Deduction under Section 80-D
This query is : Resolved
P K CHOHAN
(Querist)
15 March 2011
Facts of the case:
I am working in a PSU from where my father retired in Nov-94.
For the welfare of the retired employees, our company is providing Group Medi-claim policy through Insurance company.
The premium is being shared between the company and retired employee on 50%-50% basis.
I have paid Rs. 4000/- as premium from my taxable income for my parents's Group Medi-claim policy (our share only)through a cheque in the name of the PSU in which I am working, who in turn paid the full premium Rs. 8000/-(premium collected from the retired employees plus company's share) to the Insurance company towards the Medi-claim policy taken for retired employees.
Under above mentioned senario kindly confirm whether the premium paid by me (Rs.4000/-) for keeping the Mediclaim policy of my parents live, is eligible for deduction under section 80-D from my total taxable income.
Regards
Chohan
I am working in a PSU from where my father retired in Nov-94.
For the welfare of the retired employees, our company is providing Group Medi-claim policy through Insurance company.
The premium is being shared between the company and retired employee on 50%-50% basis.
I have paid Rs. 4000/- as premium from my taxable income for my parents's Group Medi-claim policy (our share only)through a cheque in the name of the PSU in which I am working, who in turn paid the full premium Rs. 8000/-(premium collected from the retired employees plus company's share) to the Insurance company towards the Medi-claim policy taken for retired employees.
Under above mentioned senario kindly confirm whether the premium paid by me (Rs.4000/-) for keeping the Mediclaim policy of my parents live, is eligible for deduction under section 80-D from my total taxable income.
Regards
Chohan
O.D.SHARMA
(Expert)
15 March 2011
Yes,You can claim 4000/-as deduction U/S 80D
15 March 2011
Yes.. provided the policy & premium receipt is in the name of your parents.
Rameshwar Patel
(Expert)
06 April 2011
The ans by Subhash sir is quite right bcoz if receipt is not in name of your parents, deduction would nt be available.
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