Frequently Asked Questions
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- It will be a paid service from 1st January 2021
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- A nominee is a person appointed to receive money on behalf of all legal heirs
- The nominee does not become the owner of the money or property
- Different investments have different rules for the nominee
Nominations are highly misunderstood. If done without proper understanding, it might deny your loved ones their rightful dues
Most people do not have a rightly written WILL. This can put their heirs in serious trouble, leading to fights and disputes amongst family members.
Generally, a WILL is made by a single person listing how they would like their estate to be distributed amongst their beneficiaries. The problem with this kind of WILL is that they may assign all their wealth to the spouse.
But what happens in the eventuality of both the husband and the wife dying together? Or, worse still, what if the full family, including the children, die together in an accident, etc.? Then the title becomes open.
A JOINT WILL takes care of all these eventualities and lists out the distribution of wealth for each eventuality.
Your age today: 40
“Not to Work” age: 56
Corpus duration in years: 16
If you spend Rs. 9 lacs/annum today, at a 7% inflation, you would need Rs. 25 lacs/annum from age 57 to 80. For this, you will need a “Not-To-Work” corpus of 1.125 Crores at age 56.
your “Not-To-Work” corpus now.
- Get up to 8 lakhs housing loan deduction if you own two flats jointly with your spouse or children, resulting in saving up to 240000/annum in taxes.
- Get full HRA deducted from salary if staying with parents or relatives and save up to 20–30% taxes.
- Depending on whether your house is an SOP or LOP, you can get further tax breaks.
- Organise your investments amongst family members to get maximum rebate.
- One family got a total deduction of 175000 under section 80D.
- Get an additional tax deduction of up to Rs. 60000 (If not claimed from Mediclaim) on treatments for:
- Cancer
- Aids
- Parkinson’s disease
- Thalassaemia
- Renal failure
- Haemophilia
- Neurological diseases
- If you have a physically or mentally challenged relative you are taking care of, you can get an additional deduction of Rs. 100000.
- Get an additional deduction of Rs. 60000/annum if you are staying on rent, irrespective of whether you are a salaried or business professional.
- Avail full deduction on all the interest you pay on your educational loan to the bank.