Are investments in gold subject to tax implications under Wealth Tax?
Yes, gold falls under the purview of the Wealth Tax Act. The tax is levied on jewellery, bullion, furniture, utensils or any other article made wholly or partly of gold, silver or platinum.Insurance What are the tax benefits available to an individual in respect of premium paid on life insurance policies? Rebate under Section 88 is available in respect of life insurance premium only up to Assessment Year 2005-06. From the Assessment Year 2006-07, life insurance premium paid by an individual qualifies for a deduction under Section 80C of Income Tax Act, 1961. An individual can claim deduction on premium paid for a maximum of Rs 100,000 in each financial year. However, an individual can claim deduction on premium paid on a pension plan for a maximum of Rs 10,000 in each financial year. This forms part of the overall Rs 100,000 limit under Section 80C. Are maturity proceeds on life insurance and pension policies taxable? The maturity proceeds of life insurance policies are not taxable. Ho
