Mediclaim Insurance Proceeds.
This query is : Resolved
Panduranga Bhat
(Querist)
17 February 2009
If anybody receives mediclaim insurance proceeds is the proceeds taxable or not taxable or exempt from tax? If it is exempt under which section of the Income tax act 1961?
17 February 2009
Mediclaim is the reimbursement of expenses. & reimbursement of expenses are not taxable under Income Tax Act.
Regards'
Yatesh Renuke.
Regards'
Yatesh Renuke.
Message likes :
1 times
Panduranga Bhat
(Querist)
17 February 2009
Thank u Yatesh for your quick n prompt reply. So, we can conclude it as, since the proceed is not revenue in nature and it's mere reimbursement of expenses it is not taxable.
K V Subba Rao
(Expert)
17 February 2009
I agree with view expessed by Mr Yatesh. You may check the following link
https://moneytoday.digitaltoday.in/content_mail.php?option=com_content&name=print&id=520
https://moneytoday.digitaltoday.in/content_mail.php?option=com_content&name=print&id=520
CA Nitin Wadhwani
(Expert)
18 February 2009
Yes.
It is not taxable as it is a capital receipt.
It is not taxable as it is a capital receipt.
S.M.Indapurkar
(Expert)
18 February 2009
Mediclaim is reimbursement of expenses incurred and hence not taxable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Capital gains in IT returns
- Urd purchase entry in tally prime
- GSTR-9C filing
- IMS (import of goods) ITC related
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
