Deduction for health insurance premium
This query is : Resolved
23 June 2021
My friend bought medical insurance for his dependent parents on which he wants to claim tax deduction u/s 89D. However he made the payment from his wife's bank account as he was getting a special discount on the premium by making the payment through that bank. Can he transfer the same amount to his wife's account and claim 80d deduction on his ITR ( Wife is not income tax payee) ? Or does he have to make premium payment from his own account only to claim benefit of 80D ?
23 June 2021
I don't think there is any mandatory requirement to transfer the premium from one's own bank account. Requirement is that the premium should not be paid in cash. I think if the premium is transferred to the wife using banking channels, then 80D deduction should be available. Let's see if anyone has any other view on this.
23 June 2021
Thanks for your opinion. Appreciated
23 June 2021
Does anyone have a definite answer to my query please ?
24 June 2021
It will be okay, he can claim deduction.
if department raise any objection can convince as explained by you, they will agree.
if department raise any objection can convince as explained by you, they will agree.
25 June 2021
Thank you. The policy is in the name of his wife since she made the payment. Can he still claim deduction u/s 80d in his own ITR ?
25 June 2021
No. Only proposer (wife in this case) can claim deduction under section 80D
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