Medical Premium -Sec 80D

I paid Rs 31000 on 20/04/23 towards Medical premium for the period  01/04/23 to 31/03/24  and I will be paying in the month of  March 24  also Rs. 31000 premium for the period 01/04/24 to 31/03/25. The total comes to around  Rs. 62000 during the F. Y. : 2023-24.

Obviously I did not claim any thing u/s 80D while filing my ITR in July 23 for the AY 2023-24.

My query is whether I am eligible to claim Rs 62000 ( Subject to a maximum of Rs. 50000)  under Sec 80D  for A. Y. 2024-25 even though it is for 2 different periods but paid in the same Financial year?

Replies (4)
Quick Summary
This discussion clarifies the rules for claiming medical insurance premiums under Section 80D of the Income Tax Act. It explains that premiums paid for future periods within the same financial year can be claimed proportionately, but deductions cannot be carried forward from previous years if not claimed then. The key takeaway is that the deduction is applicable for the period the insurance cover is valid, not just when the payment is made.

No. Only Rs. 31K eligible. 

But Sir, First of all,  I did not claim in the FY 2022-23 and my humble  understanding is that both the premiums are paid in FY 2023-24 and are not all the exemptions are "On Paid Basis" only and these are paid in the same current year?

I can produce proof of the 2 Receipts issued by the company and is not the onus on Late collection  rests with the company?

Can you advise?

Section 80D provides that the single premium paid should be divided over the years for which the benefit of health insurance is available.
You mean to pay in aggregate Rs. 62K (in FY 2023-24), being premium for TWO YEARS i.e. FY 2023-24 & 2024-25. Ie, Rs. 31,000/- for each year.
So for both the years you can claim deduction proportionately.
Non deduction of any premium in FY 2022-23  cannot be carry forwarded.

Thank you sir for the explanation,

Regards

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