Filing of revised itr for ay 2015-16

04 September 2016

Dear Sir, During 2014-15,I travelled abroad and got my Health Insurance done from a foreign insurance company for which I had to pay Rs.35000.00 app.but could not deduct the premium paid from my total taxable income.The insurance premium was paid by my son abroad to a foreign insurance company.Is it possible for me now to file revised ITR and claim for the refund

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4 Replies

ANKUR TAH (Teacher Consultant and CA finalist.) (543 Points)
Replied 04 September 2016

Mediclaim premium paid under Medical insurance scheme of General Insurance Corporation approved by the Central Government, or any other insurer approved by the Insurance Regulatory & Development Authority (IRDA).

Here your son paid premium to foreign insurance co. Which is not approved by CG.

As per my opinion u will not be able to get such benifit.

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Udgam Koomar (Tax Technologist) (1949 Points)
Replied 05 September 2016

No benifit can be availed.

Ram M. Dixit (CA Final (Author)) (376 Points)
Replied 05 September 2016

Insurance premia paid from the income of assessee only can be claimed as deduction. you will not entitled to avail deduction for hte premium paid by your son.

Return can be revised if you have filled it before due date i.e. 31st July for individual.

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Mukesh Kumar (Accounts Manager) (1466 Points)
Replied 05 September 2016

DEAR SIR FIRST , YOU CAN NOT REVISE YOUR ITR OF AY 2015-16 SECOND YOU CAN NOT AVAIL TO TAKE BENEFIT OF HEALTH INSURANCE U/D 80C , IF INSURANCE COMPANY IS NOT APPROVED BY CENTRAL GOVT GOOD LUCK!