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FileMyReturns.com
brings you an exclusive section for women. We would like to
ease any problems they may face while planning their tax,
filing of returns or the information they require in order
to make prudent investments on tax shields.
We value her time and effort in balancing her career and home
and hence have evolved the 'doorstep service' to facilitate
filing of returns and general advice on tax.
Are
you a housewife who wants to work?
Refer
our section on My Office at Home
Our site provides an open platform for
expression of the financial apprehensions or any difficulty
in interpreting the tax laws faced by today's women.
We urge you to send in valuable suggestions on more areas that
may incorporated on this site.
E-mail your valuable inputs at
info@filemyreturns.com
FilingOf
Returns:
Filing of returns has assumed importance
not only for a working woman but also for housewives and people
having below taxable limit due to the introduction of ONE-BY-SIX
Scheme.
This has put an additional responsibility to understand the
various provisions in the Income Tax pertaining to women and
Life Insurance Schemes and future Planning for Children.
LIFE
INSURANCE SCHEMES:
Life Insurance Corporation has various
schemes, designed for women other than general schemes applicable
to all.
Rebate on Tax is available on LIC premia paid by an individual,
on her life or on the life of her spouse or, on the life of
her child (including adult children and a married daughter) is deductible from gross total income U/S 80C. Other Popular Tax Savings Schemes
are also available for this Rebate which has been explained
in detail in Plan My Tax.
Following are highlights of certain
Schemes available for Married Women and for a Couple.
JEEVAN
MITRA (DOUBLE)
In
this plan, an amount equal to the sum assured is paid to the
survivor if he completes the said term and double the amount
is payable to the survivor in the event of his death within
the completion of his term. The payment of premium ends when
the insured person dies or when the term is completed i.e.
whichever is prior. This policy has the benefit of accident
policy but is not given to those who work in hazardous occupations.
Bonus is calculated on the insurance amount and paid on the
event of death or expiry of the term i.e. whichever is earlier.
Conditions :
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Amount
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The minimum amount insured is Rs 10000/- |
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Age
Limit
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The
individuals age should be between 18 to 50 years and the
premium need not be paid if the individual insured is
above 70 years. |
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Term
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The
term of the policy is only for 15 to 30 years. |
JEEVAN
MITRA (TRIPLE)
In
this plan, an amount equal to the sum assured is paid to the
survivor if he completes the said term and triple the amount
is payable to the survivor in the event of his death within
the completion of his term.
The payment of premium ends when the insured person dies or
when the term is completed i.e. whichever is prior. This policy
has the benefit of accident policy but is not given to those
who work in hazardous occupations. Bonus is calculated on
the insurance amount and paid on the event of death or expiry
of the term i.e. whichever is earlier.
Conditions
:
|
Amount
|
The
minimum amount insured is Rs 10000/- |
|
Age
Limit
|
The
individuals age should be between 18 to 50 years and the
premium need not be paid if the individual insured is
above 70 years |
|
Term
|
The
term of the policy is only for 15 to 30 years. Others
: Eligibility as per categories prescribed by LIC for
male and females ( Only standard male lives are eligible
and sub standard category 1 and female lives category
1 and 2.) |
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Others
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Eligibility
as per categories prescribed by LIC for male and females
|
JEEVAN
SAATHI
This
policy is apt for married, employed individuals. This policy
thus covers two lives. The payment on premium, based on the
mean age is discontinued in the event of first death or the
maturity date in case both the spouses survive until the date
of maturity. The amount assured alongwith the bonus is paid
on maturity if both the spouses survive till the date of maturity.In
case the second person expires within the term of the policy
the nominee gets another sum with the bonus. In a case where
the second life lives until the date of maturity an equal
amount with bonus is paid to him. Bonus is calculated on the
sum assured and stays vested even after it is not paid in
the event of premium on 1st death. This scheme also covers
the accident policy, premiums on this are paid on both lives
and after the 1st death, accident benefit is allowed on the
second life also either by the same accident or by another
accident within the same year.
Conditions
:
|
Amount
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The
minimum amount insured is Rs 10000/- |
|
Age
Limit
|
The
individuals age should be between 20 to 50 years and the
premium need not be paid if the individual insured is
above 70 years.The age of the older person cannot be greater
than 60 years where the sum insured is more than one lakh.
|
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Others
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In
case the lady insured through this scheme has undergone
two Caesarean operations she is not eligible for this
policy. |
PROPERTY
MATTERS
As
a woman,what are my legal rights to property?
Yes, For example, in Maharashtra, the women have legal rights
to property of their father or ancestral property.
Is any property
you receive on your Father's or Husband's death taxable?
No, these are not taxable.
Is the amount received
due to alimony taxable?
If it is a one time receipt and given as a Gift, it is exempt.
If it is a monthly allowance it is taxable. Any income that
is earned from the settlement is taxable.
Can a woman be theKarta
of a Hindu Undivided Family (HUF)?
No, a woman cannot be a Karta of a HUF.
What happens whenthere
is a full partition of an HUF?
The share, which the lady receives, is not taxable if the
HUF is partitioned fully. Can a woman be a partner in a partnership
firm? Yes, a woman can be a partner in a partnership firm.
CAPITAL GAINS
Personal Effects, as a general rule,
does not fall under the ambit of Capital Gains Tax. But there
are certain exceptions to the above rule.
Any gains from the sale of Jewellery
(even though it is a personal effect) are taxable.
Are
Gold and Silver coins and bars used for puja of deities treated
as personal effect?
Gold and Silver coins and bars used for puja of deities as
a matter of pride or ornamentation and normally not intended
for personal or household use are not personal effects and
are treated as capital assets
Are
silver utensils, which are held by me and used only on certain
occasions treated as a personal asset?
Silver utensils, which are held by assessee and are, used
only on certain occasions, are not capital assets but are
included under personal effects.
If I sell furniture,
how are capital Gains calculated?
Furniture can be a personal asset.
Can you tell me,if
I have loose diamonds, are they personal assets?
No they are not personal effects.
CLUBBING PROVISIONS
OF INCOME
What
is the clubbing provision for the remuneration of a spouse?
An individual is chargeable to tax in respect of any remuneration
received by the spouse from a concern in which the individual
has a substantial interest (if he or she has more than 20%
of the shares or voting power). This does not apply if the
spouse has professional or academic qualifications required
for the job.
What is included
inremuneration for clubbing purposes?
Salary, Commission, fees or any other remuneration received
by the spouse, directly or indirectly whether in cash or kind.
Any other income, which accrues and is, not included above,
will not be clubbed, even if it accrues to the spouse from
a concern in which he has substantial interest.
How will the income
of spouse be clubbed when both husband and wife have substantial
interest?
When both husband & wife has substantial interest in the concern
and both are in receipt of the remuneration from such concern,
then the remuneration will be included in the remuneration
of husband or wife whose total income is more (excluding such
remuneration).
Is there any exceptionto
the above?
Income, which is earned because of technical or professional
knowledge & experience of the spouse, will not be clubbed
and the salary is commensurate with the qualifications and
the salary is commensurate with the qualifications.
What happens when
a spouse transfers assets and income is earned from it?
When an individual transfers the asset to her spouse,
directly or indirectly without any consideration or in agreement
to live apart, any income arising from such asset will deemed
to be the income of the transfer.
Is
it necessary that the relation of husband & wife should subsist
when an asset is transferred?
Yes, When an asset is transferred, the relation of husband
& wife should subsist.
When is the clubbing provision not attracted?
Clubbing provision is not attracted when :
The assets are transferred before marriage.
The assets are transferred for adequate consideration.
The assets are transferred in connection with an agreement
to live apart.
The income accrues on that date, transferee is not spouse
of the transferor.
The property is transferred by a karat of HUF, gifting co-owned
property to his wife.
The spouse out of pin money or household savings acquires
the property.
What is the provision if the assets are
transferred to son's wife and income accrues from such assets?
What is the provision if the assets are transferred to
son's wife and income accrues from such assets? If the assets
are transferred directly or indirectly without adequate consideration
and income arising from such assets will be included in the
total income of the transfer.
PLAN MY CHILD'S FUTURE
How
will the incomes of my minor child treated for taxation purposes?
Income of minor child will be clubbed with the income of father
or mother whose total income is greater.
Is
there any exemption on the income of a minor child that is
clubbed with the parent?
One can get an exemption up to Rs.1500/- per child.
Insurance Schemes for Children
JEEVAN
KISHORE
The feature of this policy is lsimilar to that of an Endowment
Policy. Minimum term of this policy is 15 years. Premium Waiver
Benefit on the life of proposed is available on payment of
extra payment. The benefit of this is that if the proposed
expires, the future premium up to the age of 18 of the child
is waived. Bonus is available.
JEEVAN SUKANYA
This policy is specially designed for female child. Life
Risk cover is available. At the age of 20 sum assured would
be paid as survival benefit which can be used for marriage.
Her husband's life is also covered under this Policy without
payment of any premium. If anything happens to the life of
her husband, her family will not be put into financial troubles.
At the age of 50, she again gets a lump-sum amount as bonus,
which can be used, for her old age.
CHILDREN'SMONEY-BACK
POLICY
Risk cover is available. Premium has
to be paid up to the age 18 of the child. At 18 and 20 years
age of the child, 20% of the sum assured is given. At 22 and
24 years of age, she receives 30% of sum assured. At 26 years
of age, she receives bonus up to that period. Regular returns
is used to fulfil needs like education. Bonus can be used
for start up in life. TERM RIDER FOR FAMILY BENEFIT. This
benefit is known as family benefit. This can be added to the
policy. Under this benefit, if proposed dies before the child
is of 18 years, a sum equal to 20% of the sum assured becomes
payable to the family.
MARRIAGE ENDOWMENT
/EDUCATION ANNUITY POLICY
This
is a fixed term endowment Policy. One can choose a convenient
term (period) to coincide the maturity to marriageable age
of a child or to provide for the higher education of child.
The policyholder has to pay premium till maturity or earlier
death. In case of maturity, the policyholder will get sum
assured plus bonus.
In case of death of the policyholder before maturity, NO AMOUNT
is paid, but the future premiums are waived and the sum assured
plus bonus till maturity is paid only on maturity, to the
nominee.
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