| I have two unmarried daughters. Please suggest some suitable insurance schemes for them, which shall be useful even after their marriage. |
R. P. Sinha, Calcutta |
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| If you want a savings plan for your daughters, you can opt for any endowment or money-back policies. There are various policies available for women and you can chose the policy based on various factors, including the premium amount and the anticipated benefit. |
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| Seniority claims |
| My date of birth is January 12, 1942. My total income for the financial year ended March 31, 2005, was Rs 1,81,000 from pension and interest on bank deposits and shall remain the same for the current fiscal. What are the deductions available for interest earned for both financial years? Also let me know from which financial year I shall be treated as senior citizen? |
Bijoy Kumar Deb, by e-mail |
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| Till the last financial year, you were eligible for deduction on interest income from bank deposits up to Rs 12,000 under section 80L. However, from the current fiscal, the section has been scrapped and no further benefit will be allowed. You shall enjoy the status of senior citizen from the financial year 2006-07. |
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| Gain sum, lose sum |
| I invested some amount in NSS-87 in 1989. In July 2004, I withdrew the entire sum plus interest and the post office deducted 20 per cent plus a surcharge of 5 per cent . Will this sum be treated as capital gains? Can I claim any tax benefit? I am a senior citizen. |
K. K. Ghose, by e-mail |
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| No, there is no capital gains tax on the amount. Also, since you are a senior citizen, you could have avoided the TDS by furnishing Form 15I. But now that the tax has been deducted, you can claim refund by making a necessary application to the income tax department. |
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| 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. |
