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Sanjeev

Sanjeev Govila  | Answer  |Ask -

Financial Planner - Answered on Jul 27, 2023

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more
Madhusudan Question by Madhusudan on Jul 21, 2023Hindi
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I am a senior citizen and have taken a travel insurance for going abroad from ICICI Lombard to cover health . Can I get tax exemption on this.

Ans: There is no tax exemption available on a travel insurance policy even if it includes coverage for health issues during the travel period.
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  |9777 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 02, 2024

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Thanks for your reply. I am unaware of the grandfathering clause to gain tax exemption in this regard. Kindly provide details on the same. The details will help me take up the matter with my financial advisor. Thank you again.
Ans: Grandfathering clauses are typically used for policy changes, where existing situations are exempt from the new rules.

However, there have been instances of grandfathering clauses related to capital gains tax in India. For example, the introduction of Long-Term Capital Gains (LTCG) tax on stock market investments in the 2018 budget included a grandfathering clause. This clause protected investors who had purchased shares before a specific date (January 31, 2018) from the new LTCG tax on any gains made on those shares.

It's possible there might be grandfathering clauses related to other tax exemptions, but they would be specific situations or older tax regimes.

Here's what you can do to discuss tax exemptions with your financial advisor:

Explain your situation: Briefly tell your advisor you're interested in exploring tax exemptions that might apply to your specific financial situation.
Bring relevant documents: If you have any investment documents or details related to potential tax exemptions, take them along for discussion.
Ask about current tax benefits: Inquire about any current tax benefits you might be eligible for based on your income, investments, or life stage.
Discuss tax planning strategies: Explore different strategies your advisor might recommend to minimize your tax burden and maximize your after-tax income.
By consulting your financial advisor, you can gain personalized guidance on tax exemptions and optimize your financial plan.

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