Ensure Smooth Passing Over of Your Immovable Properties
Keep A Joint Holder Or Make A Nomination
And Direct A Clear Bequest Under Your Will!
Model Draft of a Simple Will
MODEL DRAFT OF SIMPLE WILL
LAST WILL AND TESTAMENT OF ________________________
I, _____________________, aged about ___ years, resident of __________ _______________________________________________________________ do hereby declare that this is my Last Will and Testament.
Tax Planning via Will
Your Will Can Be Strategically Designed To
Reap Valuable Tax Savings For Your Family
How Important is Your Will?
Remember That Executing Your Will Is Very Simple
But Its Absence Can Create A Host Of Difficulties!
Inherit Today, Sell Tomorrow, Still Keep Away Tax Sorrow!
ITAT Special Bench Grants Unique Tax Shelter
For Capital Gains On Gifted & Inherited Assets!
If your grandfather had acquired a plot of land for Rs.10 lakhs in late 1981, which you receive by way of inheritance on his death now in 2009 and you are planning to sell the same in early 2010 for a consideration of Rs.63 lakhs, what would be the income-tax you would be required to pay on your capital gains? Difficult to believe, but ‘zero tax’ is the correct answer.
Tax Stimulus for Medical Insurance
An Individual Is Allowed Additional Deduction
If He Pays Premium For His Parents
Medical Insurance has becoming increasingly popular in India with the increasing cost of medical treatment and hospitalization expenses. The benefit of having a medical insurance is that by making a small payment of insurance premium, the proposer can cover the cost of medical treatment and hospitalization of himself and his family members in case of need.
Section 80D of the Income-tax Act provides for deduction out of the Gross Total Income of the taxpayer in respect of such medical insurance premium paid. The popular medical insurance policy offered by the General Insurance Corporation of India is the ‘Mediclaim Policy.’ Several private insurance companies recognized by the Insurance Regulatory & Development Authority (IRDA) also offer a variety of medical insurance products, the premium payment of which is eligible for deduction under Section 80D.
