My Father is a retired SBI officer. he has paid 1.25 lacs mediclaim premium for sum assured of 10 lacs for a period of 10 years. This policy is provided by SBI for staff welfare.
whether 80-D deduction is available? if yes then whether the premium deduction can be claimed over the period of cover i.e.10 years ?
Thanks in Advance.
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80-D Deduction
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Can't understand Your question...!
The mediclaim policy paid every year or single payment at one time...?
The mediclaim policy paid every year or single payment at one time...?
The premium is paid at once.
If the amount of single premium you pay for the multiple year policy exceeds tax deduction limit available on health insurance premium under section 80 d accoring to the income tax law
DEDUCTION PROPORTIONATELY OVER THE POLICY TERM
DEDUCTION PROPORTIONATELY OVER THE POLICY TERM
In case of single premium policy, deduction is to be claimed in the year of payment.
If premium paid in single payment them deduction can be available at once in the paid year...
Can You elaborate "This policy provided by SBI for staff welfare" means... Policy amount paid by Your Father or SBI...?!
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