Tips to save IPO listing gains tax!
In the years 2023 and 2024, many IPOs brought huge earnings for the investors. But tax also has to be paid on this! What is the tax rule on booking listing gains from IPO? How can tax liability on listing gains be reduced? How will the tax be calculated on selling IPO shares?
Leading car manufacturers are coming out with more electric vehicles (EV). EVs are getting popular day by day. The significance of insurance of EVs is going up too. In general, the average cost of an electric vehicle is not less than Rs 12 lakh. So, the insurance premium is also a bit high compared to normal vehicles that run on petrol and diesel. Before buying insurance for EVs one should check some important points. An insurance policy exclusively for EVs might soon be framed in the country. At present, electric cars are covered under the traditional motor insurance policies. These policies are offered by insurers as per the standard guidelines on traditional vehicle insurance.
7 important points
1. EVs run on batteries that are charged by electricity. So the battery and electricity supply units are critical components of a car. One should take sufficient insurance cover for these two segments.
2. For EVs, the insurance coverage depends upon the capacity of the car engine just like petrol, diesel-driven cars. But here the unit is kilowatt (KW) in place of cubic capacity (CC). So first know what your car’s engine capacity then select the coverage range.
3. Always opt for zero depreciation add-on cover for you EV. During a claim, the insurance company calculates the depreciation value of the car, which is then deducted from the claim amount. With zero-depreciation add-on cover, the deductions in the claim amount made due to depreciation are waived off and the full amount of damage is paid.
4. Look out for insured declared value (IDV) of the policy, which is just like sum insured for life insurance coverage. Along with these check the cashless facility, performance of claim settlement and claim settlement ratio etc. before choosing an insurer.
5. It is advisable to opt for separate add-on covers for EVs. Though add-on covers are necessary for a costly EV, add-on covers such as engine protector, zero depreciation, charging-related special protection etc are available with a base policy.
6. Before buying an insurance cover, one should find out the actual value of the vehicle at which insurance cover is being provided. Insurance should be issued at the correct value of the vehicle. Otherwise, you have to a pay a price during claim settlement.
7. Risks of car damages due to battery charging, battery leakages, damage of charging connector, on-spot assistance and others should be looked into during buying an EV cover.
Premium range
Currently, there are more than a dozen EVs in the Indian market. The price varies from Rs 11 lakh and 35 lakh. The premium amount varies on engine capacity and the car model.
HDFC Ergo, ICICI Lombard, SBI General Insurance and other big insurance players provide EV insurance. For Rs 5.5 lakh insurance coverage, the premium starts from around Rs 20,000 and goes up to Rs 30,000 for almost Rs 12 lakh coverage and so on.