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Anil

Anil Rego  |377 Answers  |Ask -

Financial Planner - Answered on Jul 26, 2022

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more
Kachhal Question by Kachhal on Jul 26, 2022Hindi
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I retired from CG services on 31.03.2021. I paid Rs. 78,000 as advance payment to CGHS for making lifetime CGHS card for pensioner. Please indicate the section under which this rebate is applicable and which FY is appropriate for this rebate for ITR filing purpose?

Ans: The amount of contribution you make to the CGHS (Central Government Health Scheme) qualifies for deduction u/s 80-D from the taxable income subject to a maximum of Rs 25,000 per financial year (Rs 50,000 for senior citizens).

Even if you make lumpsum investment which is higher than the maximum deduction limit you can only claim up to the maximum limit depending on your age.

Also you need to claim this for the financial year for which you have made the payment towards CGHS.

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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Ramalingam

Ramalingam Kalirajan  |7047 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 09, 2024

Asked by Anonymous - Apr 07, 2024Hindi
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Sir I have paid a lump sum advance of Rs 75000 for CGHS LIFETIME CARD, I am a pensioner, can I take income tax deduction for this, if yes, in which financial year the deduction has to be taken? Can I claim deduction of the entire amount for the same financial year?
Ans: As a pensioner, you may be eligible to claim a deduction for the lump sum advance paid towards the Central Government Health Scheme (CGHS) Lifetime Card under Section 80D of the Income Tax Act. Here's what you need to know:
1. Deduction Eligibility: You can claim a deduction for the premium paid towards health insurance, including the CGHS Lifetime Card, for yourself and your family members. The maximum deduction allowed under Section 80D is up to Rs. 25,000 per annum for individuals below 60 years of age and up to Rs. 50,000 for senior citizens (aged 60 years and above).
2. Financial Year: The deduction can be claimed in the financial year in which the payment for the CGHS Lifetime Card was made. If you paid the lump sum advance of Rs. 75,000 in the current financial year, you can claim the deduction in the same financial year when filing your income tax return.
3. Claiming Deduction: You can claim the entire amount of Rs. 75,000 as a deduction under Section 80D, subject to the maximum limit applicable based on your age. If you have other health insurance premiums or medical expenditures eligible for deduction under Section 80D, ensure that the total deduction claimed does not exceed the maximum limit allowed.
It's important to retain the receipt or any documentation related to the payment made for the CGHS Lifetime Card as proof while filing your tax return.
Consult with a tax advisor or Certified Financial Planner to ensure compliance with tax regulations and maximize your deductions based on your specific financial situation.

Best Regards, K. Ramalingam, MBA, CFP, Chief Financial Planner, www.holisticinvestment.in

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Nayagam P

Nayagam P P  |3911 Answers  |Ask -

Career Counsellor - Answered on Nov 18, 2024

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my son is 8 year old studying in Class 3 . The classes occus is in morning shift from 6.30 am to 1.30 PM . after comming from the scholl he tired and not able to study in night . plz suggest the Correct time table for the second shift school child so that we can manage his tiredness and keep improving him in balanced way.
Ans: Priya Madam,

You have not provided information regarding the number of hours your son sleeps.

(1) Given that your son is only 8 years old, it is important to ensure he gets a minimum of 8 hours of sleep at night and 2 hours in the afternoon. Sleeping hours can be reduced once he enters the 6th Standard.

(2) Ensure he receives a balanced diet and nutritious food to sustain his energy levels. (3) Encourage him to maintain regular water intake to prevent dehydration. (4) Facilitate opportunities for him to take regular breaks and engage in play. (5) A 3rd standard student can't study for extended periods. He should study for 25 to 30 minutes, followed by a 10 to 15-minute break after each 25-minute study session.

(6) I am providing this information for general awareness. Parents should refrain from physically assaulting their children to achieve compliance, as this can undermine their self-confidence. (7) They should engage in more polite and loving communication with the children. (8) Children frequently observe their parents and tend to emulate their actions. Ensure that the environment at home is tranquil. (9) Addiction to electronic gadgets may also result in fatigue. (10) Regarding the Study Planner, it has been previously stated that regardless of whether he studies in the morning or evening, he should engage in study sessions of 25 minutes followed by a 10-minute break after each session. He will not experience fatigue, and the output will be increased. Hope, this answer will help you, Madam.

All the BEST for Your Prosperous Son's Future.

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