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Roopam

Roopam Asthana  | Answer  |Ask -

Answered on Aug 03, 2021

Dakshay Question by Dakshay on Aug 03, 2021Hindi
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Let's say I have medical insurance here in India. And let's say I went for a business trip to America and I got sick there. We all know how expensive medical charges are in America. Can I claim the amount of treatment (done in America) with my Indian insurance company?

Ans: It is important to read the Terms and Conditions of the policy carefully and confirm the requirements from your insurance company. Only few insurance plans from some insurance companies offer world-wide coverage which will ensure one can claim the amount of treatment done in another country.

Also note that some insurance companies provide coverage for treatment outside India only in case of an emergency when you are visiting the country for tourism or short business trips and not for planned treatments.

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  |7101 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 20, 2024

Asked by Anonymous - May 07, 2024Hindi
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Hi, I have a query regarding health insurance. I have 2 policies from different providers. 1 policy has copay clause. Can I claim the copay amount from the other provider?
Ans: Claiming Copay from Another Health Insurance Policy
That's a good question! Unfortunately, you cannot claim the copay amount you pay under one health insurance policy from another provider. Here's why:

Copay is a fixed amount you share with your first insurer for covered medical expenses. It reduces your premium but requires you to pay upfront.
Each insurance policy works independently. They only cover your expenses as per their terms and conditions.
Here's how things work:

You file a claim with the insurer that has the copay clause.
They approve the claim amount after deducting the copay amount.
You pay the copay directly to the hospital or yourself (depending on the policy).
Alternatives to Consider:

Choose plans without copay: If copays are causing trouble, consider switching to plans with higher premiums but no copay requirement.
Increase coverage limits: If your current plans have low coverage limits, explore options with higher limits to minimize out-of-pocket expenses.
Speak to a CFP Professional:

A Certified Financial Planner can review your health insurance plans and suggest options that better suit your needs. They can also help you understand coverage details and claim procedures.

Remember: It's important to choose health insurance plans that complement each other and provide comprehensive coverage.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

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T S Khurana

T S Khurana   |197 Answers  |Ask -

Tax Expert - Answered on Nov 23, 2024

Asked by Anonymous - May 11, 2024Hindi
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Can you please suggest on capital gains as per Indian taxation laws arising in the below two queries : 1) property purchased with joint ownership, me and my wife’s name in 2015 at a cost of 64,80,000, housing improvements done for the cost of 1000000 and brokerages of 200000 paid and sold the same property at 10000000 in Dec 2023? 2) 87% of the proceeds got from the deal i.e 8700000, have been reinvested to pay 25% amount in purchasing another joint ownership property in Dec 2023, 3) I have invested in another under construction property in Nov 2023 by taking housing loan, which is on me and my wife’s name worth 1.4 cr, here the primary applicant is me only while wife is just made a Co applicant in the builder buyer agreement and also on the housing loan . So what are the LTCG tax liabilities arising from the above 3 scenarios for FY 2023-2024 and FY 2024-2025. I intend to sale off the property acquired in (2) by Dec 2024 and use that proceeds to close the housing loan for the property acquired in (3), will this sale of property be inviting any tax liabilities if the complete proceeds received from the sale of the property in (2) would be utilised to close the housing loan taken in Nov 2023 for the property in (3) ? Since in FY 23-24, I would be claiming the LTCG from the sale proceeds of 1) invested in the purchase of property in 2), and I intend to sale off this property in Dec 2024, will the LTCG claim be forfeited on the property sale in (1), should I hold this property at least for further 1 year so that sale of this property in 2) will not invite STCG?
Ans: (A). Let's first talk about F/Y 2023-24 :
You jointly sold a Property during the year for Rs.76.80 lakhs (64.80+10.00+2.00), & sold the same for Rs.100.00 lakhs.
You have jointly also purchased Property No.3 (I suppose it is Residential only), for Rs.140.00 lakhs.
You should avail exemption u/s-54 & file your ITR accordingly. Please disclose all details about sale & purchase in your ITR.
02. Now coming to the F/Y 2024-25 :
You intend to Sell Property No.2, which was acquired in 2023-24. Any Gain on Sale of it would be Short Term capital Gains & taxed accordingly.
Alternatively, you may hold this sale of property no.2 (for 2 years from its purchase) & avoid STCG
You are free to utilize the sale proceeds in a way you like, including paying off your housing Loan.
Please note to avail exemption u/s 54 only from investment in property no.3 & not 2.
Most welcome for any further clarifications. Thanks.

...Read more

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