Mediclaim Insurance Proceeds.
This query is : Resolved
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
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.
17 February 2009
I agree with view expessed by Mr Yatesh. You may check the following link
http://moneytoday.digitaltoday.in/content_mail.php?option=com_content&name=print&id=520
http://moneytoday.digitaltoday.in/content_mail.php?option=com_content&name=print&id=520
18 February 2009
Yes.
It is not taxable as it is a capital receipt.
It is not taxable as it is a capital receipt.
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
