members of the family

For Individual Basic deduction - Mediclaim premium paid for Self, Spouse or dependant children. Maximum deduction Rs 15,000. In case any of the persons specified above is a senior citizen (i.e. 65 years or more as of end of the year up to F.Y. 2010-11 and 60 years from F.Y. 2011-12) and Mediclaim Insurance premium is paid for such senior citizen, deduction amount is enhanced to Rs. 20,000. Additional deduction: Mediclaim premium paid for parents. Maximum deduction .. Full Article

Partition is the severance of the status of Joint Hindu Family, known as Hindu Undivided Family under tax laws.Under Hindu Law once the status of Hindu Family is put to an end, there is notional division of properties among the members and the joint ownership of property comes to an end. However, for an effective partition, it is not necessary to divide the properties in metes and bounds. But under tax laws for an effective partition division by metes and bounds is nece.. Full Article

Broadly speaking, it is an arrangement or an agreement between members of one family. It is usually in the nature of settling a dispute. The object is to preserve the property and the good name of the family by recognising that it is not in the good interest of the family for the members to engage in fights or disputes. It is essentially in the nature of a compromise. The idea is to preserve and protect the peace, security and the interest of the family and its members a.. Full Article