Mediclaim Insurance Proceeds.
This query is : Resolved
Panduranga Bhat
(Querist)
17 February 2009
If anybody receives mediclaim insurance proceeds is the proceeds taxable or not taxable or exempt from tax? If it is exempt under which section of the Income tax act 1961?
17 February 2009
Mediclaim is the reimbursement of expenses. & reimbursement of expenses are not taxable under Income Tax Act.
Regards'
Yatesh Renuke.
Regards'
Yatesh Renuke.
Message likes :
1 times
Panduranga Bhat
(Querist)
17 February 2009
Thank u Yatesh for your quick n prompt reply. So, we can conclude it as, since the proceed is not revenue in nature and it's mere reimbursement of expenses it is not taxable.
K V Subba Rao
(Expert)
17 February 2009
I agree with view expessed by Mr Yatesh. You may check the following link
https://moneytoday.digitaltoday.in/content_mail.php?option=com_content&name=print&id=520
https://moneytoday.digitaltoday.in/content_mail.php?option=com_content&name=print&id=520
CA Nitin Wadhwani
(Expert)
18 February 2009
Yes.
It is not taxable as it is a capital receipt.
It is not taxable as it is a capital receipt.
S.M.Indapurkar
(Expert)
18 February 2009
Mediclaim is reimbursement of expenses incurred and hence not taxable.
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