Instances when a Son may not inherit the property of his Father.

According to the Hindu Succession Act, 1956, a son or a daughter has the first right as the Class I heirs over the self-acquired property of his or her father if he dies intestate (without leaving a will).

As a coparcener, an individual also has the legal right to acquire his or her share in an ancestral property.

But in certain situations, as discussed below, a son may not receive his share in his father’s property.

It's only fair to share...
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In absence of a comprehensive health insurance cover, medical expenditure may become one of the biggest expenditures if any member of your family falls ill. Even if a protection cover is in place, one may have to incur sizable expenses on medical tests and medicines as all the expenses may not fulfill the conditions for cashless procedures or reimbursements.

So, in case you have spent a lot on medical checkups, treatment, and medicines for yourself and/or for family member(s), you would like to have some relief through tax benefits.

It's only fair to share...
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Those making foreign remittances need to pay attention to their tax collected at source (TCS) liability from next month as a key tax provision kicks in from 1st October 2020.

As per the Finance Act 2020, funds sent abroad under the RBI’s liberalised remittance scheme is subject to a 5% TCS subject to certain riders.

The Government has, however, offered some carve-outs so that not every overseas remittance will be subject to TCS.

It's only fair to share...
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Replies: 5