The Best Financial WIN-WIN
FinCocktail
A guide for youngsters to mix the perfect finance cocktail that tends to all their personal finance needs!
Hey you!
I hope you had a great week, I’m sorry for popping in a day late this week. Belated Krishna Janmashtami wishes to everyone who celebrated :) Festivals are never complete without celebration and there’s no celebration without sharing it with at least one person. So, let’s talk about sharing this week, okay?
What I was up to:? Apart from starting a Marathi Fincocktail page (@financemanjhe), slaying at work and existing in this harsh world, I was also looking up charities and NGOs to donate to, this week! So, if you have any suggestions for charities that do great work with women, children or the environment, please slide into the DMs of @financemanjhe and I’d love to contribute to them. Now tell me…
Have you ever donated to charity (in cash/kind)?
While Phoebe Buffay might be right when saying “there’s no selfless good deed,” I think anything that helps another person is fantastic, even if it is for a selfish reason! It’s true though because financially speaking, you can reap tax benefits form philanthropic contributions (there’s more about this in the end). Something about donating a portion of my earnings always makes me feel better while helping a cause and I’m all for it!
Market ka haal: Our domestic stock markets put an end to their five-week losing streak, mirroring the positive performance of US, European, and Asian counterparts. Interestingly, both the mid-cap and small-cap segments also wrapped up the week on a positive note.
In the initial part of the week, our domestic markets faced some pressure, akin to a student before a big exam. Investors exercised caution while eagerly awaiting key macroeconomic data from the US and India. Haters gonna hate but Taylor is single-handedly saving the American economy. Meanwhile, concerns about China's economy added to the market's cautious mood.
However, as the week progressed, domestic equities found their footing, thanks to encouraging domestic macroeconomic data and positive global signals. It's like they caught a second wind, closing the week on a high note.
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领英推荐
Humara Gyaan:?Indian tax laws provide attractive benefits for charitable contributions, and these provisions encourage philanthropy while enhancing your financial well-being. Selfless good deeds in the form of donating to charity offer the best financial win-wins and here are the top 3 benefits (there are way more) you need to know about:
1. Deductions Under Section 80G: Donating to eligible charities and funds grants you deductions under Section 80G of the Income Tax Act. The deduction amount varies (50% to 100%), depending on the charity you choose. Verify the specific deductions applicable to your chosen charity to maximize your contribution's impact on both the cause and your finances.
2. Exemption on Capital Gains: Donating assets like stocks or real estate to registered charities exempts you from paying capital gains tax under Section 10(23C) and Section 11 of the Income Tax Act. This way, you amplify your contribution's impact and potentially save on capital gains tax.
3. Tax Exemption on Corpus Donations: Contributing to a charity's corpus fund enjoys full tax exemption under Section 11(1)(d) of the Income Tax Act. Your entire corpus donation remains untouched by taxes, reinforcing a charity's financial stability while optimizing your generosity's impact.
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Charitable actions can not only create positive changes in the world but also present opportunities for enhancing our financial well-being. I mean, what's not to love, right? So, let's continue to give wisely and generously, ensuring that our charity extends not only kindness but also financial wisdom.
I'll write to you in a jiffy!
Sayali :)