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Mediclaim deduction

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Suraj

993 Points Posted on 08 May 2020

Hello sir,

My query is as follows:

Income Tax return filing for FY 2019-20 (AY 2020-21)

Mediclaim renewal is due on 22/3/2020.
Premium paid Rs. 25000/-
Policy mentions period as 23/3/2020 to 22/3/2021.

Can one claim this deduction for FY 2019-20?

or based on policy period, it is to be considered for FY 2020-21?

Kindly revert.

Thanks
Suraj

Replies (3)

Quick Summary

This discussion clarifies when you can claim a deduction for Mediclaim premiums paid. The key factor is the date of payment, not the policy period. If you paid the premium for the financial year 2019-20 (Assessment Year 2020-21), you can claim the deduction for that year, even if the policy coverage extends into the next financial year.

Aashok Kumar Sharma

Finance/Compliance Consultant

69650 Points Posted on 08 May 2020

The deduction is available based on the date of investment. It has to be during the Accounting Period for claiming deduction. However you can not ask for deduction again on the same thing.