Dear friends,
Claim received under mediclaim policy is taxable or exempted ?
If exempted, under which section ? Sec. 10(10D) is only for life insurance policy.
Please share your views..
Thanks in advance..
Vinod (CA in Practice) (445 Points)
25 July 2012Dear friends,
Claim received under mediclaim policy is taxable or exempted ?
If exempted, under which section ? Sec. 10(10D) is only for life insurance policy.
Please share your views..
Thanks in advance..
Yajendra Adhikari
(Chartered Accountant)
(334 Points)
Replied 25 July 2012
Claim received under Mediclaim Policy is not taxable. But its not under section Sec 10 (10D).
Basically, Medclaim received is reimbursement of what you expended for the treatment. Since it is reimbursement, it does not partake the character of Income u/s 2(24). Since, it is not income, there is no question of Income Tax.
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