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This insurance policy provides security against probable financial loss that may occur in the event of loss of credit card

Written by Adhil Shetty | Published:May 14, 2012 3:33 am

Should I take an insurance for credit card loss?

— Anup Munshi,Mumbai

This insurance policy provides security against probable financial loss that may occur in the event of loss of credit card. The loss may arise in form of misuse of the card,taking out of money; purchases made through the card,etc. However,almost all the credit card companies or banks provide for the security against such losses. They immediately block the card on receiving information about the loss of the card. So,taking credit card insurance is not needed and best avoided.

Can I deduct the maintenance and repair expenses from the annual rental income I receive on my property before I pay tax?

— Ramlal Sarkaria,Chandigarh

Following are the deductions possible from the net annual value of the rental income.

30 per cent of the net annual value for repair,maintenance and rent collection expenses for the property; interest paid towards any type of home loan on this particular property; any property insurance premium you have paid for the financial year.

I have never done online shopping as I am not sure of the inherent security features in such websites. Is shopping online secure? Are there any risks of data theft?

— Rita Rambabu,New Delhi

Using the internet to shop gives you access to the best prices and the best deals through a quick search in a matter of minutes. While it’s easy to shop around online yourself,price comparison sites can do it all for you. Simply type in what you want and they scour the market to bring you a list of retailers selling the product,along with the prices they charge. Do pay attention to product reviews because they can tell you if the product actually works. Another way to approach it is to Google the product along with the word ‘complaints’. Also,you get access to variety and shipping is usually free of cost. Shopping online nowadays is extremely user friendly and has also been made secure. Opt for reputed websites,which have good reviews.

I own a house in Mumbai which I bought on home loan. However,I stay in Delhi on rent. Is it possible to claim both HRA and home loan benefits?

—Harnam Singh,Delhi

You are entitled to both,HRA exemption on the house you have taken on rent and also avail the tax benefits on the principal and interest repaid on the home loan.

—The expert is CEO,Bankbazaar.com
For your personal finance queries please email at expressmoney@expressindia.com

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