I have taken Rs 10 lakh as a home loan. My monthly EMI is Rs 13,543. Apart from Rs 1 lakh deduction for savings, what are the tax benefits that I can get on the home loan.
You can avail a deduction of the principal amount under Section 80C up to a maximum limit of Rs 1 lakh. Apart from this, under section 24 for the interest on loan to the extent of Rs 1.5 lakh, if the property is self-occupied. If the property is let out, you can claim whole of the interest payable against the rental income. The deduction under Section 80C can be claimed up to Rs 1 lakh in aggregate with other investments like life insurance premium, contribution to Provident Fund, etc.
My car met with an accident due to which front bumper and front mirror need to be changed. The insurance firm refused to provide any compensation as plastic parts and mirror are not covered. Is this true?
Please file a claims officially. To the best of our knowledge, the insurance company should pay you for the claim. If the company refuses, you should lodge a complaint on the official website of the company. In case, you are not satisfied with the response, you can approach IRDA at www.igms.irda.gov.in [1] or the insurance ombudsman at www.irda.gov [2] .in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo234&mid=7.2
I want to take around Rs 10 lakh on health insurance family floater for my wife, my parents and me. No health insurance firm is willing to provide cover which is higher than Rs 3 lakh. My only option is to take multiple policies. Please guide me.
We suggest you take separate individual policies for your parents as possibilities of claims increase with age. We would suggest you to go for individual policies even for yourself and your spouse. This will ensure continuity of policy for your spouse if something should happen to you, and you are not affected by each other’s claims. You can take a sum assured of Rs 3 lakh from on individual policies and then go for a top up policy, with a sum assured of Rs 5 lakh to Rs 7 lakh with a deductible of Rs 3 lakh. This will provide you with high overall family cover with individual flexibility and costs will be comparable to what you will pay on a family floater of Rs 10 lakh. Family floater or individual policies of higher amounts are available from Apollo Munich and Max Bupa. Apollo Munich also offers top up plans.
Harsh Roongta is the CEO of pnapaisa.com. You can send in your queries to movingmoney
@deccanmail.com
Links:
[1] http://www.igms.irda.gov.in
[2] http://www.irda.gov