M. Gopinathan
A The coverage, which you’ve gotten at the moment, is perhaps a bunch medical insurance coverage designed for retired financial institution employees. The coverage won’t be customisable or is perhaps topic to negotiations between IBA and unions. Against this backdrop, it’s advisable to take a separate particular person well being coverage, along with your financial institution coverage, with a primary protection (Sum Insured) of ₹5 lakh. If you can not afford this extra particular person base coverage, you may go along with your financial institution coverage itself. But, having a particular person well being coverage has extra advantages.
For a protection of as much as ₹20 lakh, you should purchase a super-top up medical insurance coverage, with a deductible of ₹5 lakh, if you are going to buy a person base coverage for this quantity. If you like to make use of solely the financial institution coverage, then your deductible quantity for the tremendous top-up coverage should be ₹4 lakh solely.
There are two top-up insurance policies out there available in the market viz. top-up and tremendous top-up.
Both are fully totally different. For a whole understanding in regards to the distinction between the 2 insurance policies, you may discuss with the Moneywise article titled ‘Top-up vs. tremendous top-up’ dated March 17, 2025. The premium price for the super-top up medical insurance coverage is dear when put next with the top-up coverage. Still, on your age, it’s advisable to purchase the tremendous top-up coverage to avail most advantages. Most medical insurance corporations supply each the insurance policies, however you want to watch out to test whether or not you might be actually shopping for the tremendous top-up coverage. You also can purchase a person medical insurance base coverage with the Sum Insured of ₹20 lakh however that’s extremely costly, and we’d not recommend it.
Q I’m 73 years previous. I wish to promote my 4-cent land bought in 2007. What will likely be my tax legal responsibility underneath the Income Tax Act.
Sivanandan
A In the Union Budget 2024-2025, offered on July 23, 2024, Union Finance Minister Nirmala Sitharaman mentioned long-term capital good points on all financial- and non-financial property will appeal to a tax price of 12.5%. However, in her Budget speech, she didn’t explicitly point out that the diminished 12.5% (from the sooner 20%) tax price on LTCGs is with out the indexation profit.
Later, on August 7, 2024, the Finance Bill 2024 was handed within the Lok Sabha with an modification that gave a rest to the brand new capital good points tax on actual property. The modification was launched after widespread criticism from varied corners, together with Opposition events and tax professionals. As per the modification, people or Hindu Undivided Families (HUFs) who bought homes or different immovable property earlier than July 23, 2024, have two choices relating to the remedy of long-term capital good points they usually can select anybody possibility that’s appropriate for them. First possibility is they’ll select to pay straight 12.5% tax on the capital good points with out claiming the indexation profit. Or the second possibility is that they’ll select to pay 20% tax on capital good points, after claiming the indexation profit.
Further, in response to the Income Tax Act and as per the Union Budget 2024-25, you probably have owned an immovable property (land) for greater than two years (24 months), then it’s thought of a long-term asset. In your case, you’ve gotten bought the land in 2007 and subsequently, should you earn capital good points by promoting the land, it will likely be thought of Long Term Capital Gain (LTCG).
Since you’ve gotten bought earlier than the July 23, 2024 window, you may select any one of many tax charges – 12.5% on capital good points with out indexation or 20% on capital good points with indexation profit. The selection is yours.
(The author is an NISM & CRISIL-certified wealth supervisor)
Published – July 28, 2025 06:28 am IST
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