I have received a sum of Rs.73,194/- as Health Insurance Payment of Mediclaim Policy of Oriental Insurance Co., for my wife(insurance covers members of my family also). Is this payment exempted from tax under Sec. 10(10D) of Income Tax Act like Life Insurance.
receipt of insurance claim on account of health insurance is not taxable. From the sum paid towards your premium for the purpose of sec 80D, the amount received would be deducted & only deduction of balance would be deductible
Reciept Medclaim or Life Insurance claim is a Capital Reciept and not Income u/s 2(24) of the IT Act, 1961
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Rahul Dang & Associates-Chartered Accountants
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