Deduction in respect of individual
pratik (Student CA Final ) (37 Points)
24 January 2013pratik (Student CA Final ) (37 Points)
24 January 2013
CA Sankalp Patwa
(CA)
(193 Points)
Replied 24 January 2013
Dear Pratik,
please refer the following
Meaning of Disability- Disability means a person suffering from 40% or more of any of the below disabilities
a) Blindness and Vision problems
b) Leprosy-cured
c) Hearing impairment
d) Locomotor disability
e) Mental retardation or illness
Key factors
a) Individuals would need to produce a copy of the disability certificate as issued by the central or state government medical board to claim deduction.
b) Insurance policy obtained must be in your name and should be a policy for life. It could pay either an annuity or a lump sum amount for the benefit of the dependent on your death.
c) If the disabled dependent predeceases you, the policy amount is returned to you, and treated as income for the year in which you receive it, thus fully taxable in your hands.
pratik
(Student CA Final )
(37 Points)
Replied 24 January 2013
CA Sankalp Patwa
(CA)
(193 Points)
Replied 25 January 2013
Yes Mr. Pratik you can take such deductions.