Daily Archives: August 6, 2015

Insurance Terms explained

By | August 6, 2015

Understanding Insurance Terms What is Utmost Good Faith? Utmost Good Faith is one of the principles that insurance is based on. It denotes a positive duty of the person seeking insurance to voluntarily disclose accurately and fully, all facts material to the risk being proposed whether requested or not. What is meant by Insurable Interest… Read More »

Motor insurance /Vehicle Insurance Questions and Answer

By | August 6, 2015

What Motor Insurance cover should I buy? Should I buy Comprehensive Insurance or Liability Policy only? Third Party Liability insurance is mandatory for all vehicles plying on public roads in India. This covers Liability for injuries and damages to others that you are responsible for. In addition, it is prudent to cover loss or damages… Read More »

All About Health Insurance

By | August 6, 2015

What is Health Insurance? The term health insurance is a type of insurance that covers your medical expenses. A health insurance policy is a contract between an insurer and an individual /group in which the insurer agrees to provide specified health insurance cover at a particular “premium”. What are the forms of Health Insurance available?… Read More »

section 80e foreign education loan interest allowed as deduction

By | August 6, 2015

section 80e foreign education Loan Interest allowed as deduction Question: Can the Assessee claim the deduction of interest on education loan under section 80E of Income Tax act 1961 of India, when the loan has been taken for foreign education  ? Answer : For claiming deduction under section 80E, there is no condition that higher education should… Read More »

No denial of section 54F due to non completion of construction

By | August 6, 2015

No denial of section 54F due to non completion of construction Question : Where assessee had invested net sale consideration on transfer of long-term asset in construction of a residential house property, Whether deduction of section 54F could be denied merely because the construction of house was not complete in all respects within 3 years… Read More »