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The evolved investor has a more sophisticated option. He can invest in a mutual fund and then withdraw systematically from the corpus. This is the most tax-efficient strategy for a pensioner. The redeemed amount will have a combination of the principal and capital gains. While there is no tax on the principal, the capital gains will be taxed at 10% flat or 20% after indexation. We did some number crunching and found that if the investor had put `10 lakh in a debt fund in 2003-4 and started withdrawals after a year, his effective tax on the income would be a fraction of what he would have to pay on income from fixed deposits. If the fund grew by 9% annually and the investor withdrew `90,000 every year, his tax would be less than `1,000 in the first year, even if he falls in the highest tax bracket. In fixed deposits, the tax would be `9,000 in the 10% tax bracket, `18,000 in the 20% bracket and `27,000 in the highest 30% tax slab.

Unlike an annuity plan, the SWP offers a great deal of flexibility to the investor. You can reduce the amount or even stop the withdrawals if you don't need the money at the time. On the other hand, you can increase the SWP amount so that the cash-flow keeps up with inflation. What's more, there is no TDS or the hassles associated with it.

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