claim received agnst mediclaim policy

i think it will not be taxable , but sec 10(10D) talks only about life insurance on individuals but not medical insurance.. so even am waiting for a good answer

Ok then, now in my view too...

It will not be taxable...

In My Opnion :-

Such insurance claim Shall Be Exempt , beause section 10D  State as follow :

[(10D)   any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy, other than—

        (a)   any sum received under sub-section (3) of section 80DD or sub-section (3) of section 80DDA*; or

        (b)   any sum received under a Keyman insurance policy; or

        (c)   any sum received under an insurance policy issued on or after the 1st day of April, 2003 in respect of which the premium payable for any of the years during the term of the policy exceeds twenty per cent of the actual capital sum assured:

                 Provided that the provisions of this sub-clause shall not apply to any sum received on the death of a person:

                 Provided further that for the purpose of calculating the actual capital sum assured under this sub-clause, effect shall be given to the ⁸²[Explanation to sub-section (3) of section 80C or the Explanation to sub-section (2A) of section 88, as the case may be].

                      Explanation.—For the purposes of this clause, “Keyman insurance policy” means a life insurance policy taken by a person on the life of another person who is or was the employee of the first-mentioned person or is or was connected in any manner whatsoever with the business of the first-mentioned person;]

in above clearly mentioned that  any sum received from 80DD or 80DDA will not subject to deduction , but 80D not includ in exclusive list of  said not deduction  .

exempt from tax

Dear Deepak,

The amount you've received from the Insurance company is in settlement of the medical expenses that you've already incurred,i.e, it is in the nature of a re-imbursement of the expenses.Hence,in my view, there is no element of income in the claim thet you've recd from the company and thus should be tax-free.Of course, I would love to hear from our more experienced and learned friends in the Forum.
 

Yes, Balaji is right. Claim received from the insurance co. is not income hence not taxable.

Not taxable..............exempt from tax.........agree........

Dear All

Mediclaim received is not taxable because it doesn't fall under any of the five heads of income I.e.

1. Income under the head salary.

2. Income under the head HP.

3. Income under the Head PGBP.

4. Income under the head Capital Gains.

5. Income under the head Income from other sources.

Dear Deepak Ji,

The amount you have received from the Insurance company is in the settlement of the medical expenses that you have already incurred. So, it becomes the nature of a re-imbursement of the expenses. Hence, it is tax-free.

But on other hands if you claimed more then what you actualy expended, excess of actual expenses is purly taxable.

Best Wishes.

Don't worry. It wouldn't be taxble under 80D.

I m not understanding why u ppl are mixing Medical insurance premium and medical allowance?  Medical Allowance will be exempt only if reimbursement amount is received i.e. upto Rs.15000.But what about the amount of premium received contributed under section 80D what will be d consequences of the same.Coz medical allowance is just the tentative amount received by the employee and getting reimbursement only on production of the bills.What about the premium paid under section 80D of the income Tax Act?

I am agree with Balaji because his explanation statment is correct.