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Since 1st March, 1999
 
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Q&A
Health for all
I have two daughters and both are minors. The elder daughter was recently diagnosed with Type 1 juvenile diabetes. What types of health or critical illness insurance policy are available?
Biren Haldar, Hooghly
 
Your can buy National Insurance Company’s Parivar policy. This is a family floater health insurance plan. With this policy, you can get medical insurance coverage for all your family members, including your elder daughter. However, you may have to pay an additional 10 per cent premium for covering your elder daughter’s illness. But since the additional premium is on the total premium and not just the elder daughter, the other members will also be covered under the same.
 
 
Family fund
We are a family of five, comprising my wife, two daughters and a son. Can I form an HUF? If yes, how can I create capital in the HUF?
Supratim Pal, Calcutta
 
You can create an HUF comprising yourself, your wife, two daughters and a son. The capital or wealth of the HUF can be created by way of gift proceeds (money) or through ancestral property. However, remember that any money in excess of Rs 50,000 received as gift by an HUF from any person in a financial year is taxable in the hands of the recipient as “income from other sources”. But, if the money is received from a person or under
situations as specified under the act, the amount received is not taxable.
 
 
Mend your mistake
I am a salaried individual having an annual income of Rs 6.5 lakh. I had quoted incorrect PAN in my return filed last year. Can I file a corrected return? What is the timeframe for doing so?
Sudeshna Basu, Calcutta
 
You can file a revised return to rectify the mistake and the revised return can be filed before the expiry of one year from the end of the relevant assessment year.
 
 
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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