Mediclaim amount approved
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 January 2015
An individual has paid premiums for his medical insurance-- MEDICLAIM, for last three years .
In third year, after paying premium, he gets admitted into hospital for an operation.
After discharge, he submits a claim for expenses of hospital and medicines.
His claim gets approved, and the claim amount gets credited into his bank account.
Now, while filing income tax return,
is this amount of claim approved , to be shown as income of this individual?
He has received the claim amount in return of the premiums paid by him.
Then is this claim amount , to be added to his total income for the income tax purpose?
AND
How the account entries should be made about such claim amount ?
An individual has paid premiums for his medical insurance-- MEDICLAIM, for last three years .
In third year, after paying premium, he gets admitted into hospital for an operation.
After discharge, he submits a claim for expenses of hospital and medicines.
His claim gets approved, and the claim amount gets credited into his bank account.
Now, while filing income tax return,
is this amount of claim approved , to be shown as income of this individual?
He has received the claim amount in return of the premiums paid by him.
Then is this claim amount , to be added to his total income for the income tax purpose?
AND
How the account entries should be made about such claim amount ?
23 January 2015
Medical claim settled by Insurance company against expenses of hospital and medicines is exempted from income tax.
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