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Mahesh Padmanabhan | Answer |Ask -Follow

Tax Expert - Answered on May 03, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more

Question by Mohtashim on Apr 22, 2023Hindi

Money

Gross Salary is Rs 1500000. Investments are 80C - 150000, NPS -50K, House rent is 390000. Which regime should be best for me? New or Old?

Ans: Hi Mohtashim
Would suggest that use the following link calculator to check the better option. You would need to keep the HRA exemption readily available to work out the benefit

https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Hi, my annual income of 9 lakhs which regime is better to opt. I am also paying housing loan of 1.8 lacs per year. Please let me know

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Asked by Anonymous - Apr 10, 2023Hindi

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Salary is Rs 28,50,000. Investments would be : Contribution to 80C - Rs 1.5L, NPS-50K, HR Paid - 5.7L per year, 80D Medical : Insurance Premium for self and spouse : Rs 19108 and for parents : Rs 50K. Which regime should be better to select : Old or New?

Ans: In the absence of salary structure, it is not possible to claim HRA exemption. You can calculate the same at https://incometaxindia.gov.in/Pages/tools/house-rent-allowance-calculator.aspx

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Gross Salary is Rs 23,00,000. Investments are 80C - 150000, NPS -50K, Health Insurance for Self and Spouse Rs 35K. Employee PF deducted every month from payslip is Rs9960. Which regime should be best for me? New or Old?

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I HAVE CARE HEALTH INSURANCE BASE POLICY 1000000 FOR 2 A+ 1 K , AGED 60 YEARS, 45 YEAR AND 16 YEARS. AND FROM THE LAST 15 YEARS NO CLAIM. 2023 I PORTED MY MEDICLAIM POLICY FROM NATIONAL INSURANCE TO CARE HEALTH INSURANCE WITH 1000000 L BASE AND 50% NCB. I GOT A RENEWAL ON DEC/24 AND NCB 50% WAS ADDED WITH MY BASE INSURANCE. NOW I WANTED TO TAKE A SUPER TOP-UP OF NIVA BUPA HEALTH RECHARGE OF 90 LAKH . IS IT GOOD FOR MY FAMILY ? PL ADVISE ME .

Ans: Hello;

It is certainly a good proposition.

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I HAVE CARE HEALTH INSURANCE BASE POLICY 1000000 FOR 2 ADULTS 1 KID , AGED 60 YEARS, 45 YEARS AND 16 YEARS. AND FROM THE LAST 15 YEARS NO CLAIM. 2023 I PORTED MY MEDICLAIM POLICY FROM NATIONAL INSURANCE TO CARE HEALTH INSURANCE WITH 1000000 L BASE AND 50% NCB. I GOT A RENEWAL ON DEC/24 AND NCB 50% WAS ADDED WITH MY BASE INSURANCE. NOW I WANTED TO TAKE A SUPER TOP-UP OF NIVA BUPA HEALTH RECHARGE OF 90 LAKH. IS IT GOOD FOR MY FAMILY? PL ADVISE ME.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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