80D deduction for the premium paid in the last year.

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This query is : Resolved

Bhavadharani (Querist)

23 October 2008
Hi everyone,

Can anyone clarify the following:

Is it possible to claim 80D deduction in the current year for the mediclaim insurance covering the period November 2007 to nov 2009, premium for the above is paid on 29/11/2007.
Please note that the deduction has not been claimed earlier.

Reetika Goel

Reetika Goel (Expert)

23 October 2008 Hello Mr. Bhavadharani,
The deduction under section 80D can be claimed only if following conditions are satisfied simultaneously:
1. Premium is paid via crossed cheque.
2. Premium is PAID during the year.
3. Premium is paid in the name of the assessee, spouse, dependent children or dependent parents.
4. If premium is paid for senior citizen, then he should have completed 65 years of age and is a resident of India.

So, in your case since, premium is paid during the financial year 2007-08 its claim can't be taken for the financial year 2008-09 irrespective of the period the said premium covers.

Bhavadharani

Bhavadharani (Querist)

24 October 2008 Thanks Ms.Reetika.
But the deduction has not been claimed in the F.Y. 2007-08.

In one more mediclaim insurance scheme a schedule has been given in which the 80D deduction has been seggregated for 3 year though the entire premium is paid this year.
In this case should we take as per the schedule given in the policy or can we allow the entire amount paid during the year as deduction.

Guest

Guest (Expert)

10 November 2008 U/S 80D the deduction is allowed, only if it is paid out of that year income in which the deduction is claimed.

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