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?
The recent two cyclones – Yaas and Tauktae – that hit parts of Maharashtra, Gujarat, Odisha, Karnataka, Kerala, and West Bengal caused widespread flooding, damage to cars and property, and disruption to daily life. Trees and electric poles were uprooted in several areas due to incessant rainfall and strong winds.
Damaged vehicles incur a huge financial loss and must be compensated with due coverage. In case of a natural calamity, the insurer must be informed about the losses immediately to begin the process of filing an eligible claim and settle the finances.
“A motor insurance coverage is apt for such circumstances. Since natural disasters come under the Act of God, a comprehensive motor insurance policy can bail you out of the situation and provide financial aid to incur unexpected losses. The Own Damage (OD) component policy will help you settle the claim,” a Liberty General Insurance spokesperson said.
The OD section of the motor insurance policy covers any damage caused to the insured vehicle due to a natural disaster/calamity.
“The policyholder must reach out to the insurance company as soon as the disaster takes place. Special helpline numbers are available for fast-track settlements. The required documents, such as photo proof of the damaged vehicles, copy of driving license and registration certificate, etc. along with insurance copy can be provided electronically,” he added.
The Insurance Regulatory and Development Authority of India (IRDAI) has also suggested insurers to promote electronic communication for claim intimation and subsequent document verification.
After submitting the documents, a surveyor is appointed to physically verify the vehicle on-spot. It is always advised to not move the vehicle from the notified spot until the official inspection is completed. The amount that will be paid by the insurer depends on the age of the vehicle and its declared value as per the insurance.
Here are a few quick steps on how to file a motor insurance claim
Step 1. Call on the insurer’s toll-free number and register the claim
Step 2: Take photographs to show the extent of the damage
Step 3: Don’t use the car until a physical inspection is carried out by the insurance company
Step 4: Download and fill the claim form. Submit it with the supporting documents.
Step 6: Keep all the documents ready and submit the hard copies at the time of inspection
Step 7: Check the status of your claim on the company’s website
Points to note
Your insurance claim may, however, get rejected if the vehicle is not registered in the name of the applicant. The claim can also be denied if the surveyor isn’t convinced and files a foul-play report after a physical inspection. The timely intimation is also crucial.
Damage to plastic components and tyres are not covered in the policy unless you have taken a zero-depreciation add-on. These add-ons are covered generally for a period of 5-years while some companies may extend it to 10 years as well.