20 March 2009
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Our employee has submitted a mediclaim receipt to claim the income tax benefit.
This policy is in the name of his parents & the policy nowhere mentions the employee's name on it. However, he is claiming that the payment for this policy has been made by him only.
Now, what is the employer's liability in this regard? Can we admit this document as valid for IT relief ?
20 March 2009
As per section 80Dan assessee paid mediclaim on for himself or his relative is eligible for deduction u/s 80D., A individual assessee can claim deduction u/s 80D for mediclaim paid on his/her own policy, spouse, dependant children policy up to Rs. 15000 Again w.e.f. AY 2008-09 employee can also claim deduction u/s 80D for mediclaim paid on life pd parents up to Rs 15000.
So employee id eligible for deduction in respect of medicalim paid on policy of parents
20 March 2009
If the premium is paid by cheque then it should be paid out of the bank account of you employee.
As from A.Y. 2008-09, payment can be made by any mode so if the policy premium is paid in cash your employee can take the benefit. Just take the copy of policy and give him exemption. No liability for you in this behalf.
20 March 2009
Yes, he is eligible, but in your case just make sure that parents are dependant on assessee, then only he can avail deduction under this section. you can do this by taking declaration from employee that parents are dependant on him.
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