Wealth Planning
Wealth planning looks at income, savings, investments, liabilities and family circumstances together, with attention to tax and succession. Chirde and Associates, Chartered Accountants, assists individuals and families in organising these matters from a planning and structuring perspective. The firm does not sell or distribute financial products.
Important: The firm does not sell financial products and does not give stock tips. Advice that requires registration with SEBI, for example investment advice on securities, is outside the scope of our work. Where such advice is needed, we coordinate with registered advisers of your choice.
Planning from a tax and succession view
- Goal-based tax and cash-flow reviewSetting out goals such as education, a home, a business or retirement against income and savings, and explaining the tax and cash-flow aspects. We do not recommend specific securities or investment products.
- Tax-efficient investment structuringExplaining the tax treatment of different asset classes and holding structures, so that you can decide with the tax consequences in view.
- Retirement planningEstimating retirement cash-flow needs and explaining the tax treatment of retirement benefits such as PF, gratuity, pension and annuities.
- Estate planningPlanning how assets are held and passed on, including nominations and the preparation of asset and liability records.
- Wills and successionCoordinating with advocates on wills and succession documents, and explaining the financial and tax effects.
- HUF planningAdvising on the formation, income and taxation of Hindu Undivided Families, and on partition and related filings.
- NRI wealth mattersTax treatment of Indian investments, repatriation procedure under FEMA, and compliance for non-resident Indians.
- Family record organisationPreparing a consolidated statement of assets, liabilities and documents so that the family knows what exists and where.
From the full picture to periodic review
Gather the full picture
We collect details of income, assets, liabilities, insurance and family circumstances.
Define the objectives
We discuss your goals, time frames and concerns, and note what is outside the scope of our work.
Review the structure and tax position
We assess how the current structure is taxed and what alternatives the law allows.
Present and revisit
We present our findings in a written note, support implementation of the decisions you take, and review the plan periodically as circumstances or laws change.
Individuals and families we assist
- Salaried and self-employed individuals planning for medium and long-term goals
- Families with HUF or inherited assets
- Business owners separating business and personal finances
- Senior citizens organising income and succession
- Non-resident Indians with assets, income or property in India
- Persons who wish to understand the tax effects of an investment decision they are considering
Frequently asked questions
Does the firm sell mutual funds, insurance or other financial products?
No. We do not sell, distribute or receive commission on any financial product. Our role is limited to planning, structuring and tax advice.
Do you give stock tips or advice on which securities to buy or sell?
No. Investment advice on securities requires registration with SEBI, and it is not part of our services. We can explain the tax treatment of an investment you are considering, and coordinate with a SEBI-registered adviser where you want such advice.
Is it mandatory to register a will?
In India, registration of a will is optional. A will should be properly drafted and executed in line with the Indian Succession Act, 1925 and other applicable law. We coordinate with your advocate on legal drafting.
What is an HUF and how is it taxed?
A Hindu Undivided Family is treated as a separate person for income tax purposes. It has its own PAN and files its own return. Eligibility and the tax treatment of its income and transfers are governed by law that may change, so please verify against current law.
What should an NRI consider for investments and property in India?
Matters to consider include residential status for tax, tax deducted at source on income and sale proceeds, the rules on repatriation under FEMA, and the use of NRE, NRO and other accounts. Rules are amended periodically, so please verify against current law.
Discuss a planning requirement
To discuss a wealth planning requirement, write to us at enquiries@chirdeassociates.in or visit our Nagpur or Yavatmal office.