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Rebate under section 80d
*If I pay 2 Year Health Insurance premiums.
My One Year Premium = Rs.20,000/-
I Pay Two Year Premium = Rs.20000/- x 2 = Rs.40,000/- less 10% = Rs.36,000/-
My Premium Break up = 1st year Rs.20,000/- and 2nd Year Rs.16,000/- (Advance for next year)
Can I claim rebate under section 80D as below:
A. This year for Rs.20,000/- eligible for Rs.15,000/- (Rs.16,000/- paid in advance c/f)
Next Year for Rs.16,000/- eligible for Rs.15,000/- (Paid in Advance last Year)
Or
B. Only total this year and Nil for Next Year
If 'B' is correct, why the insurer is allowed to collect 2 years premiums, there has to some provisions.
* Break up of 1st and 2nd Year Premium Shall be printed on Policy.
Replies (1)
Dear vijay
the amount will be allowed under section 80d if paid that amount in advance through cheque. It will be better if you make seperate cheque for different financial year.
15000'each will be allowed to you under 80d.
I hope your query is solved. :)
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