Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

Query on income tax deduction u/s 80d

380 views

Save Share

Join Us Follow Us Add as Source

Muthu

Private

22 Points Posted on 28 July 2015

I have taken Medical Insurance policy for my Parents.

I have issued the cheque for INR 26,000 on 28-Mar-2015. The Insurance premium amount got debited from my Bank Account only on 2-Apr-2015

However, the Medical Insurance company provided the Insurance for period 28-Mar-2015 00:00:01 hrs. to 27-Mar-2016 23:59:59 hrs (cheque and document issual date)

As the Insurance Period is for period 28-Mar-2015 to 27-Mar-2016, kindly clarify if I can avail the Medical Insurance policy amount as Income Tax exemption during FY 2014-15 (AY 2015-16) under section 80D

(Or)

As the amount got debited from my bank Account only on 2-Apr-2015, Income Tax exemption should be availed during FY 2015-16 (AY 2016-17) u/s 80D

Thanks

Replies (2)

Tarun

207 Points Posted on 28 July 2015

I think u cant claim it in last year but in present year only.

CMA Poornima Madhava

CMA

9106 Points Posted on 28 July 2015

@ Muthu: I think it can be claimed in Fy14-15.

@ Tarun: could u kindly let me know y do u think it cant be claimed in the last year? payment is made last year and also policy is issued last year. how can this be linked to the date of realization of cheque?