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Deduction U/s. 80D

Tax queries 3749 views 9 replies

Whether Mediclaim reimbursed by the employer is taxable?

Whether the deduction u/s.80D can be claimed on the above mediclaim by the employee?

Replies (9)

Hiiiii

Deduction u/s 80 D is allowed to an individual & HUF

Medical insurance premium paid in other than cash will be allowed as deduction.Following are the amount of deduction:

In case senior citizen                            amount paid or Rs.20000/-will be allowed as deduction (which ever is lower)

other than senior citizen                       amount paid or Rs.15000/- will be allowed as deduction (which ever is lower)

 

Bye

IF COMPANY MAKE GROUP MEDICLAIM INSURANCE COMPANY FOR EMPLOYEES, THEN SUCH MEDICLAIM EXP IS NOT TAXABLE IN HAND OF EMPLOYEE AND COMPANY IS GETTING DEDUCTION AGAISNT IT  AS A EXPENSE

IN YOUR CASE , EMPLOYEE HAS TAKEN MEDICLAIM POLICY INDIVIDUALLY IN HIS NAME. AND COMPANY IS REMIBURSING THIS . THIS WILL BE TAXABLE IN HAND OF EMPLOYEE AND EMPLOYEE WILL BE ELIGIBLE FOR CLAIMING DEDUCTION FOR IT .

IE. NO IMPACT ON TOTAL INCOME, FIRST ADD IN SALARY AS PERQ THEN CLAIM DEDUCTION U/S 80D.

Hi suraj , I agree with CA Bijender.
Originally posted by : CA. BIJENDER KR. BANSAL
IF COMPANY MAKE GROUP MEDICLAIM INSURANCE COMPANY FOR EMPLOYEES, THEN SUCH MEDICLAIM EXP IS NOT TAXABLE IN HAND OF EMPLOYEE AND COMPANY IS GETTING DEDUCTION AGAISNT IT  AS A EXPENSE
IN YOUR CASE , EMPLOYEE HAS TAKEN MEDICLAIM POLICY INDIVIDUALLY IN HIS NAME. AND COMPANY IS REMIBURSING THIS . THIS WILL BE TAXABLE IN HAND OF EMPLOYEE AND EMPLOYEE WILL BE ELIGIBLE FOR CLAIMING DEDUCTION FOR IT .
IE. NO IMPACT ON TOTAL INCOME, FIRST ADD IN SALARY AS PERQ THEN CLAIM DEDUCTION U/S 80D.

Hi Dear,

 

Reimbursement of medicalim premium will be taxable under section 17(4) of the income tax act.

 

Further, medicalim insurance paid by u would be eligible for deduction under section 80D. Thus no impact on Net Taxable Income.

 

Regards,

 

Manoj

 

Originally posted by : Manoj B. Gavali

Hi Dear,

 

Reimbursement of medicalim premium will be taxable under section 17(4) of the income tax act.

 

Further, medicalim insurance paid by u would be eligible for deduction under section 80D. Thus no impact on Net Taxable Income.

 

Regards,

 

Manoj

 

agree nwith manoj totally.eligibility for deduction is that person should be individual or HUF and only deduction upto 15000/- can be claimed..

agree with Mr. Manoj and Bijender.........

Originally posted by : CA. BIJENDER KR. BANSAL
IF COMPANY MAKE GROUP MEDICLAIM INSURANCE COMPANY FOR EMPLOYEES, THEN SUCH MEDICLAIM EXP IS NOT TAXABLE IN HAND OF EMPLOYEE AND COMPANY IS GETTING DEDUCTION AGAISNT IT  AS A EXPENSE
IN YOUR CASE , EMPLOYEE HAS TAKEN MEDICLAIM POLICY INDIVIDUALLY IN HIS NAME. AND COMPANY IS REMIBURSING THIS . THIS WILL BE TAXABLE IN HAND OF EMPLOYEE AND EMPLOYEE WILL BE ELIGIBLE FOR CLAIMING DEDUCTION FOR IT .
IE. NO IMPACT ON TOTAL INCOME, FIRST ADD IN SALARY AS PERQ THEN CLAIM DEDUCTION U/S 80D.

agreed with ca bijender
Originally posted by : Narendra Gupta
Hi suraj ,
I agree with CA Bijender.
 


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