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NRI Services

For Canada Tax Residents

FOR CANADA TAX RESIDENTS:
CONCESSIONAL RATE OF TAX IN INDIA OF 15% ON INTEREST INCOMES UNDER DTAA.
Under Article 11 of the India-Canada DTAA (Double Taxation Avoidance Agreement), there is a concessional rate of 15% on interest incomes (including NRO bank account interest) in India for tax residents of Canada. The same shall also be the rate of T.D.S. (withholding tax) in India.
A person is a tax resident of Canada if he stays in Canada for more than 183 days in the calendar year (1st January to 31st December) OR on fulfillment of certain other conditions as per Canadian Law.
The above rates are inclusive of surcharges and cess which is affirmed by the following judicial decisions:
1. Deputy Director of Income-tax (IT)-1(1), Kolkata v. BOC Group Ltd.
2. R.A.K. Ceramics, UAE v. Deputy Commissioner of Income Tax, International Taxation (2), Hyderabad
It has come to our notice that several NRIs based in Canada are unaware of this concession.
Kindly contact us in case of any clarification.
Ashutosh NRI Services
(A division of Ashutosh Financial Services Pvt. Ltd.)
Contact us: +91 70435 93388 / nris2@ashutoshfinserv.com
www.ashutoshfinserv.com
Disclaimer: The above facts are based on our interpretation of law. The same should not be relied or acted upon without seeking specific professional advice.
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FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.

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Investment Services

A Golden Opportunity To Buy Gold Bonds From Reserve Bank Of India At A Price Lower Than The Market Price Of Gold.- Only Two Days.

A GOLDEN OPPORTUNITY TO BUY GOLD BONDS FROM RESERVE BANK OF INDIA AT A PRICE LOWER THAN THE MARKET PRICE OF  GOLD.- ONLY TWO DAYS. At Present, the market price of 10 gms.of gold is Rs. 49,120/- , At that time, the Reserve Bank of India has offered a scheme of 10 gms. gold bonds in Rs. 47,710/-(48520-500 Discount)  under the Sovereign Gold Bond Scheme. Direct benefit of Rs. 1410 per 10 gram. This Gold Bond Scheme close on 10th July, 2020 this means that the price will only be applicable till 10th july, 2020.
  • Series IV  available between July 06 to 10, 2020.
  • Available in the multiples of 1 gms each.
  • Rs. 50 per 1 gram discount on online purchase
  • Interest rate : 2.5% p.a., paid semi-annually.
  • Tenure : 8 years. (Early withdrawal allowed at 5 years).
  • Can also be sold on the stock  exchange at any time.
Taxation : ➡️   Interest on these bonds is taxable. ➡️   Appreciation (Capital gain) of the amount received on redemption (after 8 years) is tax free. ➡️   Capital gains on sale in the market is liable to Short term Capital Gain (holding below 3 years)/Long term Capital Gain with indexation (holding above 3 years). Ashutosh Investment Advisory A Division of ASHUTOSH FINANCIAL SERVICES PVT. LTD.
  • Investments •Insurance •Income Tax & Estate Planning •NRI Services
Mob. No. : +91 93773 35959 Email : relationship@ashutoshfinserv.com www.ashutoshfinserv.com Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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Insurance Services

Covid – 19 Insurance Plan

COVID – 19 INSURANCE PLAN Different Insurance companies charge different premium at different ages. Contact us for premium for your age. FEATURES & BENEFITS :- 1) Sum Insured : 50,000 to 5,00,000 2) Policy Term : 105 days / 195 days / 285 days 3) Entry Age : 18 yrs. to 65 yrs. (1 day to 25 yrs depended children can be covered) 4) Policy Type : Individual / Floater 5) Cover Starts : After 15 days (Cover starts after 24 Hrs hospitalization) 6) AAYUSH Treatment covered 7) Homecare treatment covered for 14 days if advised by authorized doctor 8) Pre – Post Expenses : 15 days / 30 days 9) Ambulance expenses : Rs.2000 10) Daily cash : 0.5% of sum insured 11) COVID test expenses allowed 12) PPE kit, Gloves, Mask are covered 13) One can save his current medical policy – No Claim Bonus (NCB) by taking claim via this policy 14) No Pre policy medical Checkup Ashutosh Insurance Services A Division of ASHUTOSH FINANCIAL SERVICES PVT. LTD. •Investments •Insurance •Income Tax & Estate Planning •NRI Services Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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NRI Services

For Tax Residents Of Tanzania, Kenya, Uganda, South Africa, Sudan & Ethiopia

FOR TAX RESIDENTS OF TANZANIA, KENYA, UGANDA, SOUTH AFRICA, SUDAN & ETHIOPIA: NO CAPITAL GAINS TAX ON SALE OF MUTUAL FUNDS AND BONDS/DEBENTURES IN INDIA UNDER DTAA. PASS THIS MESSAGE TO ALL YOUR FRIENDS AND RELATIVES IN THE ABOVE COUNTRIES. Under Article 13 of the DTAA (Double Taxation Avoidance Agreement) with the respective countries, capital gains on sale of Mutual Funds (equity oriented or non equity oriented), either short term or long term and also capital gains on sale of all types of bonds/debentures shall be completely tax free in India for persons who are Tax Residents of any of the above country. The above interpretation of the DTAA has been confirmed by the following judicial decisions: 1. ITO (IT) 2(1) Mumbai vs. Shri Satish Beharilal Raheja ITA NO.4627/Mum/2009 2. The Dy. Commissioner of Income-tax (International Taxation) Kochi vs. Sri.K.E.Faizal ITA No.423/Coch/2018 It has come to our notice that several NRI based in Africa are unaware of this concession. Kindly contact us in case of any clarification. Ashutosh NRI services A division of Ashutosh Financial Services Pvt. Ltd. Contact us: +91 70435 93388 / nris2@ashutoshfinserv.com www.ashutoshfinserv.com Disclaimer: The above facts are based on our interpretation of law. The same should not be relied or acted upon without seeking specific professional advice. Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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NRI Services

Tax Residents Of United Kingdom (U.K.)

FOR TAX RESIDENTS OF UNITED KINGDOM (U.K.) PREPARATION OF DATA FOR U.K. TAX RETURN IN RESPECT OF INDIAN FINANCIAL TRANSACTIONS FOR TAX YEAR 19-20 PASS THIS MESSAGE TO ALL YOUR FRIENDS AND RELATIVES IN U.K. Any person who is a U.K. tax resident (his stay in U.K. exceeds 183 days in the U.K. tax year (6th April to 5th April) OR if his only home was in the U.K. where he has spent at least 30 days there in the tax year along with at least 91 days in U.K. is required to offer his global income for tax in U.K. We can prepare consolidated data for U.K. tax residents regarding incomes, investments & other assets in India appropriately converted into Pound Sterling (£) for the tax year 2019-20. This data can be used to seamlessly comply with your Tax return requirements in respect of Indian incomes. Kindly contact us if you require our services. Thanks & regards, Ashutosh NRI Services A division of Ashutosh Financial Services Pvt. Ltd. Contact: +91 70435 93388 / nris2@ashutoshfinserv.com www.ashutoshfinserv.com
  • Investments •Insurance •Income Tax & Estate Planning •NRI Services
You can share this message to your contact who could require this service Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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Tax Residents Of Australia

PREPARATION OF DATA FOR AUSTRALIAN TAX RETURN IN RESPECT OF INDIAN FINANCIAL TRANSACTIONS FOR TAX YEAR 19-20 PASS THIS MESSAGE TO ALL YOUR FRIENDS AND RELATIVES IN AUSTRALIA Any person who is an Australia tax resident (A person is a tax resident of Australia if he stays in Australia for more than 183 days in the Australian tax year from 1st July to 30th June OR on fulfillment of certain other conditions) is required to offer his global income for tax in Australia. We can prepare consolidated data for Australian tax residents regarding incomes, investments & other assets in India appropriately converted into Australian Dollars (AUD) for the tax year 2019-20. This data can be used to seamlessly comply with your Tax return requirements in respect of Indian incomes. Kindly contact us if you require our services. Thanks & regards, Ashutosh NRI Services A division of Ashutosh Financial Services Pvt. Ltd. Contact: +91 70435 93388 / nris2@ashutoshfinserv.com www.ashutoshfinserv.com Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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Insurance Services

Insurance – A Basic Necessity Today

As we all know in earlier times, Life, Medical and Car Insurance were considered enough to insure. But in recent times, each and every thing, which you can think, is insurable and required to be insured in this modern era of world. Today, the need of insurance can be summed up as– “Roti, Kapda, Makan and Insurance”. At present, there are many types of insurance plans available in different segments of General, Health and Life. Moreover, Retirement planning can also be done through insurance plans.

GENERAL INSURANCE PLANS:

Insurance cover can be opted for many different purposes and one can get mental peace by transferring unforeseen risk to the Insurance company. The below stated General Insurance plans are should be subscribed.
  1. Fire and Special Perils Insurance
  2. Machinery and Equipment’s Breakdown Insurance
  3. Public Liability Insurance
  4. Workman Compensation Insurance
  5. Two wheeler, Car, Ambulance and other Vehicle Insurance
  6. Group Health Insurance
  7. Group Accident Insurance

HEALTH INSURANCE PLANS :

Health insurance is a very important need of any leaving human being. A glimpse of health insurance plans is given as under:
  1. Basic Health Insurance Plan : This type of Plan covers only basic expenses of hospitalization, pre & post hospitalization expenses and Ambulance expenses, etc. In this type of plan, the insured have to make co-payment for the Medical Bill. Cost of this type of plan is generally very low.
  2. Medium level Insurance Plan : This type of Plan comes with some more additional features than Basic Plan, i.e. Global Cover, Bariatric Surgery, Daily cash for accompanying child, etc. These types of plans are most popular plans.
  1. High end Insurance Plan : This type of Plans generally includes all type of features available under Health Insurance Plans. i.e. High end diagnostics, OPD treatment, Dental treatment with OPD treatment, Air Ambulance, etc. These types of plans are mostly taken by High net worth Individuals.
  2. Special Feature Plans (Benefit Plans) : This type of plan offers lump sum benefit if some illness happens. Most famous Plans are Critical illness Plan, Cancer Plan, Diabetes Plan, Cardiac Care Plan. At present COVID Insurance is in demand.
  3. Personal Accident Plans : Under this plan one can get insurance against financial loss from all type of accidental injuries. Under this plan one can get benefit for Death, Permanent disability, Partial disability, Income Loss, etc. More over one can get a lump sum amount for Loan, Child education, etc. Hospitalization expenses due to accident are also covered under this plan.

LIFE INSURANCE PLANS :

There are majorly three types of Life Insurance are available in the market, described as under :
  1. Term Insurance Plans : This type of Plans are most popular Life insurance plans at present. In this plan one can get sizable amount of insurance by paying very small amount of premium. In this plan many add-on covers and features can be included and one can get best plan suitable to him. One can get basic death benefit under this plan and if he wants than add-on like personal accident, return of premium, critical illness cover, premium waiver option, maturity benefit on monthly basis, can be added.
  2. Endowment Plans : This plan is best to save money regularly for long term in disciplined manner besides taking Life cover, one gets his money back, mainly via two segments one is Guaranteed Return Insurance Plan and other one is Reversionary Bonus plus Terminal Bonus driven Insurance Plan. In Guaranteed Return Insurance Plan one can get fixed assured return. But in Bonus driven plan return depends on bonus amounts declared by Insurance Company every year. With this plan generally one can get 10X to 20X insurance of yearly premium paid.
  3. Unit Linked Insurance Plan : Through this plan one can get market driven investment insurance plan. In this plan a person pays the premium and gets Units for available amount for investments. He gets benefited by increase in Unit’s price. This plan is best for Tax Free returns from Equity market with insurance facility.
Above is very basic understanding of various type of Insurance. For detail understanding of each plan one should take advice from a good Insurance advisor.

NEED FOR CUSTOMIZED SOLUTIONS :

In present times many Insurance plan are available for almost all types of financial risks. Insurance companies offer different features for same need of insurance. One has to choose the best suitable plan from different offers given by the insurance companies. An Insurance advisor can help you to provide  right option with required features by studying all the insurance plans and suggesting you customized solutions.

HOW TO CUT YOUR COSTS OF INSURANCE?

As we have stated above, an Insurance advisor can help you choose the best insurance plan in terms of features of the plan, along with cutting the costs of insurance by comparing the premium of various insurance plans available in the market. For example, government has made mandatory for every insurance company to give an insurance plan for COVID 19 with same features. If someone wants to take COVID 19 insurance, the advisor will suggest the best option with the least premium amount. Secondly, the unnecessary features can be avoided with the guidance of an able advisor while taking insurance, thereby saving unnecessary costs.

WORK WITH AGENTS/BROKERS WHO CAN OFFER MULTIPLE COMPANY’S INSURANCE PLAN :

A good advisor should have multiple insurance company products in offering to offer customized solutions and the most competitive plan in term of features and rate of premium. When an insurance advisor offers multiple company offerings, he is not representing a particular company but working to address the needs of his client in the best possible manner.

GUARANTEED RETURN UNDER THE INSURANCE PLAN TO BUILD A RETIREMENT INCOME OR CORPUS:

An attractive guaranteed income generating plan available in the market at present, through which one can invest a fixed amount yearly and get tax free income lifelong with return of capital amount. One can get fixed income till the age of 99 years. In other option one can pay premium for 10 years and from 12th year to 36th year get a very handsome amount as tax free income. It is the best plan against the pension plans or any bank fixed deposit of nationalized bank. One gets more than 10X insurance of yearly premium paid absolutely free. It will also give benefit of tax deduction u/s 80C.

One should definitely consider this plan for retirement planning. INSURANCE AS A VEHICLE OF INVESTMENT:

Unit linked insurance plan(ULIP) is a unique setup where one can get insurance as well as can do Tax Free investment in desired segment of investment. These days insurance company offers ULIP at very low expense ratio, so in longer term it is better option to invest your money through ULIP. So, one can get tax free returns at very low expense ratio. One can invest his money in ULIP and get benefit of deduction u/s 80C also. To do investment in equity in discipline manner for long term, ULIP is the best option.

Hence, one should take route of ULIP for growth-based investment in equity.

CONCLUSION

The role of insurance today has evolved to become a basic necessity in our lives. While selecting the insurance coverage, one should go for a holistic approach exploring different insurance offerings across Life, Health & General insurance plans. Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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Investment Services

Future Of Investing

The way we make personal investment decisions should evolve with time considering the emerging trends and upcoming developments in India and globally. We have outlined a few important aspects demonstrating the future of investing.

Increasing significance of Financial Assets

Physical assets such as real estate & precious metals (gold & silver) have been lucrative investment avenues pursued often over time. Financial assets, comprising of investments in fixed income, equity, insurance, precious metals in dematerialized form etc. have started gaining increasing significance. Several reasons for such a transition are discussed below.
  • Liquidity: In these challenging times, liquidating physical assets, especially real estate, is becoming extremely challenging considering the market scenario. As compared to that, any financial assets can be liquidated virtually at anytime from anywhere without any major efforts.
  • Management: Managing & maintaining physical assets not only demands resources, but also a lot of time and energy. For medical professionals engaged in their busy work schedules, it becomes utmost difficult to spare precious time at the cost of their professional and personal life.
  • Next generation: The next generation is lacking the interest for managing physical assets. Moreover, they look for professional opportunities across the globe and do not prefer to remain confined to a particular geography. With such ideology, it becomes even more difficult to manage & liquidate inherited physical assets from a distant place.

Evaluating returns in equity products

In the current times of volatile equity markets, coupled with access to investment valuations on a daily basis because of technological support, investors are evaluating returns over shorter time frames and are dissatisfied with the performance of equity products. Equity as an asset class for investments through structured routes (PMS, mutual fund, etc.) requires a time horizon of at least 5 years to deliver its performance. Any analysis and comparison before that is premature and not a worthwhile option. There has been a lot of discussion on the unsatisfactory SIP (Systematic Investment Plan) returns in the last few years in media. However, investment through the SIP route is for wealth creation over longer time horizons ( above 10 years) and evaluating returns in such short time frames is not a good idea. Investment in equity products are bound to undergo a lot of ups and downs. Remaining patient across time is an important characteristic to build wealth in equity. Moreover, comparison of such products with direct equity investments should be made over longer times and taking a call based on short-lived movements can turn out to be a hasty decision.

Investment in Precious Metals 

In the current pandemic crisis, precious metals such as gold and silver have delivered extraordinary returns as asset classes. The same trend was witnessed during the global financial crisis in 2008. This proves the fact that certain allocation towards precious metals can act as a shield during such uncertain times in financial markets. Considering the inconvenience and limitations of investing in precious metals in physical form as discussed earlier, investment through a digital mode (financial assets) can be a worthwhile option. To invest in gold, the Reserve Bank of India (RBI) has introduced Sovereign Gold Bonds (SGB) in different series with a fixed maturity which is tax free in the hands of investor on maturity. Such bonds are also tradeable on the stock exchange and deliver a fixed interest of 2.5% p.a. on the issue price. To have an allocation in other precious metals like silver, platinum, etc. there are Exchange Traded Funds (ETFs) in foreign markets which invest in such metals completely. The movement of those ETFs are in absolute tandem with the price of silver in the international markets. Under the present regulatory regime, Indian investors can directly invest in shares of U.S. ETFs from India in a seamless manner.

Global Investing 

Since several years, we advise everyone (including non-residents) to invest in the emerging markets, i.e. India. However, geographical portfolio diversification, which is attained by way of global investing involves diversifying investments across geographies is the order of the day for matured investors today globally. Global investing not only avoids country-specific risks such as political issues, bad monsoon, border tension, etc. but also builds an investment in foreign currency (USD) which has a history of appreciation vis-à-vis the Indian currency (INR). This corpus in foreign currency can also be utilized for future expenditures like foreign education, immigration, etc. It is a means to participate some of the most renowned brands that we use in our day to day lives at attractive valuations. Under the present regulatory regime, Indian investors can directly invest in shares of U.S. based companies from India or they can also engage by investing through international mutual funds in India. According to Shankar Sharma, an acclaimed global investor & advisor, “You must avoid single country, single currency, single asset risks at all costs.”

Attractive fixed income options 

Fixed income investments have been a traditional and safe way of investing for several of the investors in India. Over and above the bank Fixed Deposits (FDs), several other avenues have emerged in the fixed income space in the recent times with attractive returns. For investors in the highest tax brackets, tax-free bonds of Public Sector Undertaking of the Govt. of India are a secured way of investing giving a tax-free interest return to the investor. The Yield to Maturity (YTM) or the net return from such investments is greater than majority if the traditional FDs. Continuing with the FD avenue of investment, corporate Fixed Deposits (FDs) of several credible Non-Banking Financial Corporations (NBFCs) offer better returns than the bank-based FDs. Such issuing NBFCs are backed by business groups having a long and respectable legacy.

CONCLUSION

Just as adapting to the changing trends in our respective profession is the need of the hour to remain relevant, it is also important to remain in sync with the evolving trends for our personal investments to build an investment portfolio that makes the most of all available opportunities; along with ensuring absolute security of our hard earned savings. Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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NRI Services

Referral Partner for NRI Services

  • We are a one stop destination for Non-Resident Indians providing holistic services relating to Investments, Taxation & Estate planning, Legal aspects and compliances relating to foreign taxation.
  • We are inviting applications for persons to become our Referral Partners in promoting NRI services globally with very attractive terms.
Following are the requirements for someone to become a Referral Partner:
  1. The person should be of Indian origin, located outside India.
  2. The person has a basic understanding and background in the field of finance or taxation or accounting or legal services.
  3. The person can engage part time/fulltime in the promotion of these services in a dedicated manner.
  4. The person has relationships to roll out financial products and services to a larger section of clients beyond his immediate family.
  5. The person has a good working knowledge about computer operations and mobile applications.
To become a Referral Partner, contact us at the earliest. Ashutosh NRI Services Mobile: +91 70435 93388 Email: nris2@ashutoshfinserv.com Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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Insurance Services

Latest And Practical Information On Important Points Of Insurance Claims For Covid 19

– કોવીડ ૧૯ ના ઈન્સ્યોરન્સ કલેઈમ માટે ના અગત્યના મુદ્દાઓ ઉપર અદ્યતન અને વ્યવહારુ માહિતી – There are so much confusion and misunderstanding prevailing for COVID 19 claims in the mind of CORONA KAVACH and REGULAR MEDICLAIM policy holders. – હાલમાં કોરોના કવચ અને રેગ્યુલર મેડીકલેઇમ પોલીસી ધારકોના મનમાં કોવીડ ૧૯ ના કલેઈમ વિષે ખુબજ મુંઝવણ અને ગેરસમજણ જોવામાં આવી રહી છે. COVID – 19 FAQ for the claim (as per the best of our knowledge) 1. What type of test will be considered as valid for claim of COVID – 19 in a Regular Mediclaim policy and Corona Kavach policy if a person is diagnosed positive? From where will the RT-PCR test report should be get done? Ans. RT-PCR is a valid Test for claim for COVID – 19 medical expenses from Regular Mediclaim policy and Corona Kavach policy. RT-PCR test report must be done only from government –authorized / ICMR authorized diagnostic center, then only claim will be paid. (૧) ક્યાં પ્રકારના ટેસ્ટ રીપોર્ટ પરથી કોઈ વ્યક્તિ COVID – 19 એટલે કે કોરોના પોઝીટીવ છે તેવું માન્ય રાખવામાં આવશે? અને તે રીપોર્ટ કઈ જગ્યાએથી કરાવેલ હોવો જોઈએ તો જ કોરોના કવચ અને રેગ્યુલર હેલ્થ/મેડીકલેઇમ પોલીસી માં મળતા ક્લેઈમ માટે માન્ય ગણવામાં આવશે? જવાબ : RT-PCR ટેસ્ટ રીપોર્ટ કોઈ ગવર્નમેન્ટે ઓથોરાઈઝ્ડ/ICMRએ માન્ય કરેલ ડાયગ્નોસ્ટિક સેન્ટરમાથી જ કરાવેલ હોવો જરૂરી છે તો જ કોરોના કવચ અને રેગ્યુલર હેલ્થ/મેડીકલેઇમ પોલીસી માં ક્લેઈમ માટે માન્ય ગણવામાં આવશે. 2. Can a claim be made for hospitalization due to COVID 19, from Corona Kavach policy or in any health / Mediclaim policy? Ans. Policy holder is entitled to receive a claim after 24 hours of being admitted to the hospital under any Mediclaim policy or Corona Kavach Policy for COVID 19. (૨) કોરોના કવચ અને રેગ્યુલર હેલ્થ/મેડીક્લેઈમ પોલીસી લીધા પછી કેટલા દિવસ પછી ક્લેઈમ કરીએ તો ક્લેઈમ મળવાપાત્ર છે? જવાબ : કોરોના કવચ પોલીસી લીધાના ૧૫ દિવસ અને રેગ્યુલર હેલ્થ/મેડીક્લેઈમ પોલીસી લીધાના ૩૦ દિવસ પછી જ કોરોના પોઝીટીવ આવશે તો જ કલેઈમ મળવાપાત્ર છે. 3. After taking the Corona Kavach policy or Regular Mediclaim policy, after how many days cover will start? Ans. After laps of 15 days from taking the Corona Kavach Policy and after laps of 30 days from taking Regular Mediclaim Policy, cover will start for COVID 19. (૩) કોરોના કવચ પોલીસી અને રેગ્યુલર હેલ્થ/મેડીક્લેઈમ પોલીસીમાં કોરોનાના કારણે જો હોસ્પિટલમાં દાખલ કરવામાં આવે તો હોસ્પિટલ માં થતા ખર્ચાઓ નો કલેઈમ મળવાપાત્ર છે? જવાબ : હા, ઓછામાં ઓછુ ૨૪ કલાક દાખલ થયેલ હશે તો જ ક્લેઈમ મળવાપાત્ર છે. તદઉપરાંત ઘરે રહીને સારવાર લીધી હોય તે કલેઈમ પણ શરતોને આધીન મળવાપાત્ર છે. 4. When Policy holder is admitted to the hospital for treatment of Corona, is he eligible to receive claim amount for all the expenses incurred in the hospital under the Corona Kavach policy and Regular Mediclaim policy? Ans. When Policy holder is admitted to the hospital for treatment of Corona, he will get expenses as per the local authority’s circular on the cost of treatment of Corona which is given to that perticular Hospital. Every person will have to seek for this circular from the hospital as the cost of Corona’s treatment will be paid by the insurance company as per the circular under Corona Kavach policy or any Regular Mediclaim policy. (૪) કોરોનાની સારવાર માટે જયારે હોસ્પિટલમાં દાખલ થાવ છો, ત્યારે કોરોના કવચ પોલીસી અને રેગ્યુલર હેલ્થ/મેડીક્લેઈમ પોલીસી હેઠળ હોસ્પિટલમાં થયેલા કેટલા ખર્ચ માટે ક્લેઈમ મળવાપાત્ર છે? જવાબ : કોરોનાની સારવાર માટે હોસ્પિટલમાં દાખલ થાવ છો ત્યારે તે વિસ્તારના કોર્પોરેશને કોરોનાની સારવાર માટે કેટલો ખર્ચ આપવામાં આવશે તેનો એક સરક્યુલર તે હોસ્પિટલમાં આપેલ હશે તે સરક્યુલર હોસ્પિટલમાંથી માંગી લેવાનું રહેશે કારણ કે કોરોનાની સારવાર માટેનો થતો ખર્ચ ઇન્સ્યોરન્સ કંપની દ્વારા કોરોના કવચ પોલીસી અને રેગ્યુલર હેલ્થ/મેડીક્લેઈમ પોલીસી હેઠળ તે સરક્યુલર પ્રમાણે જ ચુકવવામાં આવશે. 5. After detection of Corona if policy holder get treatment being isolated at home or any other place, will he / she can be eligible for claim under Corona Kavach or Regular Mediclaim policy? Ans. Yes, if policy holder stays isolated and get Corona treatment, policy holder can get a claim under Corona Kavach policy. In addition, if policy holder has a regular mediclaim policy, your agent should check to see that whether your policy covers the cost of treatment of that nature or not, because some mediclaim policies do not cover such claims, especially mediclaim policies like Arogya Sanjeevani, Group Health Insurance, Mediclaim Policy offered by the bank, Health Benefit policies do not cover home treatment. Under the Corona Kavach and Regular Mediclaim Policy (if the cost of treatment is allowed than only) the claim will be granted only if the following conditions are met. • Actually Policy holder have to stay in the hospital for treatment, but he is taking treatment at home because there is no bed available in the hospital or he does not need to be admitted to the hospital. So, if an authorized medical practitioner/doctor gives such permission on the letter head of a recognized hospital with sign and stamp than it will be allowed. • While Policy holder is receiving treatment at home, the medical practitioner/doctor of the authorized hospital monitors Policy holder health condition on a daily basis, a record (chart) should be maintained and the treatment should be mentioned in that record. Once this record (chart) is ready, it should be signed by Policy Holder and the doctor of the authorized hospital. • The following costs will be reimbursed if it is prescribed by medical practitioner of the authorized hospital for Corona.
  • Costs for medication and reports, etc.
  • Costs of Pulse Oximeter, Oxygen Cylinder, Nebulizer, PPE Kit, etc.
• The maximum cost for Homecare / Domiciliary treatment will be approved up to Rs. 20,000/- by BAJAJ ALLIANZ GENERAL INSURANCE COMPANY’s Corona Kavach policy and certain other prescribed regular Mediclaim policy of the same company. There is currently no such limits for Corona Kavach policy of IFFCO TOKIO GENERAL INSURANCE CO. LTD. and STAR HEALTH AND ALLIED INSURANCE CO. LTD. • In the regular Mediclaim policy of TATA AIG GENERAL INSURANCE CO. LTD., the claim will be approved only if the Policy Holder is treated at home for at least three days or more as per the following conditions in the feature called Domiciliary Treatment. But claim for Nursing Charge, Pulse Oximeter, Oxygen Cylinder, Nebulizer, etc. will not be reimbursed under this policy.
  • When a person is not in a condition to go to the hospital.
  • When there are no vacancies in the hospital.
• The OPTIMA RESTORE policy of HDFC ERGO HEALTH INSURANCE CO. LTD. does not provide any limit for Corona to be treated at home. But only reasonable cost for PPE kit will be allowed. (૫) કોરોના થયા પછી ઘરે રહીને સારવાર લઈએ તો કોરોના કવચ પોલીસીમાં કે રેગ્યુલર હેલ્થ/મેડીક્લેઈમ પોલીસીમાં કલેઈમ મળવાપાત્ર થશે ? જવાબ : હા, (અ) તમે ઘરે રેહીને કોરોનાની સારવાર લ્યો છો તો કોરોના કવચ પોલીસીમાં ક્લેઈમ મળવાપાત્ર છે, (બ) જો રેગ્યુલર હેલ્થ/મેડીક્લેઈમ પોલીસી હોય તો તમારા એજન્ટ પાસે તમારી પોલીસીમાં ઘરે રહીને સારવાર માટેનો ખર્ચ મળે છે કે નહિ તે તપાસ કરાવડાવી લેવી જોઈએ. કારણ કે અમુક મેડીક્લેઈમ પોલીસીમાં આવો ક્લેઈમ મળતો નથી, ખાસ કરીને `આરોગ્ય સંજીવની’, ગ્રુપ હેલ્થ ઈન્સ્યોરન્સ, બેંક દ્વારા આપવામાં આવતી મેડીક્લેઈમ પોલીસી, હેલ્થ બેનીફીટ પોલીસીઓમાં ઘરે રહીને થતી સારવાર નો સમાવેશ થતો નથી હોતો. કોરોના કવચ પોલીસી અને રેગ્યુલર હેલ્થ/મેડીક્લેઈમ પોલીસી હેઠળ (જો ઘરે રહી ને સારવાર નો ખર્ચ એલાવ થતો હશે) કલેઈમ તો જ મળશે જો નીચે આપેલ શરતોનું પાલન થશે. :
    • વાસ્તવમાં તમારે હોસ્પિટલમાં રહીને સારવાર લેવાની થતી હોય છે, પરંતુ તમારે ઘરે રહીને સારવાર લેવી પડશે કારણ કે હોસ્પિટલમાં કોઈ બેડ ખાલી નથી અથવા તો હોસ્પિટલમાં દાખલ થવાની જરૂર નથી, જો આવું લખાણ માન્ય હોસ્પિટલના લેટર ઉપર ત્યાના કોઈ ઓથોરાઈઝ્ડ મેડીકલ પ્રેક્ટીશનર સાઈન અને સ્ટેમ્પ સાથે લખીને આપશે.
    • જયારે તમે ઘરે રહીને સારવાર લ્યો છો તે સમય દરમિયાન ઓથોરાઈઝ્ડ હોસ્પિટલના મેડીકલ પ્રેક્ટીશનર દ્વારા દરરોજ સ્વાથ્યની સ્થિતિની દેખરેખ થાય છે, તેનો એક રેકોર્ડ (ચાર્ટ) બનાવવાનો રહેશે અને તે રેકોર્ડમાં જે – જે સારવાર લેવામાં આવે છે તેનો પણ ઉલ્લેખ કરવાનો રહેશે. આ રેકોર્ડ (ચાર્ટ) તૈયાર થઈ ગયા પછી તેના પર આપની અને આપની સારવાર માટે આવતા ઓથોરાઈઝ્ડ હોસ્પિટલના ડોક્ટરની સહી કરાવાની રહેશે.
    • તમારા ઓથોરાઈઝ્ડ હોસ્પિટલના મેડીકલ પ્રેક્ટીશનરે પ્રિસ્ક્રાઇબ્ડ કરેલ હશે તો નીચેના ખર્ચાઓ મળવાપાત્ર થશે :
      • દવાઓ અને રીપોર્ટ માટેના ખર્ચ
      • Pulse Oximeter, Oxygen Cylinder, Nebulizer, PPE Kit ના ખર્ચ
    • ઘરેથી સારવાર માટેનો વધુમાં વધુ રૂ.૨૦,૦૦૦/- સુધીનો ખર્ચ મળવાપાત્ર છે. આ ખર્ચ BAJAJ ALLIANZ GENERAL INSURANCE CO. LTD. ની કોરોના કવચ પોલીસીમાં અને આ જ કંપનીની અમુક ચોક્કસ નક્કી કરેલ રેગ્યુલર હેલ્થ/મેડીક્લેઈમ પોલીસીમાં આપવામાં આવશે. IFFCO TOKIO GENERAL INSURANCE CO. LTD. અને STAR HEALTH AND ALLIED INSURANCE CO. LTD. મા કોરોના કવચ પોલીસીમાં હાલ કોઈ આવી લીમીટ આપેલ નથી.
    • TATA AIG GENERAL INSURANCE CO. LTD. ની રેગ્યુલર હેલ્થ/મેડીક્લેઈમ પોલીસીમાં Domiciliary Treatment નામના ફીચર્સમા નીચેની શરતો મુજબ ઘરેથી ઓછામાં ઓછા ત્રણ દિવસ કે તેનાથી વધારે દિવસો માટે કોરોનાની સારવાર લેવામાં આવશે તો જ ક્લેઈમ મળવાપાત્ર થશે. પરંતુ નર્સિંગ ચાર્જ, Pulse Oximeter, Oxygen Cylinder, Nebulizer માટે ક્લેઈમ મળવાપાત્ર નથી.
      • જયારે કોઈ વ્યક્તિ હોસ્પિટલ સુધી જઈ શકે તેવી હાલતમાં ન હોય.
        • જયારે હોસ્પિટલમાં કોઈ રૂમ ખાલી ન હોય ત્યારે.
  • HDFC ERGO HEALTH INSURANCE LTD. મા OPTIMA RESTORE નામની પોલીસીમાં કોરોના માટે ઘરેથી સારવાર લેવા માટે કોઈ લીમીટ આપેલ નથી. પરંતુ PPE કીટ માટે રીઝનેબલ ખર્ચ મળવાપાત્ર છે.
6. When insured person is hospitalized or treated at home are there any costs which cannot be covered by the Corona Kavach policy or regular Mediclaim policy? Ans. Every insurance company has a NON PAYABLES LIST for which the insurance company does not pay any claim amount in Corona Kavach policy or regular Mediclaim policy. The Policy Holder should ask for this list while taking any Mediclaim policy. This non-payable list is subject to change from time to time. (૬) તમે હોસ્પિટલમાં દાખલ થયા હોય કે ઘરે રહીને સારવાર લીધેલ હોય ત્યારે થયેલા એવા કોઈ ખર્ચાઓ છે કે જે ખર્ચાઓ કોરોનાના ક્લેઈમ માટે કોરોના કવચ પોલીસીમાં કે રેગ્યુલર હેલ્થ/મેડીક્લેઈમ પોલીસીમાં મળવાપાત્ર જ નથી? . જવાબ : દરેક ઇન્સ્યોરન્સ કંપનીનું એક NON PAYABLES LIST હોય છે કે જેના માટે ઇન્સ્યોરન્સ કંપની કોરોના કવચ પોલીસીમાં કે રેગ્યુલર હેલ્થ/મેડીકલેઈમ પોલીસીમાં કોઈ પણ પ્રકારનો કલેઈમ ચુકવતી નથી. આવું લીસ્ટ પોલીસી લેતી વખતે જ જાણી લેવું જોઈએ. આ ‘નોન પેયેબલ લીસ્ટ’ માં સમયાંતરે ફેરફાર થતા રહેતા હોય છે. 7. If a person is given treatment of another Illness along with Corona, when he is admitted to the hospital due to Corona, is he eligible for claim for the cost of treatment of that other Illness? Ans: Under the Corona Kavach policy, no other illness treatment costs can be claimed accept Corona. But if one has taken a regular Mediclaim policy, then the cost of treatment for Corona as well as for other illness treatment is payable as per the terms of that regular Mediclaim policy. (૭) જો કોઈ વ્યક્તિની કોરોનાની સાથે-સાથે અન્ય બીમારીની પણ હોસ્પિટલમાં સારવાર કરવામાં આવે છે તો કોરોના કવચ પોલીસી અને રેગ્યુલર પોલીસી હેઠળ તે અન્ય બીમારીની સારવાર ના ખર્ચનો ક્લેઈમ મળવાપાત્ર છે ? જવાબ : કોરોના કવચ પોલીસી હેઠળ માત્ર કોરોનાને લગતા જ ખર્ચાઓ નો કલેઈમ મળવાપાત્ર છે કોઈ બીજી બીમારીના સારવાર માટેના ખર્ચાઓ નો કલેઈમ મળશે નહિ. પરંતુ રેગ્યુલર હેલ્થ/મેડીક્લેઈમ પોલીસી લીધેલ હશે તો કોરોના અને બીજી પણ બીમારી માટે હોસ્પિટલમાં સારવાર લેવાના ખર્ચ જે તે રેગ્યુલર હેલ્થ/મેડીક્લેઈમ પોલીસી ની શરતો મુજબ મળવાપાત્ર છે. 8. If Policy Holder travels abroad after taking Corona Kavach policy and then comes back and diagnosed a Corona positive, will the claim be eligible in Corona Kavach policy and Regular Mediclaim policy? Ans. If Policy Holder has traveled abroad after taking the policy and the Corona comes positive after his return to India, the insurance company can reject the claim in the Corona Kavach policy but if you have taken a Regular Mediclaim policy, the claim will be eligible. (૮) કોરોના કવચ પોલીસી લીધા પછી કોઈ વિદેશમાં ટ્રાવેલ કરે છે અને ત્યાર પછી અહિયાં આવીને કોરોના થાય છે તો કોરોના કવચ પોલીસીમાં અને રેગ્યુલર પોલીસીમાં ક્લેઈમ મળવાપાત્ર થશે ? જવાબ : જો કોઈ પણ વ્યક્તિએ પોલીસી લીધા પછી વિદેશ ટ્રાવેલ કરેલ હશે અને તેના ભારતમાં પરત આવ્યા પછી કોરોના પોઝીટીવ આવશે તો ઇન્સ્યોરન્સ કંપની કોરોના કવચ પોલીસીમાં ક્લેઈમ રીજેક્ટ કરી શકે છે. પરંતુ રેગ્યુલર હેલ્થ/મેડીક્લેઈમ પોલીસી લીધેલ હશે તો ક્લેઈમ મળવાપાત્ર છે. – Please feel free to contact us for any type of your Insurance queries. – આપના ઈન્સ્યોરન્સ અંગેના કોઈ પણ પ્રશ્નો માટે વિના સંકોચ અમારો સંપર્ક કરી શકો છો. Ashutosh Insurance Services Insurance for your Life, Health and Assets Email : insurance@ashutoshfinserv.com. Mo. : +91 63587 55770, +91 70438 93388 Before taking any insurance please contact us for better understanding Disclaimer: Insurance is a subject matter of solicitation. Kindly find below link related to Coronavirus Kavach Policy FAQs. https://www.ashutoshfinserv.com/wp-content/uploads/2020/09/Coronavirus-Kavach-policy-FAQs.pdf Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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Investment Services

Invest In Sovereign Gold Bonds (SGB) And Enjoy Triple Advantage

BUY FROM US AT THE SAME TERMS AS ISSUED BY RESERVE BANK OF INDIA. The TRIPLE ADVANTAGE of investment in Sovereign Gold Bond are : ▪️ Investment in Gold without any levy of GST and rate difference on buying & selling. ▪️ Interest income @ 2.5% p.a. along with investment in Gold. ▪️ Tax Free gain on investment in Gold when bonds held till maturity. Reserve Bank of India had issued Sovereign Gold Bonds and the last tranche of the same ended on 4th Sept, 2020. If you intend to invest in these Bonds, it can be purchased from us on the same terms as they were issued by the Reserve Bank of India. These terms are as follows : ▪️ Sovereign Gold Bonds issued by RBI are available for resale from us on all the working days. ▪️ Available in the multiples of 1 gms. ▪️ The rate of gold for the purchase of Sovereign Gold Bonds shall be the rate of gold at the time of purchase on the website of India Bullion Jewellers Association (IBJA). ▪️ Eligible Interest rate of 2.5% p.a. paid on semi-annually basis. ▪️ Tenure: Original tenure 8 years, with an option to exit after the 5th year. ▪️ Tradable on the Stock Exchange. Taxation provisions : ▪️ Interest on these Sovereign Gold Bond is taxable. ▪️ Appreciation (Capital gain) of the amount received on maturity (after 8 years) is tax free. ▪️ Capital Gains on sale in the market is liable to Short Term Capital Gain (on holding below 3 years), Long term Capital Gain with indexation benefit applicable on holding above 3 years. GRAB THE OPPORTUNITY! JUST CALL US TO INVEST IN SOVEREIGN GOLD BONDS. Ashutosh Investment Services A Division of ASHUTOSH FINANCIAL SERVICES PVT. LTD. •Investments •Insurance •Income Tax & Estate Planning •NRI Services Mobile No.: +91 85112 20205 / 93773 35959 Email: relationship@ashutoshfinserv.com www.ashutoshfinserv.com You can share the details to your Friends, Relatives and Contacts who could be INTERESTED. Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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NRI Services

Special Tax Benefit For Non-Resident Indians (NRI)

▪️ Any Long-term capital gain on sale of shares of Indian Companies, listed and unlisted or any government securities will be exempt if the sale consideration is reinvested within 6 months into shares of Indian Companies , Deposits with Indian companies (including Indian Banks) or Government Securities. ▪️ The above relief is available under section 115F of the Income Tax Act (Chapter XII-A). ▪️ The sale consideration can be invested in deposits of top class Indian companies offering an interest above 7% p.a. ▪️ The investment made to claim the deduction has to be held for 3 years. ▪️ If sale consideration is partially invested, proportionate deduction is allowable. ▪️ This provision opens an opportunity for lucrative tax planning for NRI and an attractive investment opportunity simultaneously. For further details, contact us: Ashutosh NRI Services Mobile: +91 70435 93388 / 70430 88859 Email: nris2@ashutoshfinserv.com / nris1@ashutoshfinserv.com Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN. We invite NRIs to become our REFERRAL PARTNERS for promoting NRI Services globally with attractive terms.
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Insurance Services

Life Insurance Term Plan – Benefit, Sum Assured, Premiums – Compare And Buy The Best Suited To Your Needs.

Life insurance Term Plan is an insurance where you can get large amount of insurance at a small premium. A term plan is the pure form of life insurance. ◾ As you get a large Lump-sum amount on your death, you can secure your family after your death and provide financial protection to your family. ◾ This term plan can be taken by anyone between the ages of 18-65. Additional insurance can be taken based on their income, health status, and current life insurance amount. ◾ Flexibility of years of insurance and premium, for how many years you want life cover and for how many years you want to pay premium. ◾ 18 year old person will be able to take a term plan of Rs 1 Crore till he reaches the age of 65, only @ Rs. 24 premium per day. Same way 30 year old person can get @ 32/- rupees a day and 40 year old person can get @ 50/- rupees a day. ◾ Non-smoker and non-Tobacco user can get more benefit in premium. ◾ Women can get lower premium for insurance than men. ◾ You can also choose the option for refund of your all paid premiums after the end of the policy term. ◾ You can also choose additional riders such as a rider with to get a lump sum amount when critical illnesses occur or a rider with the benefit of accidental death. ◾ You can also get tax benefits under 80(C). ◾ We offer insurance plans of many companies, we suggest best plan suitable for you after comparing the plans of all these companies, with the lowest premium, best company and best features as per your requirement. Contact us to get the best insurance plan for you. Mob. No. : +91 6358755770, +91 7043893388 Email: rm.insurance@ashutoshfinserv.com Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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NRI Services

Tax Collected At Source (TCS) Provisions Are Not Applicable To Non-Resident Indians (NRIs)

  • There has been a lot of discussion in media over the Tax Collected at Source (TCS) imposed by the government from 1/10/2020.
  • Such TCS is NOT APPLICABLE for any Non-Residents remitting funds to and from India through their NRE bank account or through NRO bank account under the remittance of assets scheme.
  • However, it is applicable to residents sending funds abroad to their relatives or for making any investment abroad and such other fund transfers under the Liberalised Remittance Scheme (LRS) by resident Indians.
  • The TCS is not an additional tax that is imposed as the credit of it can be claimed against the final income tax liability. It is one more means of collecting Income Tax in advance by the taxpayer.
  • The purpose of TCS for the Income Tax Dept. is to monitor the transactions which are undertaken by the taxpayers.
For further details, contact us: Ashutosh NRI Services Mobile: +91 70435 93388 / 70430 88859 Email: nris2@ashutoshfinserv.com / nris1@ashutoshfinserv.com Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN. We invite NRIs to become our REFERRAL PARTNERS for promoting NRI Services globally with attractive terms.
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Income Tax And Estate Planning Services

A Simplified Understanding Of The Provision Of Tax Collected At Source (TCS) Applicable From Dtd. 01/10/2020

The provisions of TCS are applicable in three types of transactions under the Income Tax Act. The provisions of TCS will apply to any amount paid, that means the percentage of TCS has to be added to the payment amount. Those who have paid the amount of TCS, can claim credit of TCS against payment of Income Tax, just as TDS. There is a misunderstanding about TCS that TCS has created additional income tax liability but in fact this provision has been implemented by the Income Tax Department to monitor such financial transactions. Additional tax liability does not arise as credit of TCS is given as a set off from liability of Income Tax. A detailed understanding of the provisions of this newly introduced TCS are given below.
  • Provision of TCS on sale of goods in excess of Rs. 50 lakh.
If the annual turnover of your firm is more than Rs. 10 crore in previous year 2019-20 and you have sold the goods of more than Rs. 50 Lakhs in the current financial year to single party and if its payment is received after 01/10/2020, then payment has to be taken by adding TCS @ 0.075 % (TCS rate upto 31/03/2021 is 0.075% then after 0.1%), which means this provision is applicable to any single party to whom sale has been made of more than Rs. 50 Lakhs. For calculation of TCS, limit of Rs. 50 Lakhs is for entire financial year. Here, it should be noted that obligation to pay TCS arises not when the bill is made but when the payment is received. Here, we have provided a link of FAQs and practical examples as a part of detailed explanation of liability of TCS on sale of goods. Link : https://www.ashutoshfinserv.com/wp-content/uploads/2020/10/TCS-FAQs-in-English-Ashutosh-Financial-Services-Pvt.-Ltd.-1.pdf
  • Provision of TCS on expenses incurred for the purpose of foreign travel:
The Overseas Tour Program package, which includes travel, hotel lodging as well as boarding or other expenses for the purpose of traveling abroad, are sold by any tour operator, TCS will be charged at the rate of 5% on the amount charged for tour package from the buyer.
  • Provision made for collection of TCS at the time of remittance abroad:
There is provision of TCS that if any person sends an amount more than Rs. 7 Lakhs to any person in foreign country for investment, gift or maintenance purpose under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS), then TCS will be levied at the rate of 5% on the amount of remittance exceeding Rs. 7 Lakhs. Here, it is important to note that there have been discussions in media that the provisions of TCS will be applicable to Non-Resident Indians (NRIs) too. However this provision applies only to resident Indians who remit the money under the Liberalised Remittance Scheme (LRS). The provision is NOT APPLICABLE for any Non-Residents remitting funds to and from India through their NRE bank account or through NRO bank accounts under the remittance of assets scheme. For more information please contact us: Mobile No. : +91 93769 62244 / 70435 24242 Email: lawserve@ashutoshfinserv.com Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN. We invite NRIs to become our REFERRAL PARTNERS for promoting NRI Services globally with attractive terms.
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Income Tax And Estate Planning Services

Practical Examples With Questions & Answer For Understanding The Calculation Of Tax Collected At Source (TCS)

  • On which amount TCS shall be collected?
TCS is to be levied only on the amount above Rs. 50 lakhs i.e. if Rs. 60 lakhs is received from a single person during the financial year for sale of goods then TCS to be collected on amount of Rs. 10 Lakhs @ 0.075% (i.e. after deducting the amount of Rs. 50 Lakhs from Rs. 60 Lakhs and then after TCS has to be paid in every month on amount in excess of Rs. 50 Lakhs). If goods of more than Rs. 50 Lakhs is sold before 01/10/2020 (i.e. Bill has made) and its payment received after 01/10/2020 then also TCS to be levied on amount received after 01/10/2020. Illustration 1: Sales made to a buyer is less than Rs. 50 Lacs up to 30-09-2020:
1 Sales up to 30-09-2020 Rs. 35 lacs
2 Amount received up to 30-09-2020 Rs. 25 lacs
3 Invoices raised from 01-10-2020 Rs. 30 lacs
As TCS shall be applicable beyond receipts of Rs. 50 Lacs. Therefore, on the initial receipt of Rs. 25 Lacs after 01-10-2020, TCS shall not be applicable. Consequently, TCS shall be applicable on Rs. 15 Lacs [Rs. 35 Lacs + Rs. 30 Lacs – 50 Lacs] as and when total Rs. 65 Lacs shall be received. Illustration 2: Sales made to a buyer is more than Rs. 50 Lacs up to 30-09-2020:
1 Sales up to 30-09-2020 Rs. 65 lacs
2 Amount received up to 30-09-2020 Rs. 30 lacs
3 Invoices raised from 01-10-2020 Rs, 20 lacs
As TCS shall be applicable beyond receipts of Rs. 50 Lacs. Therefore, on the initial receipt of Rs. 20 Lacs after 01-10-2020, TCS shall not be applicable. Consequently, TCS shall be applicable on Rs. 35 Lacs [Rs. 65 Lacs + Rs. 20 Lacs – Rs. 50 Lacs] as and when whole amount of Rs. 85/- lacks will be received. Illustration 3: Amount received from a buyer is more than Rs. 50 Lakh up to 30-09-2020:
1 Sales up to 30-09-2020 Rs. 65 Lacs
2 Amount received up to 30-09-2020 Rs. 55 Lacs
3 Invoices raised from 01-10-2020 Rs. 20 Lacs
As provision of TCS implemented from 01-10-2020, therefore TCS cannot be charged on collections made prior to 01-10-2020. Therefore, in this case, TCS shall be charged on the receipt of amount on or after 01-10-2020 i.e. on Rs. 30 Lacs [Rs. 65 Lacs + Rs. 20 Lacs – Rs. 55 Lacs].
  • Whether TCS is to be collected on the amount of sale including GST?
The FAQ issued by the Income Tax Department on TCS, provides that “the amount debited to the account of buyer or payment shall be received by seller inclusive of GST. As such, TCS to be collected on inclusive of GST.”
  • Which types of transactions will not be subject to TCS?
Export and import transactions and transactions on which TDS has to be deducted or TCS has to be collected under other section of any other law, than TCS will not be levied on such transactions.
  • When to deposit TCS amount?
The amount of TCS collected @ 0.075 % should be deposited in the government before 7th of the month following the month in which the payment was received and its quarterly return must be filed in Form no. 27EQ.
  • In the case of non-availability of PAN of the buyer, what shall be rate at which TCS to be collected?
Section 206C(1H) specifically provides that TCS shall be collected at the rate of 1% of sale consideration in case buyer of the goods fails to provide its PAN.
  • How and when to charge TCS from buyer?
There are two options available to collect TCS from Buyer (1) The TCS can be collected by charging through invoice. (2) The TCS can be collected by charging through debit note. For more information please contact us Mobile No. : +91 93769 62244 / 70435 24242 Email: lawserve@ashutoshfinserv.com Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN. We invite NRIs to become our REFERRAL PARTNERS for promoting NRI Services globally with attractive terms.
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Investment Services

Increasing Significance Of Financial Assets In Personal Investments For Residents As Well As Non-Resident Indians (NRI)

WHAT ARE FINANCIAL ASSETS?
  • Financial assets are investments in fixed income, equity, insurance, precious metals in dematerialized form, etc. They have started gaining increasing significance in the recent times.
WHAT ARE PHYSICAL ASSETS?
  • Physical assets are real estate & precious metals (gold & silver). They have been lucrative investment avenues pursued often over time.
REASONS FOR INCREASING SIGNIFICANCE OF FINANCIAL ASSETS
  • Limited Appreciation Opportunity in current times
  • Physical assets as an investment avenue is not considered very attractive considering the availability of abundant unutilized real estate in India.
  • Depreciation in constructed real estate properties leads to further erosion in value from an investment perspective.
Liquidity
  • In these challenging times, liquidating physical assets, especially real estate, is becoming extremely challenging considering the market scenario.
  • As compared to that, any financial assets can be liquidated virtually at anytime from anywhere without any major efforts.
Management
  • Maintaining & Safe-Keeping physical assets not only demands resources, but also a lot of time and efforts.
  • It becomes utmost difficult to spare precious time at the cost of our professional and personal life.
Next generation
  • The next generation is lacking the interest for managing physical assets. Moreover, they look for wider professional opportunities and do not prefer to remain confined to a particular geography.
  • With such an ideology, it becomes even more difficult to manage & liquidate inherited physical assets from a distant place.
Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN. We invite NRIs to become our REFERRAL PARTNERS for promoting NRI Services globally with attractive terms.
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Investment Services

Interest Rates On Fixed Deposits Of Bajaj Finance Ltd. Set To Decline From 02nd Nov, 2020

Interest rates on fixed deposits of Bajaj Finance Ltd. set to decline from 02nd Nov, 2020. INVEST BEFORE THE INTEREST RATES ARE REDUCED Bajaj Finance Ltd. is so far offering the most attractive interest rates on their FDs and it is now in news that Bajaj Finance is going to reduce ROI by 2nd Nov, 2020 and it is expected to reduce by 0.70% to 0.90% down. Highlighted features of Bajaj Finance – Fixed Deposit:
  • Offering upto 7.10% for 5 years of deposit till 01st Nov, 2020.
  • Receive interest monthly, quarterly, half yearly and annually.
  • 0.25% extra for Senior citizens.
  • Highest safety ratings of FAAA by CRISIL and MAAA by ICRA.
Stock market capitalization of Bajaj Finance is 1,94,756 Cr. where as SBI is 1,80,500 Cr.
  • NRI can also invest from NRO bank account.
  • Automatic credit of funds on maturity.
Inquire at: Mobile: +91 85112 20205 / 93773 35959 Email: relationship@ashutoshfinserv.com Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN. We invite NRIs to become our REFERRAL PARTNERS for promoting NRI Services globally with attractive terms.
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NRI Services

For Non-Resident Indians Based In U.A.E. & Other Gulf Countries

We had recently organized a webinar exclusively for Non-Resident Indians of U.A.E. & Other Gulf Countries on the topic ‘BURNING QUESTIONS OF U.A.E. & OTHER GULF COUNTRIES NRIs’. We are sharing with you the questions asked in the session along with relevant answers which you can share with your friends, relatives and contacts in U.A.E. & Other Gulf Countries. Link of  Question and Answer We are also sharing our other webinar links that we had recently conducted for Non-Resident Indians on the topics: IMPORTANT REGULATIONS & INVESTMENT RATIONALE FOR NRI IN PRESENT TIMES: https://youtu.be/hQXZll75HK4 OVERVIEW OF NRI TAXATION WITH RECENT AMENDMENTS IN FINANCE ACT. 2020: https://youtu.be/0JJJPkLlO6w We are a one stop solution for NRI for all financial & taxation needs providing the below mentioned services:
  1. Investment options in India and aboard for NRI.  a. Mutual Funds in India.  b. Portfolio Management Services (PMS).  c. US Equity. d. Fixed deposits of reputed companies.
  2. All types of Insurance offerings in India for NRIs.
  3. Complete Indian income tax compliance.
  4. Preparing consolidated report for Indian income and assets for Foreign tax compliance.
  5. Advising to NRI as per the rules and regulations of FEMA & RBI.
Please feel free to discuss your concerns and contact us at: Mobile: +91 70435 93388 / 70430 88859 Email: nris2@ashutoshfinserv.com Follow us using Ashutoshfinserv at FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN to receive all the latest information from finance world. We invite NRIs to become our REFERRAL PARTNERS for promoting NRI Services globally with attractive terms.
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NRI Services

Burning Questions Of UAE & Other Gulf Countries Non-Resident Indians (NRIs)

Q.  How are NRIs from UAE/Gulf countries different from NRIs in US, UK, Canada, Australia, etc.?
UAE & Gulf Country NRIs Other Country NRIs (U.S.A., U.K., Canada, Australia, etc.)
1. No citizenship entitlements Gradual progression towards citizenship.
2. High probability of returning back to India. Low probability of returning back to India.
3. Investments are mainly concentrated towards India. Limited exposure to investments in India.
Q.  What should a person do before leaving India to become an NRI?
  • Execute documents with banks to redesignate Resident Indian bank accounts to NRO A/c.
  • Execute documents to open a NRE bank account.
  • Execute documents to redesignate status in investments like Mutual Funds, Shares (Demat A/c), etc. to NRI status.NRI can continue holding shares purchased in the demat account on non-repatriable basis.
  • Open a NRE-PIS account if you want to trade in shares on a regular basis.
Q.  What should an NRI do before coming back to India from abroad permanently from compliance perspective? NRI returning to India for permanent settlement may continue to hold or own all types of foreign Assets
  • foreign currency,
  • foreign securities,
  • bank deposits,
  • Immovable properties if the same were held/owned by them when he was residing abroad for unlimited amount and for unlimited period, irrespective of the amount.
They are also allowed to gift such acquired property to any relative* including the person who is resident of India. Foreign Assets: Returning NRI are also allowed to purchase and sale the above mentioned foreign assets. However the payment for such purchase is to be made from Resident Foreign Currency (RFC) account maintained with bank in India for unlimited amount and for unlimited period, irrespective of the amount. An resident holding any foreign assets or has signing authority in any foreign account is compulsorily  required to  file the income tax return irrespective of the  amount of taxable income under Section 139(1). Procedure by NRI on Return to India:
Authorities Action
Insurance companies, Mutual Funds, shares held in companies Inform regarding the status of change from Non resident to Resident.
Bank Accounts Inform regarding the status of change from Non resident to Resident and convert the various bank accounts.
 
Old Bank Account New Bank Account
NRO Account Resident Saving Account
NRE Account Resident Savings account or Resident Foreign Currency Account(RFC) Account
FCNR Account Can be continued till maturity
Taxability of returning NRI Bank Interest Income
Account R & OR R but NOR  Non Resident
FCNR Account Deposit* Taxable Exempt Exempt
RFC Account Taxable Exempt Exempt
NRE Account converted to  Resident savings Account* Taxable** Taxable Not Applicable
NRE Account converted to RFC Account* Taxable Exempt Not Applicable
*  NRI are allowed to hold the FCNR and NRE term deposits till maturity with the      same interest rate, until completion of the term. **Interest is taxable in India from the date of return to India and conversion to Resident savings account. Note: Interest on any deposits & debenture interest taxable at concessional rate of 20% for returning NRI under section 115H. Q.  How can an NRI transfer the funds to India and take those funds back abroad?
  • Transfer can be made to NRO, NRE A/c of self or gift to relatives under Income Tax Act (section 56) or remittances to own account are tax free in India.
  • Transfer of funds abroad: From NRE A/c: Freely repatriable without limit From NRO A/c: Under the ‘Remittance of Assets’ scheme of RBI up to USD 1 million per person per year.
Q.  What are the Income Tax compliances that an NRI has to undertake?
  • Non resident under the Indian Income Tax Act.
  • Only income which is sourced from India is taxable in India.
  • Income Tax Return is required to be filed by a NRI only in respect of Indian Incomes on which appropriate taxes are to be paid or refund can be claimed.
  • Foreign Assets and foreign incomes of NRI are outside the jurisdiction of the Indian tax authorities
  • Who is required to file Income Tax return in India?
  1. Person whose income exceeds Rs. 2.5 lakhs in India (before giving effect of deductions under Chapter VI-A and certain capital gains exemptions).
  2. Person who wants to claim refund of any taxes which have been withheld (TDS deducted).
  3. Following categories of persons irrespective of the income:
    1. Deposited an amount exceeding Rs.1 crore in current accounts by any mode during the year.
    2. Has incurred electricity expenditure in aggregate exceeding Rs.1 lakh during the year.
Incurred an expenditure exceeding Rs. 2 lakh on travel out of India from Indian bank account during the year for himself or any other person. Q.  What are the issues faced by an NRI in buying/selling any immovable property in India with regard to procedural aspects?
  • Immovable property can be freely purchased and sold by NRI in India without any restriction through NRO bank A/c on a non-repatriable basis.
  • NRI cannot engage in real estate business in India, i.e. involving buying and selling on a regular basis to derive profit.
  • Sale proceeds of two residential house (purchased from foreign exchange) properties are repatriable without any limit. Further sale of residential properties will fall within the remittance of assets scheme for NRI.
How is income on sale of immovable property taxed for NRI in India?
Type of Income Taxation levy for NRI TDS rate (withholding tax rate)
Sale of Immovable Assets including Agricultural Land located within specified area. Period of holding more than 2 years – Long Term Capital Gain. 20% Tax after indexation on Capital Gain.  (U/s. 112) 20% on the capital gains (U/s. 195)
Period of holding less than 2 years – Short Term Capital Gain. At slab rates. (U/s. 112) 30% + surcharge (if applicable) (U/s. 195)
Q.  What are the most suitable investment options for an NRI in India?
  • Fixed Income Investments:
    • Fixed deposits of reputed companies in India through NRO bank A/c
    • NRE Fixed Deposits
  • FCNR term deposits
  • Equity Investments:
    • Investment in equity shares
    • Investment in Equity Mutual Funds
    • Investment in Portfolio Management Services (PMS)
Q.  Why should an NRI invest in $ terms to maintain global diversification in the investment portfolio?
  1. Participate in the best global corporations
  2. Geographical Portfolio Diversification
  3. U.S. Dollar denominated exposure
  4. Attractive Valuations
  5. Corpus for foreign currency expenditures
  6. Rich dividend yield
U.S. Dollar denominated exposure
  • Depreciation of the Indian Rupee in the last few years.
July 2014 July 2015 July 2016 July 2017 July 2018 July 2019 July 2020
60.555 63.988 66.655 64.200 68.460 68.875 74.918
Indian Rupee has depreciated against the US$ at the rate of 3.61% p.a. on a compounded basis in last six years. Q.  How can an NRI invest in $ terms to maintain global diversification in the investment portfolio? Q.  What are the differences between a Mutual Fund and a Portfolio Management Service (PMS)?
Equity based Mutual Fund Equity based PMS
1. No requirement of any Account. 1 Operations by a Portfolio Manager through PIS Account.
2. Taxation on each sale Short term gain : 15%Long term gain : 10%On dividend income: Tax free in the hands of Mutual Fund. 2 Taxation: On sale Short term gain : 15%Long term gain : 10%On dividend income: 20%.
3 Restrictions: Restriction on percentage of allocation by the fund towards a particular script or sector. 3 Restrictions: (On repatriable basis) Sectoral and company specific caps for NRI.
4 Minimum Investment: Rs. 500 4 Minimum Investment: Rs. 50 lakhs
5 Inflow or outflow by other investors has an impact on the investment. 5 There is no impact of transactions of other investors on our investment.
Q.  What is a Double Taxation Avoidance Agreement (DTAA) and how does it impact an NRI?
  • Double Taxation Avoidance Agreement (DTAA) is agreements entered into between countries, between India and another foreign state.
  • The basic objective is to avoid, taxation of income in both the countries (i.e. Double taxation of same income) and to promote and foster economic trade and investment between the two countries.
  • ALL BENEFITS of DTAA are available to respective Tax residents. To become a tax resident of UAE, stay in UAE should exceed 183 days in the relevant calendar year.
Q.  What are the tax concessions available in DTAA for an NRI from UAE/Gulf Countries? Major Tax concession in DTAA with U.A.E., Oman, Qatar & Kuwait
  • Capital Gains on sale of Mutual Funds (Debt based or Equity based being short term or long term) and bonds cannot be subjected to tax in India for tax residents of UAE.
    • ITO (IT) 2(1) Mumbai vs. Shri Satish Beharilal Raheja ITA NO.4627/Mum/2009
    • The Dy. Commissioner of Income-tax (International Taxation) Kochi vs. Sri.K.E.Faizal ITA No.423/Coch/2018
Rates under Indian Income Tax Type of income in India
Dividend Interest
20% + Surcharge (If applicable) Slab rates
Concessional Rates in DTAA
Sr. No. Country of tax residence Type of income in India
Dividend Interest
1  UAE 10% 12.50%
2  Oman 12.50% 10%
3  Saudi Arabia 5% 10%
4  Kuwait 10% 10%
5  Qatar 10% 10%
Q.  Can an NRI from UAE take Insurance policy from India and is it worth taking? Following options of insurance are available in India for an NRI:
  • ULIP – An Insurance plan combining the features of investment (as per the choice of policyholder) and insurance risk cover over the life of the insured.
  • Guaranteed Return Income Plans – A lucrative Insurance plan for retirement planning, assuring tax free return of premium payments at an attractive rate of return in future, in parts or full along risk cover over the life of the insured.
  • Term Plans – An affordable insurance plan, providing financial protection to the nominee in case of death of the person insured.
Please feel free to discuss your concerns and contact us at: Mobile: +91 70435 93388 / 70430 88859 Email: nris2@ashutoshfinserv.com Please forward this message to your friends, relatives and contacts who could be interested. Follow us using Ashutoshfinserv at FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN to receive all the latest information from finance world. We invite NRIs to become our REFERRAL PARTNERS for promoting NRI Services globally with attractive terms.
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Investment Services

Strategy For Investment In U.S. Equity In The Wake Of Upcoming Presidential Elections

WHEN ARE THE U.S. PRESIDENTIAL ELECTIONS AND WHAT IMPACT CAN IT HAVE ON THE FINANCIAL MARKETS?
  • The elections are primarily scheduled on November 3 & 4 for voting in person.
  • However, voters can also vote through postal ballots for a week or two after that as per the guidelines laid for the respective states. A clear picture could be available within 2-3 weeks after that since the postal voting will continue till November 20 in a few states.
  • The result trends of the election could be figurable from the voting days itself. The trends of the results before and after the voting process may start becoming visible in the price movements of the stocks.
WHAT COULD BE THE STRATEGY FOR INVESTING IN U.S. MARKETS IN SUCH TIMES?
  • To invest in such uncertain times, we believe that it is best to follow the system of averaging the costs of acquisition.
  • An investor can begin investing from October 29 (when the poll predictions could begin) and continue till November 25 (when the result could be fairly clear).
  • There will be 20 trading sessions between the above two dates (including the two days) when someone can park the investments.
  • We believe that an investor with a long term approach should spread the investment equally in 20 installments to average out the market volatility.
  • We can revise the strategy in an exceptional scenario by accelerating or deaccelerating the planned investments.
To invest in U.S. markets, visit our platform: https://ashutoshfinserv.vested.co.in/ For any further details, Contact us: Mobile: +91 85112 20205 / 93773 35959 Email: relationship@ashutoshfinserv.com Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN. We invite NRIs to become our REFERRAL PARTNERS for promoting NRI Services globally with attractive terms. Disclaimer: We do not intend to provide any investment advice in any manner through the above message. It is only a knowledge-sharing exercise in good faith.
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Insurance Services

An Attractive Option Comparable To Fixed Deposit, Tax Free Bonds, Perpetual Bond Investments.

ARE YOU LOOKING FOR A FIXED INCOME INVESTMENT OPTION? An attractive option comparable to Fixed Deposit, Tax Free Bonds, Perpetual Bond, etc.. GUARANTEED INCOME INSURANCE PLAN from different Insurance companies offer many plans suitable for you like : 1. You pay for 5,6,8,10,12,etc years and get lump sum amount back with guaranteed income at 10 years to 40 years. 2. You pay for 5,6,8,10,12, etc years and get an attractive income back guaranteed every year till your age of 99 years and also get back full amount which you paid via yearly premium. Please note that you or your nominee is confirmed to receive yearly payment till this period of time. 3. You pay for single or 5 or 10 premiums and get lifelong guaranteed tax free income every year. Assured Income : 5.04 to 5.867% (Tax Free). Effective return for 31.2% tax paying individual: Approx 7.33% to 8.546%. WE ARE NOT COUNTING THE BENEFIT OF LIFE INSURANCE HERE. You can say Life Insurance in the above plans is FREE. This is a tax free income product so it is the best suited plan for NRIs as there is no need to bother for yearly compliances. Think Smartly – INVEST IN INDIA’S ONE OF THE LONGEST DURATION guaranteed income cum Insurance option. Please refer JPG file attached herewith for better understand. For more details please contact us. Before taking any insurance please contact us for better understanding Mob. No. : +91 6358755770, +91 7043893388 Email: rm.insurance@ashutoshfinserv.com Follow us using Ashutoshfinserv at Facebook , Instagram , Youtube , Twitter & Linkedin. We invite NRIs to become our REFERRAL PARTNERS for promoting NRI Services globally with attractive terms. Disclaimer: Insurance is a subject matter of solicitation.
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Investment Services

Invest In Sovereign Gold Bonds (SGB) This Diwali And Enjoy Triple Advantages

 INVEST IN SOVEREIGN GOLD BONDS (SGB) THIS DIWALI AND ENJOY TRIPLE ADVANTAGES. ➡️ IS IT WORTHWHILE TO INVEST IN GOLD? 🔳 In the last year (Samvat 2076), gold has delivered extraordinary returns outperforming all other asset classes. 🔳 The same trend was witnessed during the global financial crisis in 2008. 🔳 This proves the fact that after allocating investments towards Equity & Fixed Income, certain allocation towards gold can act as a shield during such uncertain times in financial markets. ➡️ THE TRIPLE ADVANTAGES OF INVESTMENT IN SOVEREIGN GOLD BONDS ARE: 🔳 Investment in Gold without any levy of GST and rate difference on buying & selling. 🔳 Interest income @ 2.5% p.a. on the value of investment in Gold. 🔳 Tax Free gain on investment in Gold when bonds held till maturity. ➡️ INVEST IN SERIES VIII OF THE SOVEREIGN GOLD BOND SCHEME OF THE RESERVE BANK OF INDIA: 🔳 From 9th Nov 2020 to 13th Nov 2020. 🔳 Available in the multiples of 1 gms. 🔳 The current market price (as on 9/11/20) of 10 gms gold is Rs. 52420. 🔳 Such Bonds are available at the rate of Rs. 51,270/- (Rs. 51,770 – Rs. 500 Discount) under the Sovereign Gold Bond Scheme. 🔳 There is a Direct benefit of Rs. 1150 per 10 gms of gold purchase through Sovereign Gold Bonds route. 🔳 Tenure: Original tenure 8 years, with an option to exit after the 5th year. ➡️ TAXATION PROVISIONS 🔳 Interest income on the Sovereign Gold Bonds is taxable. 🔳 Appreciation (Capital gain) of the amount received on maturity (after 8 years) is tax free. 🔳 Capital Gains on sale in the market are liable to Short Term Capital Gain (on holding below 3 years) & Long term Capital Gain with indexation benefit (on holding above 3 years). ➡️ CELEBRATE THIS DIWALI WITH THE NEW AGE METHOD OF INVESTING IN GOLD! JUST CALL US TO INVEST IN SOVEREIGN GOLD BONDS. For any further details, Contact us: Mobile: +91 85112 20205 / 93773 35959 Email: relationship@ashutoshfinserv.com Follow us using Ashutoshfinserv at Facebook, Instagram , Youtube , Twitter & LinkedIn to receive all the latest information from finance world.. We invite NRIs to become our REFERRAL PARTNERS for promoting NRI Services globally with attractive terms
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NRI Services

Importance Of An Overseas Citizen Of India (OCI) Card For An Non-Resident Indian (NRI)

IMPORTANCE OF AN OVERSEAS CITIZEN OF INDIA (OCI) CARD FOR AN NON-RESIDENT INDIAN (NRI) ➡️ What is an Overseas Citizen of India (OCI) Card? 🔳 Overseas Citizen of India (OCI) Card is a form of immigration status permitting a foreign citizen of Indian origin to have meaningful connection with the Republic of India indefinitely. 🔳 An NRI must register as Overseas Citizen of India Cardholder under section 7A of the Citizenship Act, 1955 to become an OCI. ➡️ Why is it important to have an OCI Card for an NRI? 1. An OCI Card enables a person multiple entry, multi-purpose life long visa to visit India. 2. It is mandatory for an NRI to have an OCI Card as per the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 to: a. Acquire any immovable property in India as per Chapter IX of the NDI Rules, 2019. b. Invest in shares of any Indian company or any mutual funds or other securities permitted for NRIs as per Schedule III & IV of the NDI Rules, 2019. c. Start a business in India in form of a proprietorship or partnership firm as per Schedule IV & VI of the NDI Rules, 2019. ➡️ How to register oneself as a OCI cardholder? 🔳 Applications for OCI can only be made online at www.ociservices.gov.in. 🔳 A person making an application is required to submit a photograph, along with application fee and several identification documents to prove the eligibility criteria. 🔳 It is mandatory to make fresh application for OCI Card on issuance of new passport in certain cases. ➡️ Conclusion 🔳 Holding an OCI Card is a must to engage in any meaningful financial transactions in India. 🔳 Several NRIs are unaware of this important provision. For further details, contact us: Ashutosh NRI Services Mobile: +91 70435 93388 / 70430 88859 Email: nris2@ashutoshfinserv.com / nris1@ashutoshfinserv.com We invite NRIs to become our REFERRAL PARTNERS for promoting NRI Services globally with attractive terms.
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Insurance Services

Have You Incurred Any Expenses; Which Could Be Claimed Under Any Insurance Policy?

HAVE YOU INCURRED ANY EXPENSES; WHICH COULD BE CLAIMED UNDER ANY INSURANCE POLICY? CHECK UP TO MAKE SURE; THE EXPENSES COULD BE ELIGIBLE FOR CLAIM. Some of the features for which normally people don’t claim from their insurance policies. For example Health Insurance: ◾Expenditure on medical checkup. ◾Second opinion of an expert Doctor. ◾Daily cash expenses over and above medical expenses, for ‘Add on’ which may help to get the full claim amount. Motor Insurance: ◾Passenger insurance for two wheeler. ◾Engine protector benefit is allowed although accident has not happened. Workman Compensation Insurance: ◾Workman compensation insurance also covers accidental insurance while employee is travelling for the company work or ◾Travelling to come to the work place from home or ◾Travelling to go to home from work place. Personal Accident Insurance: ◾Fracture related OPD treatment is allowed under some good personal accident insurance plans. Travel Insurance: ◾If flight gets delayed, one is eligible to claim for compensation. ◾If you meet with accident, insurance company can pay for the liability of opposite party’s claim amount. Check your policies for these types of features. You can also consult us to understand your policy features. Contact us on: Email: insurance@ashutoshfinserv.com Mobile:: +91 63587 55770 / 70438 93388 Before taking any insurance please contact us for better understanding. Disclaimer: Insurance is a subject matter of solicitation. Please forward this message to your friends, relatives and contacts who could be interested. We invite NRIs to become our REFERRAL PARTNERS for promoting NRI Services globally with attractive terms.
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Investment Services

Launch Of New Portfolio For Investment In Foreign Equity – Futuretech

LAUNCH OF NEW PORTFOLIO FOR INVESTMENT IN FOREIGN EQUITY – FUTURETECH ➡️ We are excited to launch a contemporary U.S. portfolio comprising of next generation companies focusing on ideas that are the future of global technology & innovation. ➡️ The companies are engaged in disruptive technology infrastructure themes such as AI, IoT, Cloud, 5G, Big Data, Robotics, Analytics, Cybersecurity, etc. ➡️ Such ideas have practical application in futuristic innovations such as Battery Electric Vehicles (EVs), Industry 4.0, Autonomous Cars, Virtual Reality, Smart Wearables, etc. ➡️ The description, along with suitability and portfolio weights & composition is stated in the attached PDF file. ➡️ To invest in U.S. markets, visit our platform: https://ashutoshfinserv.vested.co.in/ For any further details, Contact us: Mobile: +91 85112 20205 / 93773 35959 Email: relationship@ashutoshfinserv.com Follow us using Ashutoshfinserv at Facebook, Instagram , Youtube , Twitter & LinkedIn to receive all the latest information from finance world.. Disclaimer: We do not intend to provide any investment advice in any manner through the above message. It is only a knowledge-sharing exercise in good faith.
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Investment Services

Lucrative Opportunity To Invest In Global Healthcare Companies In The Race To Discover The Covid-19 Vaccine

LUCRATIVE OPPORTUNITY TO INVEST IN GLOBAL HEALTHCARE COMPANIES IN THE RACE TO DISCOVER THE COVID-19 VACCINE  ➡️ We bring before you another U.S. equity portfolio – HealthMagic, comprising of companies engaged in research for the much awaited Covid-19 vaccine, along with several other healthcare companies. ➡️ This thematic healthcare portfolio consists of companies who are pioneers in medical innovation and therapies developed across the world in the pharmaceutical and biotechnology industry. ➡️ They are engaged in vaccine manufacturing as well as other pharma and biotech activities with strong expertise in their respective segment with a promising stock price future performance. ➡️ The description, along with suitability and portfolio weights & composition is stated as below.
No. Name Symbol
1. Pfizer PFIZER
2. Moderna MRNA
3. AstraZeneca AZN
4. Johnson & Johnson JNJ
5. Novavax, Inc. NVAX
6. GlaxoSmithKline plc GSK
7. Sanofi S.A. SAN
8. McKesson Corporation MCK
9. Regeneron Pharmaceuticals, Inc. REGN
10. Amgen Inc. AMGN
11. Edwards Lifesciences Corp EW
12. Abott Laboratories ABT
13. Zoetis Inc. ZTS
14. West Pharmaceutical Services Inc WST
15. Eli Lilly and Company LLY
16. Intuitive Surgical, Inc. ISRG
17. Thermo Fisher Scientific, Inc. TMO
About the companies: 1. Pfizer Pfizer is an American multinational pharmaceutical corporation that develops and produces medicines and vaccines for a wide range of medical disciplines, including immunology, oncology, cardiology, endocrinology, and neurology. 2. Moderna Moderna is an American biotechnology company focusing on drug discovery, drug development and vaccine technologies. 3. AstraZeneca AstraZeneca plc is a British-Swedish multinational pharmaceutical and biopharmaceutical company having a portfolio of products for major disease areas including cancer, cardiovascular, gastrointestinal, infection, neuroscience, respiratory and inflammation. 4. Johnson & Johnson Johnson & Johnson is an American multinational corporation that develops medical devices, pharmaceutical, and consumer packaged goods. Its brands include numerous household names of medications and first aid supplies. 5. Novavax, Inc. Novavax, Inc. is an American vaccine development company engaged in development of several notable vaccines globally. 6. GlaxoSmithKline plc GlaxoSmithKline plc (GSK) is a British multinational pharmaceutical company into pharmaceuticals, vaccines, consumer healthcare, etc. 7. Sanofi S.A. Sanofi S.A. is a French multinational pharmaceutical company into research and development, manufacturing and marketing of pharmaceutical drugs covering the seven major therapeutic areas. 8. McKesson Corporation McKesson Corporation is an American company distributing pharmaceuticals and providing health information technology, medical supplies, and care management tools. 9. Regeneron Pharmaceuticals, Inc. Regeneron Pharmaceuticals, Inc. is an American biotechnology company focused on neurotrophic factors and their regenerative capabilities. 10. Amgen Inc. Amgen Inc. is an American multinational biopharmaceutical company focused on molecular biology and biochemistry with its goal to provide a healthcare business based on recombinant DNA technology. 11. Edwards Lifesciences Corp Edwards Lifesciences is an American medical technology specializing in artificial heart valves and hemodynamic monitoring. 12. Abbott Laboratories Abbott Laboratories is an American multinational medical devices and health care company selling medical devices, diagnostics, branded generic medicines and nutritional products. 13. Zoetis Inc. Zoetis Inc. is the world’s largest producer of medicine and vaccinations for pets and livestock. The company was formerly a subsidiary of Pfizer and currently sells the products in more than 100 countries with nearly 50% of the total revenue arising outside U.S.A. 14. West Pharmaceutical Services Inc West Pharmaceutical Services, Inc. is a designer and manufacturer of injectable pharmaceutical packaging and delivery systems for the healthcare and consumer products markets. 15. Eli Lilly and Company Eli Lilly and Company is an American pharmaceutical company manufacturing psychiatric medications and several other renowned vaccines, including the polio vaccine and insulin. Its products are sold in approximately 125 countries. 16. Intuitive Surgical, Inc. Intuitive Surgical, Inc. is an American corporation that develops, manufactures, and markets robotic products designed to improve clinical outcomes of patients through minimally invasive surgery, most notably with the da Vinci Surgical System. 17. Thermo Fisher Scientific, Inc. Thermo Fisher Scientific is an American provisioner of scientific instrumentation, reagents and consumables, and software and services to healthcare, life science, and other laboratories in academia, government, and industry (including in the biotechnology and pharmaceutical sectors). HEALTHMAGIC – U.S. EQUITY PORTFOLIO ➡️ Grab this lucrative opportunity of participating in the innovation that the world awaits in the near future. ➡️ To invest in U.S. markets, visit our platform: https://ashutoshfinserv.vested.co.in/ For any further details, Contact us: Mobile: +91 85112 20205 / 93773 35959 Email: relationship@ashutoshfinserv.com Follow us using Ashutoshfinserv at Facebook, Instagram , Youtube , Twitter & LinkedIn to receive all the latest information from finance world.. Disclaimer: We do not intend to provide any investment advice in any manner through the above message. It is only a knowledge-sharing exercise in good faith.
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Insurance Services

Learning of 2020… "Be Insured", Do Not Forget To Implement It In 2021

𝐋𝐄𝐀𝐑𝐍𝐈𝐍𝐆 𝐎𝐅 𝟐𝟎𝟐𝟎… “𝐁𝐄 𝐈𝐍𝐒𝐔𝐑𝐄𝐃”, 𝐃𝐎 𝐍𝐎𝐓 𝐅𝐎𝐑𝐆𝐄𝐓 𝐓𝐎 𝐈𝐌𝐏𝐋𝐄𝐌𝐄𝐍𝐓 𝐈𝐓 𝐈𝐍 𝟐𝟎𝟐𝟏 We were always taught that LIFE, HEALTH & ASSET insurance are very important for everybody. The events of 2020 has sent a loud and clear message to all, “BE INSURED” otherwise it will not only disturb the peace of mind but also make our life and that of our family members miserable. We should implement this in the New Year 2021 for sure. Following are the different type of insurance plans everyone should know and consider buying the one suitable: ➡️ LIFE INSURANCE: TERM PLAN: With Term Plan one can take big amount of insurance paying a small premium. In this uncertain time of life every individual having financial responsibilities should have Term Plan to financially secure his/her family. ULIP PLAN: This is the good way to secure one’s family financially. This plan gives many options to invest and gain tax free returns with insurance facility. Its best feature is internal switch between different funds without paying any taxes. It will create a corpus for your family and help your family in absence of you. GUARANTEED INCOME PLAN: This is a very good plan which can provide you guaranteed return with multiple pay out option. With this plan one can have arranged for a long term tax free income which is like a guaranteed tax free pension. ➡️ HEALTH INSURANCE: MEDICLAIM POLICY: Last year was a lesson for us in respect of our health’s fragileness. Any time anybody can be trapped in deadly disease, for that everyone must be insured by a mediclaim policy. TRAVEL INSURANCE: One who had traveled abroad has stick in the abroad and faces many challenges away from home. If one would have travel insurance, he/she have felt secure financially. So it is very important to have travel insurance while you travel abroad. GROUP HEALTH INSURANCE: Health Insurance of each and every employee is a mandatory requirement as per government guidelines to open and run any commercial activity. Group Health Insurance is the fair option where an organization can get insured its employee at reasonable cost. ➡️ GENERAL INSURANCE: VEHICLE INSURANCE: This is a mandatory requirement by law, in this passing year many changes happened in traffic rules and without insurance of a vehicle one may have to pay heavy penalty. It is a coverage which will not only ensure the insurance coverage of the vehicle but the most important feature being it covers the owner and driver for the third party damages caused due to the vehicle. FIRE & EARTHQUAKE INSURANCE INSURANCE: Many unfortunate fire incidents have happened in last year, one has suffered big loss of life and assets. Everyone should learn that each and every property should be insured so that one has not to suffer this type of losses. Now a days we feel daily Earthquake shocks, one can never know when a major earthquake happen and one have to bear a loss big of assets and/or life. PERSONAL ACCIDENT INSURANCE: In modern era of fast life, more accidents are happening. It is quite possible that one may have to face an accident due the other’s mistake. In such scenario everyone should be insured by a Personal Accident Insurance policy. WORKMEN COMPENSATION INSURANCE: In this testing times one is responsible for their workers insurance, even it is a small enterprise or may it be a house help, one should take Workmen Compensation Insurance. It is also mandatory by law. BY CONSIDERING ALL THE ABOVE ASPECT, ONE MUST HAVE ALL THE ABOVE INSURANCE AS PER HIS/HER REQUIREMENT. ASHUTOSH INSURANCE SERVICES OFFER ALL THE ABOVE INSURANCE PLANS. BEFORE TAKING ANY INSURANCE PLEASE CONTACT US FOR BETTER UNDERSTANDING.  We offer insurance plans of many companies, we suggest best plan suitable for you after comparing the plans of all these companies, with the lowest premium, best company and best features as per one’s need. Contact us to get the best insurance plan for you. Mob. No. : +91 6358755770, +91 7043893388 Email: rm.insurance@ashutoshfinserv.com www.ashutoshfinserv.com Follow us using Ashutoshfinserv at Facebook , Instagram , Youtube , Twitter & Linkedin. Disclaimer: Insurance is a subject matter of solicitation.
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Income Tax And Estate Planning Services

Important Changes In The Income Tax Act For Charitable Trusts

IMPORTANT CHANGES IN THE INCOME TAX ACT FOR CHARITABLE TRUSTS Following CHANGES have been PROPOSED IN THE FINANCE BILL 2021 (UNION BUDGET) FOR CHARITABLE TRUSTS EFFECTIVE FROM 1st APRIL, 2021. ➡️ Charitable Trusts accept donations as “Corpus Donations” which are not considered as an income and hence there is no obligation to spend (application of income) for the objects of the trust in order to claim this donation as exempt. Under the proposed amendments all donations claimed as exempt “Corpus Donation” will have to be invested in the investments specified u/s 11(5) of Income Tax Act. If the said “Corpus Donation” is not invested in the investments specified U/s. 11(5) then the “Corpus Donation” shall not be considered as an exempt income. ➡️ Under the proposed amendments once a donation is claimed to be a “Corpus Donation” any amount spent (application of income) for the objects of the trust from this funds will not be allowed as an application of income. This Corpus Donation is taxable hence there is tax liability on Trust. ➡️ Under the proposed amendments when Trust deposits back or invests back in the investment specified U/s 11(5), such amount invested back shall be considered as amount spent (application of income). Tax paid in earlier years on such corpus donation is not refunded back. ➡️ When trust had spent (application of income) more than income for the year, the “excess application of income” was allowed as carry forward to set off against income of subsequent years. Under the proposed amendments trust cannot set off such “excess application of income” or deficit of current year against the income of any subsequent years. Moreover all the present deficits which are carried forward from earlier years shall lapse. ➡️ When the trust spends borrowed funds for its objects of the trust, trusts claimed the said expenses as amounts spent (application of income) and when this borrowed funds were repaid then once again the repayment was also trust claimed as amount spent (application of income). Under proposed amendment when amounts are spent for the objects of the trust from borrowed fund, Trust cannot claim the same as amount spent (application of income). When trust repays the borrowed fund the trust can claim such repayment of loan as amount spent (application of income) to the extent repayment of borrowed fund made. Contact: +91 93769 62244 Email: lawserve@ashutoshfinserv.com Follow us using Ashutoshfinserv at Facebook, Instagram , Youtube , Twitter & Linkedin to receive all the latest information from finance world.
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Income Tax And Estate Planning Services

Last Date To Avail Tax Deduction Is 31st March 2021 For Financial Year 2020-21.

LAST DATE TO AVAIL TAX DEDUCTION IS 31ST MARCH 2021 FOR FINANCIAL YEAR 2020-21. ACT FAST TO AVAIL FOLLOWING DEDUCTIONS… ➡️ Invest in Mutual fund Equity Linked Savings Scheme (ELSS) for attractive returns along with obtaining deduction under Income Tax up to Rs.1.50 lakhs (80C). ➡️ Insure yourself and your family (spouse and children) through a Life Insurance Policy to obtain deduction of the premium paid up to Rs.1.50 lakhs (80C). Attractive insurance policies available for tax deduction: ◾ Insurance Policy with assured tax-free returns in the range of 5- 6% along with free insurance for long periods of up to 50 years. ◾ Insurance Policy with single premium payment and an assured tax free return in the range of 5.54% to 5.70% comparable with a fixed deposit. ➡️ Insure with a Health insurance policy for yourself and your family (parents, spouse and dependent children) obtain deduction of the premium paid up to Rs.25000 or Rs.50000 in case of senior citizens (80D). ➡️ Invest in the National Pension Scheme to obtain additional deduction of Rs.50000 (80CCD). Contact: +91 73835 30919 /+91 73835 30619 Email: vrm@ashutoshfinserv.com Follow us using #Ashutoshfinserv at Facebook, Instagram , Youtube , Twitter & Linkedin to receive all the latest information from finance world.
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NRI Services

NRI & OCI Cardholders Are Allowed To Buy And Sell Immovable Properties In India – Recent Supreme Court Decision Not Applicable To Them

➡️ NRI & OCI CARDHOLDERS ARE ALLOWED TO BUY AND SELL IMMOVABLE PROPERTIES IN INDIA – RECENT SUPREME COURT DECISION NOT APPLICABLE TO THEM ◾ There have been news of restrictions being placed on Non-Resident Indians (NRI) and Overseas Citizen of India (OCI) cardholders to buy and sell immovable property in India. ◾ The news are based on the recent Supreme Court ruling of Asha John Divianathan v. Vikram Malhotra & Ors. (CIVIL APPEAL NO. 9546 OF 2010), in which the court mandated the foreign citizen from obtaining approval of the Reserve Bank of India (RBI) for transfer of property in India. ◾ The said ruling pertains to a legal matter in the years of 1977 & 1980, during which the Foreign Exchange Regulation Act (FERA), 1973 was in force for matters relating to buying & selling by foreign citizens of immovable properties in India. ◾ It must be noted that The Foreign Exchange Management Act (FEMA), 1999 has replaced the earlier law in such matters as on present date. ◾ The FEMA law clearly permits any Indian citizen and any OCI cardholder situated globally from buying & selling immovable property in India under CHAPTER IX of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019. ◾ Any Indian citizen or OCI cardholder residing in any part of the world need not obtain any approval of the RBI or any other government authority for buying or selling immovable property in India. ◾ However, an Indian citizen or OCI cardholder residing outside India cannot purchase an agricultural land or farm house or plantation or enter into real estate business (real estate development and construction business is allowed) ◾ Please reach out to us in case of any further clarification. Contact us: Mobile:+91 70435 93388 / 72288 48181 Email: nris2@ashutoshfinserv.com We are inviting applications for persons to become our REFERRAL PARTNERS in promoting NRI services globally with very attractive terms. Follow us using #AshutoshFinserv at Facebook, Instagram, Youtube, Twitter & LinkedIn.
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Insurance Services

Investment Option Comparable To Fixed Deposit And That Too Completely Income Tax Free! Invest Now……

INVESTMENT OPTION COMPARABLE TO FIXED DEPOSIT AND THAT TOO COMPLETELY INCOME TAX FREE! INVEST NOW…… Insurance companies in recent times have introduced GUARANTEED INCOME INSURANCE PLANS which have all the features of a fixed deposit and that too completely income tax free, such as : 1. Pay one time (Single Premium) 2. You will receive predetermined assured lump sum tax free amount on 5th or 10th or 15th policy years as per your choice. 3. Income Tax Benefit under Section 80C on premium paid. 4. Sum assured of 10 times of the premium paid, hence Income is tax free under Section 10(10D). ASSURED RETURN : In the range of 4.1% to 6% – Income Tax Free, depending upon tenure of investment and age of the applicant. WE ARE NOT COUNTING THE BENEFIT OF LIFE INSURANCE HERE. We can say Life Insurance in the above plans is absolutely FREE. This is a tax free product so it is the best suited plan for NRIs as there is no need to bother for yearly compliances. For more details please contact us. 👉 Before taking any insurance plan, please contact us for better understanding Mob. No. : +91 6358755770, +91 7043893388 Email: rm.insurance@ashutoshfinserv.com www.ashutoshfinserv.com Follow us using #Ashutoshfinserv at Facebook, Instagram, Youtube, Twitter & LinkedIn. Disclaimer: Insurance is a subject matter of solicitation.
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NRI Services

For NRI Residing In Countries Where There Is No Income Tax (UAE Residents) – Clear Understanding Of The Applicability Of Deemed Residency Taxation Concept In India.

FOR NRI RESIDING IN COUNTRIES WHERE THERE IS NO INCOME TAX (UAE RESIDENTS) – CLEAR UNDERSTANDING OF THE APPLICABILITY OF DEEMED RESIDENCY TAXATION CONCEPT IN INDIA. ▶️ In the Finance Act 2020, the government announced that persons who are not ‘liable to tax’ (not subjected to any Income Tax law) in country of their residence, will be deemed to be Indian tax residents for the purposes of Income Tax if they satisfy the following two conditions: i) Their Any Indian Incomes + Foreign incomes from Business controlled or Profession setup in India exceeds Rs.15 lakhs during the year. ii) They do not become tax residents of any country in the world having an Income Tax law due to their physical stay (residence) or domicile or any similar reason. ▶️ There have been news articles suggesting that Non-Resident Indians (NRI) based in UAE and other countries where there is no Income tax can escape the above provisions since they have some incomes in other countries on which they pay some income tax. Copy of the one such article is attached herewith with appropriate markings. ▶️ Our view differs from that expressed in the news articles. We believe that the second condition of the new definition referred above would not get satisfied if a person has some income in other country on which income tax is paid since the new law would be applicable if the person is a resident or domicile of that country. ▶️ Hence, a person who is a resident or domicile of a country where there is no Income Tax law (E.g. UAE) will not escape from becoming the Indian Tax resident in India under the new provisions by simply having some income chargeable to income tax in some other country (E.g. U.K.). ▶️ Most of the NRI need not worry about these provisions as even if the two conditions referred above are satisfied, the NRI will be liable to tax only from Any Indian incomes and Foreign incomes from Business controlled or Profession setup in India and not on the foreign sourced incomes. ▶️ However, the NRI will have to file his/her Indian Income Tax return in the status of Resident But Not Ordinarily Resident status in such cases. ▶️ Please reach out in case of any further clarification. Contact us: Mobile:+91 70435 93388 / 72288 48181 Email: nris2@ashutoshfinserv.com We are inviting applications for persons to become our REFERRAL PARTNERS in promoting NRI services globally with very attractive terms. Follow us using #Ashutoshfinserv at Facebook, Instagram, Youtube, Twitter & LinkedIn.
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Income Tax And Estate Planning Services

What Happens When A Person Dies Without A Will To His/Her Immovable & Movable Assets?

🟨 It is important to note that if an individual dies without making a Will in respect of his/her Assets, the Indian Laws of inheritance would apply on such assets. 🟨 As per the Hindu Succession Act, 1956, when a Hindu, Sikh, Jain, & Buddhist individual dies without a Will, his assets are divided equally among the Class I heirs. 🟨 The Class-1 heirs in case of a male are Mother, Widow, Daughters, Sons, and Heirs of the predeceased Son / Daughter and in case of a female are Sons, Daughters, Children of predeceased Son / Daughter and the Husband. 🟨 If the deceased male or female does not have any of the above stated relatives, the assets are passed to the Class-II and thereafter the Class-III heirs, who are distant relatives. 🟨 In order to carry out the transfer procedure, the legal heirs under the Law of Succession should obtain a certificate of Heirship (Varsai Ambo / Pedhi Namu / Family Tree) from Mamlatdar office. 🟨 The legal heirs should then apply to the court to obtain a Letter of Administration which is an order of the Court certifying the legal heirs of the deceased and the assets bequeathed to the legal heirs. 🟨 The Court will issue public notice and consider any responses received, after which it will issue a Letter of Administration. 🟨 If a resident Indian is holding assets abroad, the requisite inheritance laws in the respective foreign jurisdiction have to be complied simultaneously. 🟨 It may be noted that a Nominee is not the legal owner of the asset. He/she is merely a Custodian/Trustee of the asset of the deceased. The lawful owner is the person who is the legal heir under the laws of inheritance and in case of a valid Will, the beneficiaries under the Will. 🟨 IT IS ALWAYS ADVISABLE TO MAKE A WILL IN RESPECT OF ALL ASSETS SO THAT ONE CAN TRANSFER THE WEALTH TO THE INTENDED BENEFICIARIES IN THE DESIRED MANNER. 🟨 Contact us to plan the succession of your wealth to your successors in a legitimate, convenient and efficient manner. For Further Details, Contact us on: Mobile: +91 73835 30919 / 93769 62244 Email: vrm@ashutoshfinserv.com Follow us using Ashutoshfinserv at Facebook, Instagram , Youtube , Twitter & Linkedin to receive all the latest information from finance world. Disclaimer: The above message is based on our understanding of the relevant laws. Please take appropriate professional advice.