Asked on - Jul 29, 2022Listen
I have a medical insurance and a top up insurance since 2020 for my family of 4 (me, my wife and 2 children). I have renewed it on time so far. The current renewal is due soon.
Meanwhile, I had to travel to the USA to meet my family, where my wife is employed on non-immigration visa for short term, with employer insurance for her and the family.
During my stay in the USA, I unfortunately had a massive heart attack. The insurance took care of the expenses as per the policy.
My question is, when I come back to India, will the insurer cover me for this heart attack (does it become pre-existing now?), related treatment expenses?
What are the IRDAI guidelines for such cases? What are my responsibilities? Will premiums increase? Will waiting period increase? Hope you can help.
I suggest you to kindly declare the said ailment to the insurer. The premium will not increase considering this factor as the said ailment occurred after the policy issuance.
Asked on - Dec 10, 2021Listen
It's wonderful that you all are providing not only news but beneficial interface to the Rediff audience with experts from different facets of life.
I have some queries for Mr Anil.
1. I understand that any remittance, including tuition fees payments, to foreign countries from India should be within Rs 7 lakh and once it crosses this limit, then the excess amount will be taxed at 5 per cent as TCS. Am I right?
2. Also, I understand if the same tuition fee is paid from a student loan taken, then it will be taxed at 0.5 per cent as TCS. Am I right?
3. Finally, can each earning and income tax paying parent pay half of the international university fees for their child from their individual accounts, so that both stay within Rs 7 lakhs limit of foreign remittance allowed tax free?
Hope you can guide us and help. This will be really useful for us to plan.
Thank you in advance for your help.
1. Yes, you are right.
In case Aadhar or PAN is missing, the TCS would be 10 per cent.
I would like to add that it is only Tax Collected At Source and it is not tax in itself.
You can set off this TCS for your tax liability from your other sources of income.
2. Yes, this is right. It can go up to 5 per cent, if PAN is not provided.
3. Yes, TCS is applicable at a PAN level. So, you can transfer up to Rs 7 lakhs each without TCS being applicable.