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How to use the money Rs 12500 the budget gifted us

Are you tax payer? Then this article is for you. In this article I have talked about how to use the money that we will be getting as benefit of reduction of 5% drop in income tax slab that the earlier tax slabs of 10% for income between 2.5 Lakh to 5 Lakh. I have shared my thoughts on how to utlise this extra money and take the benefit out of it.

This year budget has given a gift of 5% drop in income tax slab that the earlier tax slabs of 10% for income between 2.5 Lakh to 5 Lakh. So what is the benefit of this reduction of 5% is that everyone who pays tax will save Rs 12,500 - every year! Isn't this good news for you? With this in mind that for next year at least I will save Rs 12,500 from my income tax deduction, how would I utilize this money?

I have come across below few points on how to use this money. For every individual this may differ however they can make their own choice and try to use this extra funds in the well matured way.

1. Get some gifts to your Parents

I am sure many people are showing HRA as giving rent to their parents but hardly some of them are actually paying/giving money to their parents. So why not use this extra money to give something to your parents? Now what we can offer is could be anything that they will not buy on their own such that buying a plane ticket to go for some holidays or you can buy a new Smart Phone or a watch for your father or mother or even you can buy a good Saree for your mother that you always felt she deserved.

2. Buy something special for your family.

Your family, your wife and your children's for whom you always want to buy something special but you can't afford so you can add this extra money and get something special for them. You can buy some gold ornaments for your wife or you can go for a special holiday with your wife and children.

3. Use the money to upgrade your knowledge.

In this fast changing world, it's necessary that you should be competent enough to take up any new challenging task to grow in your career. So you can use this money and invest in yourself by doing some online classes or offline classes in learning something new that your career is demanding so that you can grow in your career and excel.

4. Invest in Mutual Funds.

If you have not started yet investing in mutual funds then this is the good start that you should start a new Systematic Investment Plan (SIP) in one of the good mutual fund scheme to get the flavor of investing in share market. You can utilize this money in either open ended mutual funds or in Equity Linked Savings Schemes (ELSS) wherein you can use the same to declare in 80C investment declaration also and claim tax benefit for ELSS.

5. Join a gym and get healthier during your old age.

Health is Wealth, we all know this, and you can start going gym by taking new membership and start upgrading your fitness level so that in future it will help you in your fitness. After all we are struggling for happy retiring life; if you are fit in your retirement life then you will be happy enjoying your life. So get started towards getting that fitness level you have always dream of.

After reading this article and if you have some more ideas then please share them in the comments section and that's all from my side here, use this gift to grow, have fun, or try something new.

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