mediclaim insurance
This query is : Resolved
10 March 2008
One person went for a mediclaim policy with a Insurance Co before going to USA.
He was hospitalized there & the expenses for the treatment was taken care by his brother in US.
After returning back to India my father produced all the bills to the concerned Insurance Co & it is in the final stage of receiving the amount.
Now my question is ...
Is the amount received an Income to my father or should he transfer the same to my brothers account in India?
Checked with my CA, he said it can be treated as Capital in my fathers account.
please claryfy me
He was hospitalized there & the expenses for the treatment was taken care by his brother in US.
After returning back to India my father produced all the bills to the concerned Insurance Co & it is in the final stage of receiving the amount.
Now my question is ...
Is the amount received an Income to my father or should he transfer the same to my brothers account in India?
Checked with my CA, he said it can be treated as Capital in my fathers account.
please claryfy me
11 March 2008
Dear nagendra Kr.
If your father tr. the same to you broters account then it can not be income of you father.
and he doesn't tr. the money then also it will be treated as capital receipt not the revenue receipt.
so it will not be taxable in any case
If your father tr. the same to you broters account then it can not be income of you father.
and he doesn't tr. the money then also it will be treated as capital receipt not the revenue receipt.
so it will not be taxable in any case
11 March 2008
IF RECEIVED BY FATHER AND NOT TRANSFERED THAN CAPITAL RECEIPT IN HANDS OF FATHER WHICH IS NOT TAXABLE
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