overseas mediclaim policy is exempt of individual income tax u/s. 80d
is it right or wrong
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overseas mediclaim policy
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Dear Nidhi,
The overseas mediclaim is not eligible for the benefit of Income Tax u/s 80D inview of the following requirement -
The insurance referred to in this section shall be in accordance with a scheme made in this behalf by—
(a) the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) and approved by the Central Government in this behalf; or
(b) any other insurer and approved by the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).]
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