ilmscore | Converting DEBT to WEALTH | Money Matters Ep. 35 | Ankur Warikoo Hindi

Converting DEBT to WEALTH | Money Matters Ep. 35 | Ankur Warikoo Hindi

Published: 2024-11-09
Status: Analyzed

Predictions from this Video

Total: 6
Correct: 3
Incorrect: 1
Pending: 2
Prediction
Topic
Status
Future ability to afford a house or provide a high standard of living is dependent on income growth.
"if you keep growing your income get to the point where you will be able to afford a house or provide a good standard of living for your daughter and yourself"
Income Growth
Correct
Estimated annual cost of health insurance for a 3-5 lakh cover is 10,000 to 12,000 rupees.
"So, 10 to 12 thousand rupees will be your health insurance for a 3 to 5 lakh cover."
Health Insurance
Correct
A profit of 10 lakh rupees from selling the house is estimated to incur a capital gains tax of approximately 80,000 to 1 lakh rupees.
"you will have to pay tax of around 10 lakh rupees on that. Meaning, if you assume that you earn a profit of 10 lakh rupees from the loan, then you will have to pay tax of 80 lakh rupees or one lakh rupees on that."
Capital Gains Tax
Correct
Selling the house is expected to relieve the EMI burden and provide a lump sum of 8-10 lakh rupees.
"then two things will happen to you. One, intentionally, this EMI burden will be removed from your head. Yes, number two, you will get eight or ten lakh rupees in lump sum on that because it has been four years."
Sale Proceeds
Pending
Continued income growth will enable affording a house, ensuring a good standard of living, and achieving a sense of security.
"you too as you keep growing your income get to the point where you will be able to afford a house or provide a good standard of living for your daughter and yourself and you will also feel secure"
Future Financial Planning
Pending
After selling the house for 26-28 lakh rupees and paying capital gains tax, an estimated 7-9 lakh rupees will be available.
"So, I would say that if I am able to get 26 to 28 lakh rupees, then that will be a good amount. After that, you will pay capital gains tax and capital gains tax will be around 10 lakh rupees net. So, the lump sum amount you will have will be around 7 to 9 lakh rupees."
Investment Strategy
Incorrect