Request for clarification and guidance.

Tax queries 140 views 2 replies

Sreedhara HN

SR MANAGER-COMMERCIAL

21 Points Joined October 2013

Dear Sir/Madam,

Good morning.

I request you to clarify,

1.Whether one can claim the benefit of Medical expenditure (of Rs.15000/annum) as exemption by submitting the medial bills at the end of the financial year, i.e. on March of every year or

2. Is it requires to submit it on equal monthly basis. and

3.If Medical Allowance/Reimbursement (i.e. Rs.1250.00) is shown in the salary break up, whether one can claim the benefit of Sl. No. 1 above.

Kindly confirm with any section of IT Act.

With Regards,

Sreedhara H.N.

Bangalore.

Replies (2)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

210818 Points Joined July 2016

Please note as follows:

Section 80D: Deduction for premium paid for Medical Insurance

Deduction is available up to Rs. 25,000/- to a taxpayer for insurance of self, spouse and dependent children. If individual or spouse is more than 60 years old the deduction available is Rs 30,000. An additional deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 25,000/– if less than 60 years old and Rs 30,000 if parents are more than 60 years old. For uninsured super senior citizens (more than 80 years old) medical expenditure incurred up to Rs 30,000 shall be allowed as a deduction under section 80D. Therefore, the maximum deduction available under this section is to the extent of Rs. 60,000/-. (From AY 2016-17, within the existing limit a deduction of up to Rs. 5,000 for preventive health check-up is available).

For more details: read: https://www.bankbazaar.com/tax/section-80d.H T M L

CS Advocate Abhishek Goyal

M Com FCS LLB M-AIMA

14043 Points Joined June 2009

If you have taken a mediclaim policy and paying regular mediclaim premium by cheque you can claim benefit of section 80D in your income tax return. Fixed medical allowance is fully taxable.