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Since 1st March, 1999
 
THE TELEGRAPH
 
 
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Q&A
Life’s like that
I had opted for an LIC policy years ago to cover for estate duty, but soon the estate duty was abolished and LIC converted the policy to a life policy. Although the premium paying term is now over, I have been instructed that I have to be 80 years of age to receive the maturity value. Please clarify.
Dulal Sinha Chowdhury, Calcutta
The policy was converted into a Whole Life policy whereby the policyholder will receive the sum assured on attaining 80 years. But in the event of death of the person, the nominee will receive the sum assured.
 
 
Capital gains bond
Is the interest received on Section 54 EC capital gains bond eligible for tax exemption under section 80L'
A. K. Banerjee, Calcutta
 
The interest accrued on Section 54 EC capital gains bond is taxable.
 
 
Homely affairs
I am a housewife and had invested Rs 1,05,000 in post office monthly income scheme saved over a number of years from various gift amounts received from family members and selling some ornaments. The interest amount comes to Rs 8,400 per annum. Am I liable to pay income tax on my investment and interest earnings'
Durga Singh, Calcutta
 
eed not pay any income tax since you had invested amounts received as gift, which was completely non-taxable till last fiscal. And since your annual income is within the exempted limit, you are not liable to pay any tax.
 
 
 
Scheme of things
I plan to invest in post office MIS and read in your column that one can invest up to Rs 9 lakh in a joint account with three holders, but post office officials said that a joint account limit is Rs 6 lakh. Please advise.
S. C. Basu, Guwahati
 
dividual limit in a post office MIS is Rs 3 lakh but a joint account even with three holders can be opened for a maximum of Rs 6 lakh, where the share of each holder will be taken as Rs 2 lakh. Thus, the three holders have to invest the remaining limits of Rs 1 lakh each under separate accounts, either individually or jointly.
 
 
 
If you have any queries about investing or taxes or a high-cost purchase you are planning, mail to: btgraph@abpmail.com, or write to: Business Telegraph, 6 Prafulla Sarkar Street, Calcutta 700 001.
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