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Sanjeev Govila |192 Answers |Ask -Follow

Financial Planner - Answered on Jul 27, 2023

Question by Madhusudan on Jul 21, 2023

Money

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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Question by A - Jun 03, 2021

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I am an employee of PSU. I have purchased a JEEVAN SHANTI annuity single premium policy from LIFE INSURANCE CORPORATION OF INDIA ON 01/03/2021. Against the premium paid I have applied for tax exemption against LTC cash lump sum policy as announced by GOVERMENT OF INDIA for purchase of any item including insurance policy from the period of OCTOBER till 31/03/2021. As per what I have read a single premium policy along with GST amount is eligible for tax exemption against LTC cash lump sump benefit. Can you throw some light regarding whether a single premium policy is applicable for getting Tax exemption benefit against LTC cash lump sum policy?

Ans: Premium on insurance policies attracts 18 per cent GST. Premium paid on new life insurance policies (issued between October 12, 2020 and March 31, 2021) is allowed as eligible services under the LTC Scheme.

Please note that GST is not charged on the entire premium (GST is charged on 10%of premium for single-premium policies, amounting to 1.8% GST on the entire premium). In this case even though premium attracts 18% GST, the effective claim of GST is only 1.8%.

It was clarified that policies purchased between 12.10.2020 to 31.03.2021 are eligible under the LTC Scheme. So as per this clarification, you can claim this insurance policy for deduction under LTC.

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Kindly let me know if a senior citizen can claim deduction of Rs 50,000/U/S 80L towards domiciliary medical treatment expenses while filing his ITR for AY 2021- 2022. Shall be grateful for an early reply on the above matter.

Ans: You can claim deduction under Section 80D and not 80L.

Yes, senior citizens aged 60 years or more can claim exemption under Section 80D for medical expenses, if you do not have health insurance coverage.

You can claim maximum deduction of Rs 50,000 in a financial year for the expenses incurred as per the limit of Section 80D.

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Hai, I am retired from State Govt. PSU during Oct.22. I have taken a medical insurance for me & my wife at a premium of Rs.38000/- during Feb. 2023. Can I claim deduction in the forthcoming ITR during this year and what is the amount?

Ans: yes you can claim the entire amount if you are above the age of 60yrs.

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I am a senior citizen. Can I claim tax exemption from both premium for medical insurance (Rs 50000) and medical (treatment) expenses for self (Rs 50000) cumulatively ?

Ans: Yes, as a senior citizen, you can claim tax exemption from both the premium paid for medical insurance under section 80D (up to Rs 50,000) and medical expenses incurred for self under section 80DDB (up to Rs 50,000) cumulatively. However, you need to ensure that you have valid bills and receipts for the medical expenses incurred, and the treatment for which you are claiming the deduction falls within the specified diseases/ailments mentioned in section 80DDB.

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Hi Abhishek. I have purchase 100 shares @ 211.47 few years back. After that i went New Delhi for official purpose, when i am back i can see the value is Rs. 0.00. Is there any scope coming once again in the market

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Hi Sunil, I am planning to buy a under construction Apartment and to fund it, I intend to partly withdraw my Provided Fund(PF). I also have funds available from the sale of my parental flat that was sold around 4-5 months ago (when the parental flat was sold it was on my mother's name). I want to buy the NEW apartment jointly in my Mom's and my name, so that amount received from sale of parental flat is reinvested and capital gains can be avoided on Mom's behalf. However the challenge, I have is, according to the norms of PF, I cannot have joint name other than spouse, if I am using funds from Provided Fund(PF). Please can you suggest me, how I can withdraw from Provided Fund(PF) and also use proceedings from parental flat sale.

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I retired from Railway in June 2022 and received below amount on retirement. PF-23 Lakh, Gratuity - 12 lakh, Commutation - 13 lakh and Leave encashment - 9 lakh. I also received pension from July 2022 to March 2023 - 259,000 INR. There was no TDS on salary of 3 months. Do I need to show all of the amounts in Income tax return? If yes what is exempt income and how to show all above?

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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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