In response to such unfortunate events, the government has taken action to compensate the victims and their families. Additionally, passengers have the option to avail themselves of the IRCTC travel insurance policy.

This insurance policy, available at a minimal premium of just 35 paise, offers uniform coverage to all classes of passengers, with a sum insured of up to Rs 10 lakhs in case of death or permanent disabilities.

While selecting the insurance option is not mandatory for every passenger during ticket booking, it is still a worthy consideration for times of need. By opting for this insurance policy, passengers can have peace of mind knowing that they have an additional layer of protection. To learn more about the details of IRCTC’s travel insurance policy, continue reading below.

What is the premium for IRCTC’s travel insurance policy?

According to IRCTC, the travel insurance policy will need a premium of 35 paise per passenger, inclusive of all taxes.

What benefits do passengers receive in case of death?

If the insured passenger suffers an accidental physical injury while traveling that results in death within 12 months from the date of the accident or untoward incident, they will receive 100% of the sum insured, which is Rs 10,00,000.

What benefits do passengers receive in case of permanent total disability?

If the insured passenger suffers an accidental physical injury while traveling that results in permanent total disability within 12 months from the date of the accident or untoward incident, they will receive 100% of the sum insured, which is Rs 10,00,000.

What benefits do passengers receive in case of permanent partial disability?

If the insured passenger suffers an accidental physical injury while traveling that results in permanent partial disability within 12 months from the date of the accident or untoward incident, they will receive 75% of the sum insured, which is Rs 7,50,000. However, the amount may vary in different cases.

What benefits do passengers receive for hospitalisation expenses?

In case the insured passenger requires hospitalization for injuries, they will be eligible to receive up to Rs 2,00,000 for hospitalization and medical treatment.

What benefits do passengers receive for the transportation of mortal remains?

If the insured passenger dies due to certain conditions directly related to any accident or untoward incidents while traveling, the insurance company will pay an amount of up to Rs 10,000 for the transportation of their mortal remains to their residence or the cremation ground.

Source: Bureau

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But there is often confusion regarding individuals who indirectly pay rent to their parents. To understand this in detail, let’s delve into the specifics.

Who is eligible for HRA exemption?

According to income tax regulations, taxpayers who actually incur rental payments for their accommodation and have formal documentation are allowed for tax exemption.

What if the rent is paid to parents?

If a taxpayer resides with their parents and the parents are responsible for paying the rent, or if the taxpayer indirectly contributes to the parents’ rent without a formal agreement between the parents and the landlord, concerns may arise regarding the eligibility for claiming the HRA exemption. Since the rent is not directly paid by the taxpayer to the landlord, it becomes necessary to establish the authenticity of such transactions.

Transactions involving relatives can also be subject to scrutiny. To ensure the legitimacy of rental transactions involving parents, taxpayers must maintain proper documentation. This includes obtaining rent receipts with appropriate stamps, notarised rental agreements, and maintaining bank statements that reflect the rent payments, among other records, as reported by Mint.

Can salaried taxpayers claim HRA exemption?

Yes, salaried taxpayers have the right to claim tax exemption on their rental allowance through Section 10 (13A), Rule 2A of the Income Tax Act. However, they also need to adhere to their company’s policies when claiming HRA.

What about self-employed taxpayers?

Self-employed taxpayers can also claim HRA exemption by utilising the provisions under Section 80 GG of the Income Tax Act. This section provides income tax relief to individuals who are paying rent but have not received HRAs.

Source: Bureau

The post Can You Claim For HRA Exemption If Rent Is Paid To Your Parents? appeared first on Rma News: Latest News, Live Breaking News, Today News, Political News Updates.