My uncle, who is in the category of super senior citizen, had an accident some time back. Now, he has received a mediclaim for the same around Rs 2 lakhs. I want to know whether this mediclaim received from the insurance company is taxable or exempt in income tax.
Whether we have to offer this as an income and if yes, then under which head?
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Is mediclaim taxable or exempt?
Replies (11)
mediclaim received is not treated as income .hence not taxable
Mediclaim can be used for Deductions u/s 80D
I'm case of individuals made for MBBS (Miya Bibi bache sahit) claimed
actual paid or 25000/50000(in case one is senior citizen)
whichever is lower
I'm case for parents (senior citizen) same as above
treated individually
HUF and also claim
I'm case of individuals made for MBBS (Miya Bibi bache sahit) claimed
actual paid or 25000/50000(in case one is senior citizen)
whichever is lower
I'm case for parents (senior citizen) same as above
treated individually
HUF and also claim
Priya, I'm asking about the treatment of insurance money received from insurance company....not the premium amount
sarkaar policy amount par aur chot to degi nhi isliye exempt
aur kya income thodi hai yeh policy amount
Mediclaim is merely reimbursement of Expenses. Hence, not taxable.
yeah agree with it
It is exempt
if we say it's exempt we r Wrong
just not taxable
in case assessee pays premium more than given limits u/s 80C
, maturity value taxable!
, maturity value taxable!
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