070
18943
18814
18684
18553
18421
18288
18153
18018
17881
17743
17604
17463
17322
17179
17035
16889
16743
16595
16445
16295
16143
15990
15835
15679
15522
15363

11728
11831
11934
12038
12144
12250
12357
12465
12574
12684
12795
12907
13020
13134
13249
13365
13482
13600
13719
13839
13960
14082
14206
14330
14455
14582
14709
14838
14968
15099
15231
15364
15499
15634
15771
15909
16048
16189
16330
16473
16617
16763
16909
17057
17207
17357
17509
17662
17817
17973
18130
18289

FPSBIndia/Public

33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652

FPSBI/MVI/0801/09/WN16

EMI112
EMI113
EMI114
EMI115
EMI116
EMI117
EMI118
EMI119
EMI120
EMI121
EMI122
EMI123
EMI124
EMI125
EMI126
EMI127
EMI128
EMI129
EMI130
EMI131
EMI132
EMI133
EMI134
EMI135
EMI136
EMI137
EMI138
EMI139
EMI140
EMI141
EMI142
EMI143
EMI144
EMI145
EMI146
EMI147
EMI148
EMI149
EMI150
EMI151
EMI152
EMI153
EMI154
EMI155
EMI156
EMI157
EMI158
EMI159
EMI160
EMI161
EMI162
EMI163

28Feb19
31Mar19
30Apr19
31May19
30Jun19
31Jul19
31Aug19
30Sep19
31Oct19
30Nov19
31Dec19
31Jan20
29Feb20
31Mar20
30Apr20
31May20
30Jun20
31Jul20
31Aug20
30Sep20
31Oct20
30Nov20
31Dec20
31Jan21
28Feb21
31Mar21
30Apr21
31May21
30Jun21
31Jul21
31Aug21
30Sep21
31Oct21
30Nov21
31Dec21
31Jan22
28Feb22
31Mar22
30Apr22
31May22
30Jun22
31Jul22
31Aug22
30Sep22
31Oct22
30Nov22
31Dec22
31Jan23
28Feb23
31Mar23
30Apr23
31May23

1719079
1700469
1681696
1662759
1643656
1624386
1604947
1585339
1565558
1545605
1525477
1505173
1484691
1464030
1443189
1422164
1400956
1379563
1357982
1336212
1314252
1292100
1269754
1247212
1224473
1201535
1178397
1155056
1131510
1107759
1083800
1059631
1035251
1010657
985849
960823
935578
910112
884424
858511
832371
806002
779402
752570
725503
698199
670656
642873
614846
586574
558054
529285

15203
15042
14879
14715
14549
14382
14213
14043
13872
13699
13524
13348
13170
12991
12810
12628
12444
12258
12071
11882
11692
11500
11306
11110
10913
10714
10513
10311
10107
9901
9693
9483
9272
9058
8843
8626
8407
8186
7963
7739
7512
7283
7053
6820
6585
6348
6109
5868
5625
5380
5133
4883

18449
18610
18773
18937
19103
19270
19439
19609
19780
19953
20128
20304
20482
20661
20842
21024
21208
21394
21581
21770
21960
22152
22346
22542
22739
22938
23139
23341
23545
23751
23959
24169
24380
24594
24809
25026
25245
25466
25689
25913
26140
26369
26599
26832
27067
27304
27543
27784
28027
28272
28519
28769

C)

A)
PresentAnnualSalary
InvestmentinPensionScheme10%ofAnnualSalary
Thesalaryistogrowby10%everyyear
RateofreturnofthePensionScheme
Numberofyearsofcontributions(Age35toAge54)
RetirementCorpusaccumulated

9)

10)

Growthrate

54000*((1.1)^20(1.08)^20)/(0.10.08)

45000*12
540000*0.1
p.a.
p.a.

30Jun23
31Jul23
31Aug23
30Sep23
31Oct23
30Nov23
31Dec23
31Jan24
29Feb24
31Mar24
30Apr24
31May24
30Jun24
31Jul24
31Aug24
30Sep24
31Oct24

A)
AmountspentonCreditCardon1Jul2009
Amountpaidon15Aug2009
Amountoutstandingason15Aug2009

13)

Calculationofinterestason30Aug2009

B)

12)

FPSBIndia/Public

42000
2100 42000*0.05
39900 420002100

A)
KVPdoublesin8years&7months=
103 months
Lastinvestmentuptothematurityof1stinvestment,sototalinvestments=
102
SoeffectivelySameerwillget102maturitiesofRs.10000everymonthandinvestthesame@0.75%monthlyinterestatbeginofeverymonth
SovalueofbalancedfundatthetimeoflastKVPmaturity=
1545254 FV(0.75%,102,10000,0,1)+10000

8% p.a.
0.6434% p.m.effective
(1+8%)^(1/12)1
45414 PMT(0.6434%,20*12,5579666,0,1)

540000
54000
10%
8%
20
5579666

EMI164
EMI165
EMI166
EMI167
EMI168
EMI169
EMI170
EMI171
EMI172
EMI173
EMI174
EMI175
EMI176
EMI177
EMI178
EMI179
EMI180

11)

TheamountofthisAnnuity

Therateofinvestment(YieldofAnnuitypostretirement)

ThiscorpusisusedtopayMonthlyAnnuityCertainforthenext20years

A)

8)

33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652
33652

FPSBI/MVI/0801/09/WN16

500265
470990
441459
411670
381620
351307
320729
289883
258768
227380
195718
163778
131559
99058
66273
33201
160

(8*12)+7

4631
4377
4121
3863
3602
3339
3074
2806
2536
2264
1990
1713
1433
1151
867
580
291

29021
29275
29531
29789
30050
30313
30578
30846
31116
31388
31662
31939
32219
32501
32785
33072
33361

C)
Step1:
a)

17)

1800000

PresentSalp.a.
816000
270000
450000
12000
15000
237000

Monthly

150000

68000
22500
37500
1000
1250
19750

B)

C)

B)

B)
PresentAge
RetirementAge
Lifeexpectancy
Inflation
RateofReturns(PreRet)
RateofReturns(PostRet)

18)

19)

20)

21)
46
60
80
6.50%
12.00%
10.00%

0.5262% p.m.
0.9489% p.m.
0.7974% p.m.

207968 27000062032

(1+6.5%)^(1/12)1
(1+12%)^(1/12)1
(1+10%)^(1/12)1

FPSBIndia/Public

140409

fromAptoDec2008
Monthly
61818 68000/110*100
22500
34091 37500/110*100
1000
1250
19750

120000
132000
12000*11
132000
3500
128500 1320003500

270000
62032 180000((760364+419318)*0.1)
471873 (760364+419318)*0.4

FromJantoMar2009
3Months
204000
67500
112500
3000
3750
59250

42223 39900+1764+559

559 (39900*2.8*15/30)/100

1764 (42000*2.8*45/30)/100

ComputeGrossAnnualValue(whichshallbehigherofthefollowingtwo)
Expectedrentwhichshallbemunicipalvalue(Rs.90,000)orfairrent(Rs.1,40,000)butlimitedtostandardrent(Rs.1,20,000)

a)
ActualHRAreceived
b)
RentPaidInexcessof10%ofSalary
c)
40%0fsalary
Leastoftheabovethreewouldbeexempt
TaxableHRAwouldbe

Total

Basic
HouseRentAllowance
DearnessAllowance
TransportAllowance
MedicalReimbursement
AdditionalExtraAllowance

actualrentreceivedorreceivableRs.12,000*11
b)
ThusGrossannualvalueshallbe
Less
MunicipalTaxespaid
Netannualvalue

B)

16)

14)
A)
SolutionsDharampal
15)
A)

Totalamounttobepaidon30Aug2009toclearalldues

Ontheoutstandingbalanceason15Aug2009
From15Aug2009tillthefullclearanceofdueson30Aug2009

Onthewholeamountofpurchase
Fromthedateofpurchasetillpaymentdate

FPSBI/MVI/0801/09/WN16

1713682

9Months TotalAnnual
556364
760364
202500
270000
306818
419318
9000
12000
11250
15000
177750
237000

204000+556364
67500+202500
112500+306818
3000+9000
3750+11250
59250+177750

D)
CashPriceOfPlasmaTV
Downpayment
Balancepaymentdue
Payableamountafter1.5years
Amounttobepaidin5Installments

A)
Presentage
RetirementAge
LifeExpectancy
RateofReturns
Retirementcorpusrequired
Lumpsumamountrequiretoinvesttoday

C)

D)

D)

D)
Noofpersons
Peopledieduringtheyear
Totalloss
lossperpersonforEconomicvalueofRs.5lakh
ThusonRs.1,000SA,premiumwouldbe

A)
Benefitsperweek
Claimallowableformaximumweeks
Availableleave
No.ofweeksbedridden
ClaimfromInsurancecompany

C)

22)

23)

24)

25)

26)

27)

28)

29)

FPSBIndia/Public

5000
104
6
39 52/12*9
165000 (396)*5000

1000
6
3000000 =500000*6
3000 3000000/1000
6 3000*1000/500000

46
60
80
8%
1060360 PV(8%,20,100000,0,1)
361011 PV(8%,14,0,1060360,1)

150000
20000
130000 15000020000
150491 FV(5%,3,0,130000,0)
33104 PMT(5%,5,150491,0,1)

2781094 1495787712176783

2176783 FV(12%,6046,60000,0,1)
10000000
12176783 2176783+10000000

actualcorpus
Othersavings
Total

Deficitinretirementcorpus

14957877 (PV((1+0.7974%)/(1+0.5262%)1,(8060)*12,84521,0,1))

Retirementcorpusrequired

FV(6.5%,(6046),0,35000,1)

60000
10000000
84521 firstmonth

SavingPerannum
Othersavings
inflationadjustedhouseholdexpenses

FPSBI/MVI/0801/09/WN16

FPSBI/M-VI/09-01/09/SP-17

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1)

800000
800000
1200000
1200000

4400000
400000
4000000 4400000400000
4000000*0.2
4000000*0.2
4000000*0.3
4000000*0.3

FPSBIndia/Public

9,860
9,860
9,860
9,860
9,860
9,860
19,838
19,838
19,838
19,838
19,838
19,838
19,838

Termoutstanding
Termoutstanding
Termoutstanding
Termoutstanding

Releaseof1stinstallmenton01.10.2009
800000
Termoutstanding
180 months
Rateofinterest
12.50% p.a.
Principal
EMI
9,860
Outstanding
EMIfrom01.11.2009to01.04.2010
PMT(12.5%/12,180,800000,0,0)
1Oct09
800000
1Nov09
798,473
1Dec09
796,930
1Jan10
795,372
1Feb10
793,797
1Mar10
792,205
Releaseof2ndinstallmenton01.04.2010
800000
1Apr10
1,590,597
Principaloutstandingofearlierinstallment
790597
1May10
1,587,328
Totalloanoutstanding
1590597
1Jun10
1,584,025
Termoutstanding(months)
174
1Jul10
1,580,688
Rateofinterest
12.50%
1Aug10
1,577,316
EMIfrom01.05.2010to01.01.2011
19,838
1Sep10
1,573,908
1Oct10
PMT(12.5%/12,174,1590597,0,0)
1,570,466
1Nov10
1,566,987

Tenureofloanis15yearsfrom01.10.2009

Releaseof1stinstallmenton01.10.2009
Releaseof2ndinstallmenton01.04.2010
Releaseof3rdinstallmenton01.01.2011
ReleaseofFinalinstallmenton01.01.2012

B)
Valueofflat
Downpaymentmade
Outstandingtobemetbyloan

Solutions:AvinashWaghle

FPSBI/MVI/0901/09/WN17

8333
8317
8301
8285
8269
8252
16569
16535
16500
16465
16430
16395
16359

Repayment
Interest

180
174
165
153

Repayment
Principal

1,527
1,543
1,559
1,575
1,591
1,608
3,269
3,303
3,337
3,372
3,407
3,443
3,479

months
months
months
months

15*12
1806
1749
16512

2)

Expected
priceofNiftyunits
Saleproceedsof2000units

(1) ProceedsfromNiftydivestment
Currentpriceofunits
CurrentlevelofNSENifty
ExpectedlevelofNSENifty

C)
CurrentcostofAlisha'shighereducation
Costestimatedafter10years

ReleaseofFinalinstallmenton01.01.2012
1200000
Principaloutstandingofearlierinstallment
2679213
Totalloanoutstanding
3879213
Termoutstanding(months)
153
Rateofinterest
12.50%
EMIfrom01.02.2012to01.10.2024
50,818
PMT(12.5%/12,153,3879213,0,0)

Releaseof3rdinstallmenton01.01.2011
1200000
Principaloutstandingofearlierinstallment
1559921
Totalloanoutstanding
2759921
Termoutstanding(months)
165
Rateofinterest
12.50%
EMIfrom01.02.2011to01.01.2012
35,098
PMT(12.5%/12,165,2759921,0,0)

1,563,472
2,759,921
2,753,572
2,747,157
2,740,675
2,734,125
2,727,508
2,720,821
2,714,065
2,707,238
2,700,341
2,693,371
2,686,329
3,879,213
3,868,804

FPSBIndia/Public

19,838
19,838
35,098
35,098
35,098
35,098
35,098
35,098
35,098
35,098
35,098
35,098
35,098
35,098
50,818

2500000*(1.06)^10

1384.12 417.75*15000/4527.25
2,768,237 1384.12*2000

417.75
4527.25
15000

 2,500,000
 4,477,119 (inflation6%)

1Dec10
1Jan11
1Feb11
1Mar11
1Apr11
1May11
1Jun11
1Jul11
1Aug11
1Sep11
1Oct11
1Nov11
1Dec11
1Jan12
1Feb12

FPSBI/MVI/0901/09/WN17

16323
16286
28749
28683
28616
28549
28480
28412
28342
28272
28200
28129
28056
27983
40408

3,515
3,551
6,349
6,415
6,482
6,549
6,618
6,687
6,756
6,827
6,898
6,970
7,042
7,116
10,410

3)

EstimationofRetirementCorpus
Inflation
InflationMonthly
Inflationadjustedrateofreturn(monthly)
Amountofhouseholdexpensesinthefirstmonth
Corpusrequiredtohavetheseexpensesfor20years
SIPrequiredpermonthtoaccumulatethisannuityin21years

Currentbalance
CAGR
Monthlyeffectiverate
PresentageofAvinash
37 years
SwitchinmodeSIPtill
39 years
Retirementage
60 years
Annuityperiod
240 months
EstimatedbalanceinthePensionFundschemeafter2years

A)
PensionScheme

((1.2)^(1/12))1

(8060)*12

AmountRs.

(1+6%)^(1/12)1
(1+0.7592%)/(1+0.4868%)1
(75000/2)*(1.06)^23
PV(0.2711%,240,143241,0,1)

FPSBIndia/Public

27709 PMT(0.7592%,(6039)*12,633553,25315962,1)

6.00%
0.4868%
0.2711%
 143,241
25,315,962

FV(0.7592%,24,15000,197925,1)

15000 permonth

197925
9.50%
0.7592% ((1+9.5%)^(1/12))1

633,553

882479 FV(1.5309%,24,15000,308870,1)

308870

 2,033,705 882479*1.11^8


 4,801,942 2033705+2768237
324823 48019424477119

1.5309% p.m.effective

ValueofunitsattheendofSIPperiodof2years
Thisisallowedtogrowfor8moreyears@11%
Therefore,Valueattheendof10years
(1)+(2) Valueofinvestmentsafter10years
ThereforeexpectedSurplus=

20%p.a.

(2) ProceedsfromEquitySchemeredemption
CurrentValueofunits
SIPofRs.15,000p.m.for2years@20%growth

FPSBI/MVI/0901/09/WN17

5)

4)
=

9.73 lakh
22.43 lakh

6.76*1.2^2
9.73*1.11^8

FPSBIndia/Public

TheEquityportfolioisredeemed20%fromthebeginningof11thyearandinvestedinMMMFyielding6%p.a.
22.43*0.2
RemainingEquityportfolio11thbegin
AmountredeemedEquityportfolio11thyearbeginRs.
4.49 lakh
AmountaccumulatedMMMF11thyearendRs.
4.76 lakh
4.49*1.06
(17.95*1.11)*0.2
AmountredeemedEquityportfolio12thyearbeginRs.
3.98 lakh
RemainingEquityportfolio12thbegin
AmountaccumulatedMMMF12thyearendRs.
9.26 lakh
(4.76+3.98)*1.06
15.94*1.11*0.2
AmountredeemedEquityportfolio13thyearbeginRs.
3.54 lakh
RemainingEquityportfolio13thbegin
AmountaccumulatedMMMF13thyearendRs.
13.57 lakh
(9.26+3.54)*1.06
14.15*1.11*0.2
AmountredeemedEquityportfolio14thyearbeginRs.
3.14 lakh
RemainingEquityportfolio14thbegin
AmountaccumulatedMMMF14thyearendRs.
17.71 lakh

B)
Annualrateofgrowthinequitymarkets(equityportfoliowhichisRs.6.76lakhtoday)
20%p.a.inthenext2years
Valueattheendof2ndyearRs.
11%p.a.inthenext8years
Valueattheendof10thyearRs.

12.57
14.15*1.11*0.8

14.15
15.94*1.11*0.8

15.94
17.95*1.11*0.8

17.95
22.43*0.8

286481 FV(6%,23,0,75000,1)
143241 286481*0.5

3.9623% (1+10.2%)/(1+6%)1
Monthlyeffectiverate
0.3243% ((1+3.9623%)^(1/12))1
Rs2croreshalllastintheAnnuityPlanwhichgivesaninflationlinkedannuityofRs.1,43,241inthefirstmonthofretirement
for
185 Months
or
15.45 years
or15
5
NPER(0.3243%,143241,20000000,0,1)
years&
months

Realrateofreturnp.a.

B)
CurrentexpenditureofRs.75,000p.m.wouldbeequivalentto(@6%inflation)after23years
Curtailedexpenditurep.m.inthefirstyearafterretirement
Accumlatedcorpus
20000000

FPSBI/MVI/0901/09/WN17

 365,000
12000
9% p.a.
0.7207% (1.09)^(1/12)1
5,760,878 FV(0.7207%,180,12000,365000,1)
230,517 59913955760878

5,991,395 FV(0.06,15,0,2500000,0)

C)

A)

A)

B)

A)
PolicySumAssured/FaceValue=
ReversionaryBonusforfirstfiveyears=60*2000*5=
ReversionaryBonusfornexttenyears=55*2000*10=
FinalAdditionalBonus=325*2000000/1000=
TotalMV=

8)

9)

10)

11)

FPSBIndia/Public

2000000
600000 60*2000*5
1100000 55*2000*10
650000 (325*2000)
4350000

Avinashsmotherwillgetpriorityoverherhusbandandsons(Section8ofChapterII/HinduSuccesionAct)

C)
Rutwik'shighereducationexpensesafter15years
CurrentValueofunitsinBalancedmutualfundscheme
MonthlyInvestment
rateofreturn
Monthlyrate
Acculatedvalueafter15years
Shortfall

7)

6)

InflatedMarriageexpensesafter15years
ShortfallinmeetingmarriageexpensesRs.

AmountredeemedEquityportfolio15thyearbeginRs.
AmountaccumulatedMMMF15thyearendRs.

(13.57+3.14)*1.06
12.57*1.11
13.95 lakh
33.56 lakh
(17.71+13.95)*1.06
1500000*(1.06)^15
3594837
2.38 lakh
(3594837/100000)33.56

FPSBI/MVI/0901/09/WN17

14)

D)

(b)
(a)(b)

(a)

1styear
100000
15000
85000
90950
840
1800
1364
4004
86946

3rdyear
100000
3000
97000
308406
840
1800
4626
7266
301140
15057
286083

FPSBIndia/Public

2ndyear
100000
3000
97000
196822
840
1800
2952
5592
191230

301140*0.05
30114015057

A)

13)

Premiumpaid
Allocationcharge
Netamountforinvestment
Growthendofyear@7%
Policycharges
Mortalitycharges
Fundmanagementcharges
Totalchargesded.Yearend
Growthinthevalue
Less:5%surrendercharge
SurrenderValueofPolicy

A)
Thecarhasbeenusedfrom1792005to2482008andthecompletedyearsinthiscasearetwo.TherforeWDVshallbedeterminedasunder
Orignalcost
650000
Less:Depreciation
130000
ForFirstYear@20%
650000*0.2
WDV
520000
650000130000
Less:Depreciation
104000
ForSecondYear@20%
520000*0.2
WDV
416000
520000104000
Saleprice
250000
Valueofbenefit
166000
tobeaddedinIncome
416000250000

12)

FPSBI/MVI/0901/09/WN17

17)

16)

300000 900000/3

40000 25000+15000
28
350000
450000 800000350000

646153.85 40000*(15/26)*28

800000

150000 450000-300000

450000
50%
900000

FPSBIndia/Public

35000 p.m.
15000 p.m.
3500015000
20000 p.m.
6.30% p.a.
0.5104% p.m.
9.00% p.a.
0.7207% p.m.
2.54% p.a.
0.2092% p.m.
(1+9%)/(1+6.3%)1
(1+0.7207%)/(1+0.5104%)1
240 months
Inflationadjustedmonthlypensionisrequiredfor20yearspost
WholeCorpusrequired
6,612,186 PV(0.2092%,240,35000,0,1)
PVofRegularmonthlypension
1722187 PV(0.7207%,240,15000,0,1)
NetCorpusrequiredadditionally
4890000 66121861722187

B)
HouseholdExpenditureat
ProceedsfromRegularPension
NetamounttobecoveredfromDebt
Inflation
ReturnsonDebtfunds
Inflationadjustedreturns

Taxablevalueofpension
D)
Dr.VijayMohanCoveredunderthepaymentofGratuityAct,1972
a. GratuityReceiveable
b. 15dayssalaryforeverycompletedyearofserviceor
partthereofinexcessof6monthsistakenasfull
year
c. MaximumRs.350,000
Salary
No.ofyearofservice
Leastoftheabovethreeisexempted
Taxable

Solutions:Dr.VijayMohan
CommutedvalueofPension
15) A)
RateofComputation
FullvalueofPension
SinceDr.VijayisalsoreceivingGratuity
1/3ofthefullvalueofpensionisexempt

FPSBI/MVI/0901/09/WN17

A)
CostofMarriagetobeaccumulatedforPooja
TimedurationofPFproceeds
75%ofPFinvested
RateofreturnDebtFund
Investmentaccumulatedtillmarriage
RemainingamounttobemadefromEquityFund
MonthlyinvestmentsinEquityFundfortime

19)

A)

B)

B)

20)

21)

22)

Monthlytaxable(Basic+DA+HRA)
NonTaxable
Totalyearlytaxableincome
DeductionU/s80C
DeductionU/s80D
TaxableIncome
TaxpayableuptoRs.150000
150000to300000
above300000
Taxpayable
EducationCess
TotalTaxpayable

Monthlyinvestmenttobemade

RateofreturnEquityFund

A)

18)

150000*0.1
(481000300000)*0.2
0+15000+36200
51200*0.03
51200+1536

5760008000015000

800+1200
48000*12

p.a.
1500000*(1+9%)^3.5
30000002028075
years
months
p.a.
p.m.effective (1+15%)^(1/12)1
PMT(1.1715%,48,0,971925,1)

years

FPSBIndia/Public

48000
2000
576000
80000
15000
481000
0
15000
36200
51200
1536
52736

 3,000,000
 3.5
 1,500,000
9.00%
 2,028,075
 971,925
4
48
15.00%
1.1715%
15025

FPSBI/MVI/0901/09/WN17

23)

Valueofinvestmentattheendof
year

Valueofinvestmentattheendof
year

Valueofinvestmentattheendof
year

Equity

Debt

RiskFree

Year
1

1000
Year
2
Year
3

Year
4

Year
5

Totalamountaccumulatedin5years
Permonthinvestment
Timeperiodofinvetment
Rateofreturnpermontheffective
AnnualEffectiverateofreturn

37950

FPSBIndia/Public

79758
125817
176558
232458
3000
60 months
0.81% RATE(60,3000,0,232458,1)
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232458

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40733
57083
75097
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1,12,1000,
1000,
(37950/3),1)
(176558/3),1)
(125817/3),1)
(79758/3),1)

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41556
58291
76727
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(176558/3),1)
(125817/3),1)
(79758/3),1)
(37950/3),1)

12954
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43528
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80635
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(176558/3),1)
(125817/3),1)
(79758/3),1)
(37950/3),1)

Totalamountacrossinvestmentstobe
balanceinthebeginningofa
freshyear

Investmentmadeeverymonth

B)

FPSBI/MVI/0901/09/WN17

A)
Leaveentitlment
36days
Accumlatedleave
380days
AsperSection10(10AA)(ii)Minimumofthefollowingfourisexemptfromtax
a.
Leaveencashmentactuallyreceived
400000
b.
10Months'averageSalary
400000 (25000+15000)*10
c.
Cashequivalentofunavailedleaveasreducedfromamaximumof30daysleaveperyearofcompletedservice
onthebasisof10monthsaveragesalaryimmediatelypreceedingretirement
Days
Totalleaveentitlementintheentirecareer
972
36*27
Unavailedleave
380
LeaveAvailed
592
972380
Maximumpremissbleleaveaspersection
810
30*27
Thereforeunavailedleaveencashmentexemptfor
218
810592
AverageSalaryfor10monthspreceedingretirement
40000
Therforeleaveencashmentexempt
290667
d.
Amountspecifiedbygovt.Rs.
300000
Leastoftheabove(a,b,c&d)
290667
Taxableleaveencashment
109333
400000290667
A)

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A)

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B)

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FPSBI/MVI/0901/09/WN17

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FPSBI/M-VI/12-01/09/SP-20

Case Study Ravinder Saxena (Reference date 19th December, 2009)


Ravinder Saxena has approached you, a CERTIFIED FINANCIAL PLANNERCM Practitioner, for preparing a
comprehensive Financial Plan to accomplish his financial goals. From your initial meeting, you have gathered
the following information:
Ravinder Saxena, aged 42 years, life expectancy 70 years, is an arts graduate. Ravinders wife Sunanda aged 41
years with life expectancy 72 years is a housewife. The couple has three children, two sons Naresh, aged 13
years and Suresh, aged 10 years and one daughter Noori, aged 7 years. Naresh is studying in 7th standard
while Suresh is studying in 4th standard and Noori is studying in 2nd standard. Ravinder is in the business of
manufacturing of Gym equipments in Ahmedabad. He is also running Gym and fitness Centre for the last ten
years. Both the business premises are owned by Ravinder.
Ravinder is living in his self owned house along with his parents in Ahmedabad. He purchased another house
in the same city in May 2004 for Rs. 18 lakh for investment purposes and further spent Rs. 3.15 lakh in August,
2005 on its renovation. He entered into an agreement for sale of this house for Rs. 35 lakh in March, 2008 and
received Rs. 2 lakh towards advance. However, the buyer could not meet his commitment and the advance
was forfeited by Ravinder.
Ravinder has bought two Life Insurance policies with a total sum assured of Rs.18 Lakh. Policy-I, which is an
endowment Plan was purchased in February, 2001 and has sum assured Rs. 10 lakh, term 15 years and annual
premium Rs. 52,000. Policy-II is a Unit Linked Insurance Plan, purchased in September, 2005 with sum assured
Rs. 8 Lakh, term 20 years and annual premium Rs. 28,500. Ravinder bought a floater Health Insurance policy in
February, 2009 for his family for a cover of Rs. 10 lakh at an annual premium of Rs. 16,250. He also paid the
annual renewal premium of his parents health insurance policy in March, 2009 for a combined cover of Rs. 5
lakh by paying a premium of Rs. 21,600.
Ravinder had generated a net Income of Rs. 12 Lakh from manufacturing business and Rs. 7 Lakh from Gym
and fitness Centre in FY 2008-2009.
Following are the Assets, Liabilities and Monthly Expenses of Ravinder:
Current Monthly Expenses
1.
2.
3.
4.
5.
Assets
1.
2.
3.
4.
5.
6.
7.
8.
9.

Household expenses
Personal expenses
Fuel & maintenance - Personal Cars & Vehicles
Fix payment to his parents
Childrens education expenses
Self Occupied House
Second House
Gym Equipments- Manufacturing plant
Gym & fitness Centre
Gold Ornaments (Sunanda)
Private Cars/ Vehicles
Life Insurance Policies
PPF A/c (A/c opened on 4 Jan 2000)
8.5 % Coupon Bonds (Purchased on 1 April 2006)
# Balance as on 31-3-2009

Rs. 58,000
Rs. 25,000
Rs. 10,000
Rs. 15,000
Rs. 28,000
Current Market Value
Rs. 60 lakh
Rs. 35 lakh
Rs. 45 lakh
Rs. 15lakh
Rs. 15 lakh
Rs. 10 lakh
Rs. 9 lakh
Rs. 4.30 lakh#
Rs. 3.0 lakh
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FPSB India / Public

FPSBI/M-VI/12-01/09/SP-20

Current Liabilities
1. Business Loan
2. Outstanding Credit Card

Rs. 14 lakh
Rs. 1.5 Lakh

Ravinders Goals & Aspirations


1. He will need Rs. 10 lakh in present terms for each child, when they complete 18 years of age for their
higher education.
2. He will need Rs. 5 lakh in present terms for the marriage of their sons Naresh and Suresh, respectively
when they complete 24 years of their respective age and Rs. 15 lakh in present terms for the marriage
of their daughter Noori, when she completes 21 years.
3. He wants to retire at the age of 60 years and maintain same standard of living post retirement by
getting an annuity equivalent to 75% of pre-retirement expenses.
4. He wants to do estate planning for smooth distribution of his assets.
5. Create a separate fund to provide every year vacation expenses amounting to Rs. 60,000 for the first
year, increasing at the rate of 5% p.a. for the next 10 years.
6. Purchase a bigger car costing Rs. 15 lakh by the end of March 2010.
7. Float a private limited company to expand his manufacturing business.
Assumptions
1.
2.
3.
4.
5.

Risk free return


Inflation
Return on Equity/Equity MF
Return on Debt / Debt Mutual fund
Return on Balance MF

7.00% p.a.
6.00% p.a.
12.00% p.a.
8.00% p.a.
10.00% p.a.

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FPSBI/M-VI/12-01/09/SP-20

Questions
1)
Ravinder wants to know his tax liability for FY 2008-09 his Income in addition to Business Income (i.e.
Income from House Property and Income from Other Sources) was Rs. 2.5 lakh. He has made
investments to avail of the maximum limit of Deduction u/s 80C and has also paid the Medical Insurance
Premium for his parents who are Senior Citizens. According to you the same is ______________.
A)
B)
C)
D)
2)

Rs. 5,77,265
Rs. 5,84,065
Rs. 5,24,785
Rs. 5,60,450
Ravinder is willing to create a fund to ensure the higher education expenses requirement for his three
children. You suggest Ravinder to invest in a Balance Mutual Fund scheme by way of monthly SIP
starting from today and continuing till the withdrawal of funds for the youngest child. What monthly
investment should be made to get this arrangement? (Assume current age of all children as completed
today)

A)
B)
C)
D)
3)

Rs. 27,281
Rs. 24,800
Rs. 15,922
Rs. 26,290
Ravinder needs more funds for his manufacturing business. He has received an offer to sell his second
house for Rs. 37 lakh. The brokerage charges to be incurred on sale transaction are 1.5% of sale
amount. Ravinder wants to know from you the amount of capital gains on this sale transaction if
provisions of AY 2009-10 are applicable today as well. Cost Inflation index (CII) for various Financial
Years is 2004-05: 480; 2005-06: 497; 2006-07: 519; 2007-08: 551; 2008-09: 582; 2009-10: 632.

A)
B)
C)
D)
4)

Long term Capital gain of Rs. 11,37,270


Long term Capital gain of Rs. 9,55,000
Long term Capital gain of Rs. 11,55,000
Long term Capital gain of Rs. 8,08,870
Ravinder has informed you that he has not filed his Income Tax return for the AY 2009-10 within due
date. He wants to know from you till which date he can furnish his belated return.

A)
B)
C)
D)
5)

31st March 2009 or before the completion of his assessment whichever is earlier.
31st March 2010 or before the completion of his assessment whichever is earlier.
31st March 2011 or before the completion of his assessment whichever is earlier.
No time limit defined.
You have suggested Ravinder to accumulate funds for marriage expenses of Naresh and Suresh by
making a Systematic Monthly Investment of a total sum of Rs. 12,000 in Equity, Debt and Risk Free
instruments in the ratio of 55:25:20 from today. You have further suggested him to follow the
Performance-Weighting Strategy for this investment, i.e. rebalance his investment corpus in the
beginning of every year in the same ratio. What would be his return on investment at the end of four
years? (Assume that the indicated rates for these asset classes hold year after year)

A)
B)
C)

10.00% p.a.
10.42% p.a.
10.49% p.a.
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FPSBI/M-VI/12-01/09/SP-20

D)
6)

Ravinder wants to know from you, what is the maximum amount that he can withdraw today from his
PPF account as per PPF rules. No Investment has been made by him in this Financial Year till date.
Outstanding as on
PPF A/c balance Rs.
31-3-2000
40,000
31-3-2001
85,000
31-3-2002
1,35,000
31-3-2003
2,10,000
31-3-2004
2,95,000
31-3-2005
3,45,000
31-3-2006
4,15,000
31-3-2007
5,05,000
31-3-2008
3,80,000
31-3-2009
4,30,000
A)
B)
C)
D)

7)

Rs. 2,07,500
Rs. 2,15,000
Rs. 1,07,500
Rs. 1,90,000
You suggest Ravinder to invest Rs. 1 Lakh every year in NSCs beginning from today till Noori completes
15 years of age. The maturity proceed of each NSC is reinvested in Debt Mutual Fund scheme.
Ravinder asks you whether, with the amount thus accumulated, he would be able to achieve the goal
of Nooris marriage, or there could be a shortfall in meeting such expenses. (Assume interest rate
offered on NSC remains unchanged throughout the investment period and the return indicated on
Debt Mutual Fund holds from year to year)

A)
B)
C)
D)
8)

Shortfall of Rs. 13,92,058


Shortfall of Rs. 16,88,400
Excess of Rs. 4,99,300
Shortfall of Rs. 14,09,740
Ravinder wants to invest in equity shares of PQR Ltd. The company PQR Ltd. has paid a dividend of Rs.
12.00 per share in the current year. The dividend is expected to grow @11% p.a. for the next 3 years
and thereafter it is expected to grow @8% p.a. forever. He wants to know the intrinsic value of the
equity share of PQR Ltd. today as per dividend discount model, given that his required rate of return
from such investment is 15% p.a.?

A)
B)
C)
D)
9)

9.00% p.a.

Rs. 200
Rs. 178
Rs. 211
Rs. 252
Ravinder has informed you that he has got an offer for a car loan from a finance company. The value
of car which Ravinder wants to buy is Rs. 15 lakh. Ravinder wants to make Rs. 7 lakh as down payment
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FPSB India / Public

FPSBI/M-VI/12-01/09/SP-20

and wants to avail loan for the remaining amount. The company charges 2% processing fee and an
interest @10% p.a. for the 45-month tenure on reducing monthly balance basis. Ravinder, however,
pays only Rs. 7 lakh upfront and asks the company to cumulate the loan amount to the extent of
processing fees. The company does so by ensuring that it charges 2% processing fees on the total loan
amount. Ravinder wants to know the effective cost to be incurred by him by taking loan in such
fashion for the specified tenure from the finance company. You calculate the same to be ________.
A)
B)
C)
D)

10.47% p.a.
11.14% p.a.
11.72% p.a.
10.00% p.a.

10)
Recently a nationalized bank announced its 600-day Fixed Deposit with interest compounded
quarterly. Ravinder is keen to invest in this FDR. You want to assess the real rate of return in this FDR
keeping in view the prevailing inflationary trend, and advise Ravinder to have at least 4% p.a. real rate
of return. Keeping this in view, which of the following is the least interest rate band in which the rate
of the said Fixed Deposit should be, in order to be attractive enough for Ravinder to invest?

A)
B)
C)
D)
11)

A)
B)
C)
D)
12)

9.8 % p.a. to 9.9% p.a.


10.2% p.a. to 10.3% p.a.
10% p.a. to 10.1% p.a.
9. 60% p.a. to 9.70% p.a.
In the initial stage of Financial Plan preparation, you told Ravinder and also mentioned in the
Engagement Letter that you would charge fixed fee for the Financial Plan construction and you would
also earn commission on sale of recommended financial products, if the same is accepted. Which code
of ethics binds the CFPCM Practitioner to disclose conflict of interests?
Objectivity
Fairness
Integrity
Professionalism
You suggest Ravinder to accumulate retirement corpus by investing Rs. 50,000 in first year, and
increasing at the rate of 6% in a dedicated Pension Scheme annually till a year prior to his retirement.
The pension scheme gives monthly pension till his life time in annuity due mode, immediately after
the retirement age of 60 years. Assume the pension scheme yields 10% p.a. pre-retirement and 8%
p.a. post-retirement, Ravinder wants to know from you, what will be the monthly amount he would
receive from that pension scheme. (Assume that he starts investing in the Pension Scheme with
immediate effect. Ignore taxes and charges)

A)
B)
C)
D)

Rs. 44,840
Rs. 44,304
Rs. 40,276
Rs. 50,600
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FPSB India / Public

FPSBI/M-VI/12-01/09/SP-20

13)

Ravinder wants to buy a life insurance policy on the life of his father as well as both his brothers.
However, in case of any eventuality he wants to reserve all legal rights of receiving the policy benefits
in his name. He wants to know whether it is legally possible for him.
A)
B)
C)
D)

14)

Yes, he can buy the policy in the desired way.


Yes, but he cannot reserve the right to receive the policy benefits.
No, in the absence of insurable interest he cannot buy life insurance policy in their name.
He can buy the policy only in the name of his father in the desired way
Ravinders father has made a Will deed for distribution of his assets. Ravinder discusses with you
regarding Probate process, as per you which is not a feature of Probate process?

A)
B)
C)
D)

The assets are gathered, applied to pay debts, taxes and expenses of administration and distribute
to those designated as beneficiaries in the Will.
Executor or Personal Representative named in the Will is in charge of this process.
All legal heirs will receive notices from the court to file objections.
The court will give orders to distribute the assets to the heirs as per intestate succession Act.

6
FPSB India / Public

FPSBI/M-VI/12-01/09/SP-20

Thirukutti Murugan (Reference date 15th December, 2009)


Thirukutti Murugan has approached you to make a Financial Plan. His details are as follows:
Thirukutti, born on 22nd Nov 1969, and his wife Vaijanthi, born on 26th Apr 1966. Both of them are
professionally qualified and employed in an NGO. Thirukutti is a Team Leader and is in charge of several
projects. Vaijanthi is an Executive Director and manages the activities of the core projects. They are at
present staying in their own house in Namakkal, Tamil Nadu.
Their daughter Naireeta, born on 30 Jun 2001 is studying in a prestigious boarding school in Kodaikanal. She is
good in academics and also in extra-curricular activities.
Thirukuttis parents Murugan Sami, born on 26th Jun 1941 has retired from private job long ago and his mother
Rukmani, born on 25th Nov 1946 is a house wife. Murugan Sami has a house in Namakkal which has been given
on rent. They are financially dependent on Thirukutti and are residing with him.
You have collected the following data from Thirukutti:
Assets

Present Market Value


(Unless otherwise stated)
Rs. 18.00 lakh
Rs. 4.25 lakh
Rs. 4.02 lakh
Rs. 0.55 lakh
Rs. 2.20 lakh
Rs. 3.53 lakh
Rs. 0.22 lakh
Rs. 0.94 lakh
Rs. 4.95 lakh
Rs. 1.26 lakh
Rs. 6.00 lakh
Rs. 3.50 lakh

Residential Property
Car
Cash & Cash Equivalents
Bonds1
Fixed Deposits1
PPF2
ULIP3
Equity Shares
Equity Mutual Funds
Debt Mutual Funds
PO-MIS1
Other Valuables
1
cost at the time of investments
2
value on 31st March 2009
3
Details are as following
- Yearly premiums Rs. 60,000,
- Term 20 years,
- Started from 21th Nov 2009,
- Sum assured Rs. 3 lakh,
- Death benefit: sum assured or fund value whichever is more
- Premium allocation charges 1st year: 60% p.a., 2nd Year to 5th Year: 4.50% p.a., 6th Year to 13th Year:
2.50% p.a., 14th Year to 20th Year: Nil,
- Policy Admin Charges: Rs. 750 for first year and increasing by 5% every year,
- Fund Management Charges: 1.50% p.a. of year end Fund Value,
- Mortality charges: 1.9 per thousand SA first year and increases by 5% p.a. every year (calculated on
Sum Assured less beginning of the year fund value after payment of premium), it will be charged till
fund value is less than sum assured.

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FPSBI/M-VI/12-01/09/SP-20

Liabilities
-

Car Loan outstanding

Rs. 1.37 lakh

For the Financial Year 2008-09:


Income
Take home Salary of both Thirukutti and Vaijanthi

Rs. 10.40 lakh (Net of Taxes)

Expenditures
House Hold exp
Entertainment and Traveling
Medical Insurance
Car Insurance
Schooling

Rs. 1.80 lakh


Rs. 0.35 lakh
Rs. 0.06 lakh
Rs. 0.07 lakh
Rs. 1.20 lakh

Financial Goals
-

They want to plan for Naireetas higher education which would start by 1st Jan 2020. The present cost
would be Rs. 2.50 lakh p.a. for three years graduation and 4.00 lakh p.a. for two years post graduation.
They would like to provide for Naireetas marriage and will require Rs. 30.00 lakh (present cost) when
she completes 24 years.
They want to shift to a bigger house by 2012 and have a new car by 2013 worth Rs. 6.00 lakh (present
cost).
Thirukutti would like to retire on 30th Nov 2029 and would like to plan for their retirement from today.

Assumptions
1)
2)
3)
4)
5)
6)

Risk free return


Inflation
Return on Equity/ Equity MF
Return on Debt/ Debt MF
Balanced MF
life expectancy
a. Thirukutti
:
b. Vaijanthi
:

7.00% p.a.
6.00% p.a.
12.00% p.a.
8.00% p.a.
10.00% p.a.
75 years
80 years

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FPSB India / Public

FPSBI/M-VI/12-01/09/SP-20

Questions
15)

You have disclosed in writing to Thirukutti on your ability to advise and sell on a restricted range of
products, and some other limitation of their capacity to serve him. You have complied with the Code
of Ethics of _____________.
A)
B)
C)
D)

16)

Integrity
Objectivity
Fairness
Diligence
You have already mentioned to Thirukutti that you shall confirm in writing to him where a subsequent
instruction given by him significantly alters the financial strategy or balance of an existing portfolio
under your supervision. You have complied with the Code of Ethics of __________.

A)
B)
C)
D)
17)

Diligence
Compliance
Confidentiality
Objectivity
The present cost of higher education is Rs. 2.50 lakh p.a. for three years graduation and 4.00 lakh p.a.
for two years Post-Graduation. You have advised Thirukutti to accumulate funds for higher education
of Naireeta for which the first withdrawal as estimated would be on 1st Jan 2020. For this purpose he
would invest in equity and debt in the ratio 70:30 and shift completely in Risk Free investment on 1st
Jan 2018. How much should he invest every month starting from 1st Jan 2010 till 1st Dec 2019? He
would require funds on 1st of Jan every year.

A)
B)
C)
D)
18)

Rs. 15,471
Rs. 13,770
Rs. 13,429
Rs. 15,151
Thirukutti has allocated to Equity and Debt in the ratio of 70 and 30 in the Unit Linked Insurance Plan
he has recently bought and he intends to continue paying the premium till its maturity. What
approximate amount Thirukutti would receive at maturity?

A)
B)
C)
D)
19)

Rs. 29.89 lakh


Rs. 30.43 lakh
Rs. 25.35 lakh
Rs. 37.03 lakh
Thirukutti wants to know, what are the factors that are included in the calculation of life insurance
premium rate?
1.
2.
3.
4.
5.

A)
B)

Rate of Mortality
Investment earnings
Expenses
Economic condition of the country
Political stability

1, 2, 3, and 4
1, 2 and 3
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FPSBI/M-VI/12-01/09/SP-20

C)
D)

1 and 2
1, 2, 3, 4 and 5

Thirukutti has invested a lump sum amount in POMIS on 1st Dec 2009 in joint name along with
Vaijanthi. He intends to invest monthly interest and maturity amount from this POMIS in Gold ETF
which is expected to give an average monthly return of 0.75% p.m. (net of expense) and liquidate this
investment at the time of retirement.

20)

Thirukutti also intends to start investing in an Equity MF scheme a fixed sum starting from 1st Jan 2010
in addition to the investment in Gold ETF to accumulate for his retirement corpus. How much should
he invest monthly in Equity MF Scheme? Post-retirement he would invest the whole corpus in Debt
MF Scheme and wants to receive a monthly amount equivalent to present monthly Household
Expenses which should last Vaijanthis lifetime. (Please ignore taxes and charges if applicable)
A)
B)
C)
D)
21)

Rs. 5,080
Rs. 5,008
Rs. 4,974
Rs. 5,206
Thirukutti wants to invest monthly to accumulate funds for Naireetas marriage. He started his PPF
account on the day Naireeta was born. He has not invested in this PPF account since the beginning of
this financial year. He intends to start investing in this PPF account and Equity MF scheme in the ratio
of 60:40 every month starting from 1st January, 2010 till one month before maturity of this PPF
account. He would invest the maturity proceeds received from PPF Account and accumulated amount
of Equity MF on the day of maturity of his PPF account in a Balanced MF scheme. How much amount
should he invest monthly in the said combination as above?

A)
B)
C)
D)
22)

Rs. 20,322
Rs. 21,857
Rs. 4,070
Rs. 21,615
Thirukutti wants to know, if he opens a Senior Citizens Saving Scheme Account in a post office in the
name of his parents and deposits Rs. 1 lakh on 1st Jan 2010 what would be the total interest received
till maturity of this account? (Please ignore charges and Taxes if applicable)

A)
B)
C)
D)
23)

Rs. 45,000
Rs. 47,500
Rs. 42,500
Rs. 40,000
Thirukutti has received offer to invest in New Fund Offers of open end equity growth schemes ABC
and PQR of two Mutual Funds. The schemes have same investment objectives and other features,
except in the Fund Management Charges (FMC), which is 2.25% p.a. for ABC and 1.50% p.a. for PQR.
Thirukutti is not able to appreciate as to what difference this would make in the end analysis. You
advise that if Thirukutti makes an investment of Rs. 5,000 each per month for twenty years in ABC and
PQR, and assuming that both funds generate same pre-FMC return, say 12%, year after year, and the
accumulated amount in PQR will be ______% higher than that of ABC after twenty years.

A)
B)

10.06
9.14
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FPSBI/M-VI/12-01/09/SP-20

C)
D)
24)

9.31
10.31
Thirukutti's Mutual Fund investments consist of four different funds. Performance of these funds is as
follows:
Mutual Fund

Fund Return of 1 year

Beta

15.86%

1.50

13.54%

1.40

11.25%

0.90

10.26%

0.65

He wants to determine which MF is earning the proper return for its level of risk. How would you rank
these funds from the best to worst on the basis of Jensens Measure?
A)
B)
C)
D)
25)

A)
B)
C)
D)
26)

B, C, D, A
A, C, D, B
A, D, C, B
B, D, C, A
Which of the following are the accepted ways globally for professionals certified by the Affiliates of
FPSB Ltd. worldwide to write the certification mark against their name?
1. Certified Financial Planner
2. CFP
3. C.F.P.
4. CERTIFIED FINANCIAL PLANNER
5. C F P
1, 2 and 3
1 and 5
2 and 4
1 and 3
Which of the following usages of the certification mark owned (outside the U.S.) by FPSB Ltd. are
correct?
1. CFP Qualification
2. CFP Certification
3. CFP Education
4. CFP Professional
5. CFP Practitioner

A)
B)
C)
D)
27)

1, 3 and 4
1, 2 and 5
2, 4 and 5
1, 3 and 5
Thirukutti wants to know that in case he dies intestate, who among his following relatives would not
get preference while his property is being devolved.
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FPSB India / Public

FPSBI/M-VI/12-01/09/SP-20

A)
B)
C)
D)
28)

Naireeta
Murugan Sami
Vaijanthi
Rukmani
Thirukutti has invested in a Debt MF scheme with Dividend Re-investment option. The scheme has just
declared a dividend of 8%. The current value of his Debt MF scheme is as per the Cum-Dividend NAV
of 12.7689. Thirukutti wants to know the total Dividend Distribution Tax that the Scheme will have to
pay on the Dividend Distributed to him? (Please assume that the applicable tax laws are the same as
that of AY 2009-10)

A)
B)
C)
D)

Rs. 2,236
Rs. 1,789
Rs. 1,118
Rs. 1,342

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FPSB India / Public

FPSBI/M-VI/12-01/09/WN-20

Solutions - Ravinder Saxsena


1)

A)
Ravinder 's Income tax liability for FY 2008-09
Net taxable Income from Manufacturing business
Net taxable Income from Gym and fitness centre
Income from other sources
Total taxable Income
Less: deduction u/s 80 C
Less : Deduction u/s 80D
Mediclaim premium for self and family
Mediclaim premium for parents
Net Taxable Income
Tax rates
upto 150000
150000-300000
300000-500000
above 500000

1200000
700000
250000
2150000
100000
15000
20000

Nil
10%
20%
30%

15000
40000
454500
Add: surcharge
total

Add. Edu. Cess & SHEC


Total tax liability

2)

A)
Present age of Naresh
Present age Suresh
Present age of Noori

3)

6% p.a.
10% p.a.
0.7974% p.m.

A)
Expected sale Consideration of Second house
Less : Brokerage paid @ 1.5%
Net consideration
Cost of Acquisition
Less : Forfeited Advance Money

C)

((1+0.1)^(1/12))-1

Cost of education then


1338226 FV(6%,18-13,0,-1000000,1)
1593848 FV(6%,18-10,0,-1000000,1)
1898299 FV(6%,18-7,0,-1000000,1)
Total of Present Values
Per Month Investment Needed

Indexed Cost of Acquisition


Cost of Renovation
Indexed cost of Renovation
Total cost after inflation
Long term capital gain
4)

509500
50950
560450
16814
577264
577265

Age
13 years
10 years
7 years

Rate of Inlation
Retun on Balance mutual fund
Monthly Rate

Naresh
Suresh
Noori

135000
2015000

Present Value if invested through Balanced MF scheme


830933 PV(10%,18-13,0,-1338226,1)
743542 PV(10%,18-10,0,-1593848,1)
665342 PV(10%,18-7,0,-1898299,1)
2239817
27281 PMT((1.1)^(1/12)-1,12*(18-7),-2239817,0,1)

3700000
55500 3700000*1.5%
3644500 3700000-55500
1800000
200000
1600000
2106667 1600000*632/480
315000
400563 315000*632/497
2507230 2106667+400563
1137270 3644500-2507230

As per section 139(4) of Income tax act.

FPSB India/Public

FPSBI/M-VI/12-01/09/WN-20

5)

A)
Equity
Debt
RF

SIP
Returns
12%
8%
7%

12000
effective p.m.
0.9489%
0.6434%
0.5654%
Total

Weight
0.55
0.25
0.20
1

0.7973%
6)

2nd Year End


177695
78496
62341
318531

3rd Year End


280474
123545
98046
502065

10.00% ((1+0.7973%)^12)-1

RATE(48,-12000,0,703953,1)

A)
As per PPF Rules, Beginning from 7th year and every year thereafter , an account holder can withdraw 50% of the balance to his credit at
the end of immediate 4th or the 1st previous FY , whichever is lower.
Balance on 4th preceding year
50% of outstanding balance
Balance on 1st preceding year 2009
50% of outstanding balance
He is eligible to withdraw lower of the two amounts, Rs. 2,07,500 or Rs. 2,15,000
Therefore, he can withdraw maximum

7)

1st Year End


84259
37542
29881
151681

415000
207500 415000*0.5
430000
215000 430000*0.5
207500 415000/2

A)
National Savings certificate
Interest rate p.a

AGE
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

Compounding per year


Tenure in years
Year
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14

8%
2
6
Amount
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000

NSC Maturity

Accumulated Amount
when Noori is 21

160,103
160,103
160,103
160,103
160,103
160,103
160,103
160,103
160,103

296,340
274,389
254,064
235,244
217,819
201,684
186,744
172,911
160,103
1,999,298

Present Cost of Noori's marrige


Cost at the time of her marrige

15,00,000
3,391,356

Shortfall

1,392,058

FV(0.08,8,0,-160103,1)
FV(0.08,7,0,-160103,1)
FV(0.08,6,0,-160103,1)
FV(0.08,5,0,-160103,1)
FV(0.08,4,0,-160103,1)
FV(0.08,3,0,-160103,1)
FV(0.08,2,0,-160103,1)
FV(0.08,1,0,-160103,1)

FV(0.06,14,0,-1500000,0)
3391356-1999298

FPSB India/Public

4th year
393531
173099
137323
703953

FPSBI/M-VI/12-01/09/WN-20

8)

A)
Intrinsic value of share as per Two stage Dividend discount model
Current dividend per share
Growth rate for first three years
Growth rate after three years, and forever
Required rate of return
Step - 1

Rs. 12 per share


11%
8%
15%

The dividend stream during the first three years when PQR Ltd. would enjoy a relatively higher rate of growth will be
D1
12(1.11)
13.32
D2
12*(1.11)^2
14.79
D3
12(1.11)^3
16.41
The present value of dividend stream on considering a required raturn of 15% is
PV of D1
PV of D2
PV of D3

Step - 2

11.58
11.18
10.79
33.55
The present value of the dividend stream from 4th year onwards, applying a constant growth model will be
Dividend in the 4th year
D4
17.72 D3 * 1.08
16.41*1.08
If this dividend increases @ 8% forever, the present value of the dividend stream including D4, considering required return of 15%, will be
253.21 17.72/(.15-.08)
The present value of the price is
166.49 253.21/1.15^3

Step 3
9)

10)

11)

The sum of above components is

33.55+166.49

C)
Total value of car
Down payment
Amount of loan if processing fees is paid separately
However, if the processing fees is cumulated in the loan
amount, the total amount of loan
Tenure
Rate of interest (p.a. on reducing monthly balance basis)
EMI
The cost of transaction also includes processing fees charged by the Company
The amount of basic loan availed is Rs. 8 lakh only.
Hence, monthly effective rate of interest
Therefore, effective cost of transaction, that is
annual effective rate of interest
A)
The real rate of interest required on the transaction
Inflation in the period considered
Hence, the Effective rate of interest per annum
As the bank offers quarterly compounding,
the quarterly effective rate of interest
Hence, Nominal rate of interest offered by bank

200

1500000
700000
800000 1500000-700000
816,327 800000/(1-2%)
45 months
10%
21,829 PMT(10%/12,45,-816327,0,0)

0.9280% RATE(45,21829,-800000,0,0)
11.72% (1+0.928%)^12-1

4%
6%
10.24% (1+4%)*(1+6%)-1
2.47% (1+10.24%)^(1/4)-1
9.87% 2.47%*4

A)

FPSB India/Public

FPSBI/M-VI/12-01/09/WN-20

12)

B)
Calculation of retirement corpus by growing Annuity formula
First Annual Investment
50000
Rate of return
10%
Annual increase
6%
50000*(((1.1)^18-(1.06)^18)/(0.1-0.06))
3,381,973
To get the PV of a Growing Annuity due multiply the value by rate of return
3381972.701*1.1
3,720,170
Calculation of monthly pension
Rate of return
8% Monthly rate
0.6434% 1.08^(1/12)-1
No. of months
120
44,304
PMT(0.6434%,120,-3720170,0,1)

13)

C)

14)

D)

Solutions: Thirukutti Murugan


15)
B)
16)

A)

17)

B)
cost of
FV
education
PV on 1-Jan-2020 if such funds remain invested in Risk Free instruments
1-Jan-2020
447712
FV(6%,10,0,-250000,0)
447,712
1-Jan-2021
474575
FV(6%,11,0,-250000,0)
443,528 PV(7%,1,0,-474575,0)
1-Jan-2022
503049
FV(6%,12,0,-250000,0)
439,383 PV(7%,2,0,-503049,0)
1-Jan-2023
853171
FV(6%,13,0,-400000,0)
696,442 PV(7%,3,0,-853171,0)
1-Jan-2024
904362
FV(6%,14,0,-400000,0)
689,933 PV(7%,4,0,-904362,0)
PV of required funds on first withdrawal date
2,716,997
Suppose he invests Rs. 100 per month beginning 1-Jan2010 till 1-Jan-2019
Equity
Debt
Total accumulated
Risk Free
Total accumulated
Rs. 70 p.m.
Rs. 30 p.m.
on 1-Jan-2018
Rs. 100
1-Jan-20
Accumulation
10992
3993
14985
1-Jan.'18 to 1-Dec.'19
19733
If by investing Rs. 100 we get Rs. 19733, so to get Rs. 2716997 we need to invest
13769 100*2716997/19733

18)

B)
Policy Year

Annualised
Premium

Prm Alloc Chg

Amount Invst

Policy Admin Chg

Fund Mgmt Chg

Mortality Chg

Total Chgs

1
2
3
4
5
6
7
8
9
10
11
12
13

60000
60000
60000
60000
60000
60000
60000
60000
60000
60000
60000
60000
60000

36000
2700
2700
2700
2700
1500
1500
1500
1500
1500
1500
1500
1500

24000
57300
57300
57300
57300
58500
58500
58500
58500
58500
58500
58500
58500

750
788
827
868
912
957
1005
1055
1108
1163
1222
1283
1347

378
1344
2400
3554
4816
6212
7736
9397
11210
13187
15344
17697
20264

526
436
325
189
24
0
0
0
0
0
0
0
0

37654
5268
6252
7312
8451
8669
10241
11952
13818
15850
18066
20480
23111

FPSB India/Public

Fund
Fund
Fund Value b/f
Value b/f Investmen Fund Value c/f Value c/f
(before M Charges) (after M t Return % (before FMC)
(after
Charges)
FMC)
23250
22724
10.80%
25178
24801
81313
80877
10.80%
89612
88267
144741
144415
10.80%
160012
157612
214044
213855
10.80%
236951
233397
289785
289762
10.80%
321056
316240
373783
373783
10.80%
414151
407939
465434
465434
10.80%
515701
507965
565410
565410
10.80%
626474
617077
674469
674469
10.80%
747312
736102
793439
793439
10.80%
879130
865943
923221
923221
10.80%
1022929
1007585
1064803
1064803
10.80%
1179801
1162104
1219257
1219257
10.80%
1350937
1330673

Death
Benefit
300000
300000
300000
300000
316240
407939
507965
617077
736102
865943
1007585
1162104
1330673

FPSBI/M-VI/12-01/09/WN-20

14
15
16
17
18
19
20
19)

B)

20)

A)

60000
60000
60000
60000
60000
60000
60000

0
0
0
0
0
0
0

Return on Debt
Inflation
Household exp on 1st month after retirement
Life of Vaijanthi after Thirukitti's retirement

60000
60000
60000
60000
60000
60000
60000

1414
1485
1559
1637
1719
1805
1895

23089
26172
29535
33204
37206
41574
46338

0
0
0
0
0
0
0

24504
27657
31094
34841
38925
43379
48233

1389259
1574724
1777063
1997814
2238656
2501419
2788103

1389259
1574724
1777063
1997814
2238656
2501419
2788103

10.80%
10.80%
10.80%
10.80%
10.80%
10.80%
10.80%

1539299
1744795
1968986
2213578
2480430
2771572
3089219

1516209
1718623
1939451
2180375
2443224
2729999
3042880

1516209
1718623
1939451
2180375
2443224
2729999
3042880

8%
0.6434% (1.08)^(1/12)-1
6%
0.4868% (1.06)^(1/12)-1
48107 FV(6%,20,0,-15000,1)
16 years and 5 months

Required Corpus
8,167,352
(a)
PV((1+0.6434%)/(1+0.4868%)-1,(16*12)+5,-48107,0,1)
Monthly Interest on POMIS
4000 from 1st Jan 2010 to maturity on 1st Nov 2015
600000*0.08/12
Maturity value+last interest
634000 on 1-Dec-2015
600000*1.05+4000
Accumulation - Gold ETF on 1-Dec-2015
376,028 FV(0.75%,(6*12)-1,-4000,0,0)
634,000
Maturity of POMIS to be invested on 1-Dec-2015
Total Investment - Gold ETF on 1-Dec-2015
1,010,028 376028+634000
Value of Gold ETF on 30-Nov-2029
3,544,073
(b)
FV(0.75%,14*12,0,-1010028,0)
Additional amount needed on 30-Nov-2029
4,623,279 8167352-3544073
(C)
= (a)-(b)
19 years and 11 months
Time in hand from 1st Jan 2010 to 30-Nov-2029
Required investment in Equity MF from 1-Jan 2010
5079.35 PMT((1.12)^(1/12)-1,(19*12)+11,0,-4633101,1)
B)
Amount needed for marriage on
Amount Needed for marriage
PV of amount needed on PPF maturity (1-Apr-2017)
PPF on
1-Apr-2009
1-Apr-2017
Additional amount Required

21)

30-Jun-2025
7402223
3371883
353000
653378
2718505

FV(6%,15.5,0,-3000000,0)
PV(10%,8+(3/12),0,-7402223,0)
FV(8%,8,0,-353000,0)
3371883-653378

(a)

If he invests Rs. 1000 p.m. , 60% of this goes to PPF account


9
10
11
0
1
2
3
4
5
6
7
8
9
10
11
0
1
2
3

1-Jan-2010
1-Feb-2010
1-Mar-2010
1-Apr-2010
1-May-2010
1-Jun-2010
1-Jul-2010
1-Aug-2010
1-Sep-2010
1-Oct-2010
1-Nov-2010
1-Dec-2010
1-Jan-2011
1-Feb-2011
1-Mar-2011
1-Apr-2011
1-May-2011
1-Jun-2011

Method 1
600 612
600 608
600 604
2424 2618
600 644
600 640
600 636
600 632
600 628
600 624
600 620
600 616
600 612
600 608
600 604
10082 10888
600 644
600 640

Method 2
The amount deposited in PPF A/c. on or before 5th of every month is eligible for interest for that month.
Therefore, amount of Rs. 600 deposited in Jan, 2010 shall bear interest @ 8% p.a. for 3 months, that
deposited in Feb, 2010 shall bear interest @ 8% p.a. for 2 months, and that deposited in Mar, 2010 shall bear
interest @ 8% p.a. for 1 months
Hence, interest on Rs. 600 deposited from Jan to Mar, 2010
24 600*8%*3/12+600*8%*2/12+600*8%*1/12
Principal + Interest thereon for such amount contributed
1824 Balance of fresh contributions
600*3+24 from Jan - Mar, 2010
Now, every year Rs. 600 shall be deposited in the beginning of the month to accumulate by 31st March
next year to a figure of
312 600*8%*(1/12+2/12+3/12+4/12+5/12+6/12+7/12+8/12+9/12+10/12+11/12+12/12)
Therefore, incremental effective contributiuon every year to Mar
7512 600*12+312
Therefor such fresh accumulation in PPF for 7 years till March, 2017

FPSB India/Public

70154 FV(0.08,7,-7512,-1824,0)

FPSBI/M-VI/12-01/09/WN-20

4
5
6
7
8
9
10
11
0
1
2
3
4
5
6
7
8
9
10
11
0
1
2
3
4
5
6
7
8
9
10
11
0
1
2
3
4
5
6
7
8
9
10
11
0
1
2
3
4
5
6
7
8
9
10
11
0

1-Jul-2011
1-Aug-2011
1-Sep-2011
1-Oct-2011
1-Nov-2011
1-Dec-2011
1-Jan-2012
1-Feb-2012
1-Mar-2012
1-Apr-2012
1-May-2012
1-Jun-2012
1-Jul-2012
1-Aug-2012
1-Sep-2012
1-Oct-2012
1-Nov-2012
1-Dec-2012
1-Jan-2013
1-Feb-2013
1-Mar-2013
1-Apr-2013
1-May-2013
1-Jun-2013
1-Jul-2013
1-Aug-2013
1-Sep-2013
1-Oct-2013
1-Nov-2013
1-Dec-2013
1-Jan-2014
1-Feb-2014
1-Mar-2014
1-Apr-2014
1-May-2014
1-Jun-2014
1-Jul-2014
1-Aug-2014
1-Sep-2014
1-Oct-2014
1-Nov-2014
1-Dec-2014
1-Jan-2015
1-Feb-2015
1-Mar-2015
1-Apr-2015
1-May-2015
1-Jun-2015
1-Jul-2015
1-Aug-2015
1-Sep-2015
1-Oct-2015
1-Nov-2015
1-Dec-2015
1-Jan-2016
1-Feb-2016
1-Mar-2016

600
600
600
600
600
600
600
600
600
18352
600
600
600
600
600
600
600
600
600
600
600
27285
600
600
600
600
600
600
600
600
600
600
600
36931
600
600
600
600
600
600
600
600
600
600
600
47350
600
600
600
600
600
600
600
600
600
600
600

636
632
628
624
620
616
612
608
604
19821
644
640
636
632
628
624
620
616
612
608
604
29467
644
640
636
632
628
624
620
616
612
608
604
39886
644
640
636
632
628
624
620
616
612
608
604
51138
644
640
636
632
628
624
620
616
612
608
604

FPSB India/Public

FPSBI/M-VI/12-01/09/WN-20

1
2
3
4
5
6
7
8
9
10
11

22)

23)

1-Apr-2016
1-May-2016
1-Jun-2016
1-Jul-2016
1-Aug-2016
1-Sep-2016
1-Oct-2016
1-Nov-2016
1-Dec-2016
1-Jan-2017
1-Feb-2017
1-Mar-2017
1-Apr-2017

58602
600
600
600
600
600
600
600
600
600
600
600
70154

A)
Interest
Term
Total Interest

63290
644
640
636
632
628
624
620
616
612
608
604

2.25%
5 years
45000

40% of Rs. 1,000 invested goes to Equity Fund


Equity MF value on 1-Apr-2017 will be
Total Value of his investments on 1-Apr-2017
If by investing Rs. 1000 p.m. he gets Rs. 124378 to get Rs. 2718505

2250

2.25%*100000
20 Installment

2250*20

A)
Return generated by ABC and PQR prior to Fund Management Charges
FMC - ABC
2.25%
FMC - PQR
1.50%

12%

Actual post-FMC return generated by ABC


Actual post-FMC return generated by PQR

9.5355% (1+12%)/(1+2.25%)-1
10.3448% (1+12%)/(1+1.5%)-1

Rs. 5,000 p.m. invested in ABC accumulates in 20 years to


Rs. 5,000 p.m. invested in PQR accumulates in 20 years to

3,426,417 FV((1+9.5355%)^(1/12)-1,20*12,-5000,0,1)
3,771,267 FV((1+10.3448%)^(1/12)-1,20*12,-5000,0,1)

Difference in accumulated values


%age higher value in PQR than ABC
24)

54224 FV((1.12)^(1/12)-1,(7*12)+3,-(1000*0.4),0,1)
124378 54224+70154
(b)
21857 1000*2718505/124378 1000*(a)/(b)

344850 3771267-3426417
10.06% 344850/3426417

C)

Mutual Fund
A
B
C
D
25)

C)

26)

C)

27)

B)

28)

C)

Fund Return
of 1 year
15.86%
13.54%
11.25%
10.26%

Beta

Jensens Measure

Rank

1.50
1.40
0.90
0.65

0.0136
-0.0046
-0.0025
0.0001

1
4
3
2

15.86%-(7%+(1.5*(12%-7%)))
13.54%-(7%+(1.4*(12%-7%)))
11.25%-(7%+(0.9*(12%-7%)))
10.26%-(7%+(0.65*(12%-7%)))

Belongs to Class-II heir

Value of Debt Fund


NAV
No of Units
Dividend
DDT
Surcharge
Education Cess
Total

126000
12.7689

9867.7255

126000/12.7689
7894.1804 9867.7255*10*0.08
986.7725 7894.1804*12.5%
98.6773 986.7725*10%
32.5635 (986.7725+98.6773)*3%
1118

FPSB India/Public

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