as per the section the deduction provided is rs 40000 or actual exp which ever is less
For example:-
X has spend rs 47000 for which 45000 has been received from insurance company. Now will he get 2000 (45000 -43000) as deduction. Or initially he will get rs 40000( 45000 or 40000 which ever is less) as deduction, but when insurance amount received than deduction will now be treated his income.
Please anyone explain
thanks in advance
Menu
section 80DDB
Replies (4)
As per me it is lower of:
1) Rs.40000 - Insurance Claim (Subject to maximum of 40000)
2) Actual Expense - Insurance Claim
So from the above we can conclude that you are not elegible for 80DDB
Opnion of others are also most welcome
1) Rs.40000 - Insurance Claim (Subject to maximum of 40000)
2) Actual Expense - Insurance Claim
So from the above we can conclude that you are not elegible for 80DDB
Opnion of others are also most welcome
As per me it is lower of:
1) Rs.40000 - Insurance Claim (Subject to maximum of 40000)
2) Actual Expense - Insurance Claim
So from the above we can conclude that you are not elegible for 80DDB
Opnion of others are also most welcome
1) Rs.40000 - Insurance Claim (Subject to maximum of 40000)
2) Actual Expense - Insurance Claim
So from the above we can conclude that you are not elegible for 80DDB
Opnion of others are also most welcome
Ya the above answer is right .We can explain in an alternate way that
1st take the lower of 40,000 or actual exp
then deduct the insurance claim received.
1st take the lower of 40,000 or actual exp
then deduct the insurance claim received.
Thanks Mr.Trilochan Ji
Recent Topic
- Form 10E and Salary arrear
- LTCG U/S 54F. Sale of property plus sale of share
- Issue with ITR2 online utility for HUF
- TDS deducted by EPFO under wrong section
- Schedule SI in ITR-2
- What is the easy way to do CA- through foundation
- Schedule FA query for this AY 2026-27
- Business income source for husband and wife
- Set off of LTCL against STCG under section 536(2n)
- Audit Workflow tool
Related Topics
CAclubindia
