If mediclaim purchase for 3 year, then how many year we can claim
This query is : Resolved
11 January 2023
Dear Expert,
We would like to know that one of our employee had purchased Mediclaim valid for 3 years in FY 2021-2022.
Now our question is that if she has not claimed in the financial year 2021-2022, can she claim it in the financial year 2022-2023 or not?
If yes, then our next question is, can she claim only for one year or can claim for the next year also. Since she has paid Rs.68,000 for 3 years, we know that Rs.25,000 can be claimed in 80D in one year.
We would like to know that one of our employee had purchased Mediclaim valid for 3 years in FY 2021-2022.
Now our question is that if she has not claimed in the financial year 2021-2022, can she claim it in the financial year 2022-2023 or not?
If yes, then our next question is, can she claim only for one year or can claim for the next year also. Since she has paid Rs.68,000 for 3 years, we know that Rs.25,000 can be claimed in 80D in one year.
11 January 2023
As per sec. 80D sub sec. 4A... appropriate amount is allowed for deduction, even if premium is paid in lumpsum for more then one year..
It means you can allow deduction for FY 2022-23 & 2023-24 in proprotionate amount, subject to limit specified in the act..
It means you can allow deduction for FY 2022-23 & 2023-24 in proprotionate amount, subject to limit specified in the act..
Message likes :
2 times
11 January 2023
You are welcome.
Message likes :
1 times
19 January 2023
Dear Expert,
We have a little query about the premium amount of tax exemption.
that my query is if we paid any premium of medicliam or LIC etc, get exemption on basic amount of premium of including tax or exclusive of tax ?
We have a little query about the premium amount of tax exemption.
that my query is if we paid any premium of medicliam or LIC etc, get exemption on basic amount of premium of including tax or exclusive of tax ?
19 January 2023
Inclusive of tax..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
