rashmi1kanta (MANAGER) (110 Points)
30 December 2009Hi , Following queries.
I paid Rs-25369/- single premium as a mediclaim policy for self & dependent parent ( Father-62,Mother-51), what will be maximum exemption i will get.
My colleage paid Rs-25369 single premium as a mediclaim policy for self & dependent parent ( Father-71 age , Mother -65 0 , what will be maximum exemption he will get.
these policy is being provided by our employer with a tie up with 3rd party
rashmi
CA Shailesh Ghase. ACA,B.com
(CA)
(114 Points)
Replied 30 December 2009
as per amendemnt in finace act 2008, a asesee can get deduction upto Rs. 15000 for self medicliam policy and Rs. 15000 for tei dependent parent and if parent or assesse is senior citizen then limit is Rs.20,000.
u get full dedution of amount u paid and ur colligue also
Regards
CA shailesh Ghase
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 30 December 2009
Sailesh, i think u misunderstood 80D....
The amounts u mentioned are total deduction amount... That means, mediclaim policy amount is to be taken for all the members...
Therefore,
In first case (in which, there's no senior citizen), total deduction amount will be only Rs. 15000 and not the complete premium amount..
While in second case (in which, parents are senior citizen), so total deduction amount will be Rs. 20000 and not the complete premium amount..
Mind it ovehere that 15000/20000 amount is not for one individual but an overall deduction...
CA Shailesh Ghase. ACA,B.com
(CA)
(114 Points)
Replied 30 December 2009
yaa u r correct but if u go through the amendment in 80D, if an aseesee take mediclaim policy for their parent then assessee got aditionla deduction upto 15000( Sen, citizen 20000) over and sbove ur premium of medicliam
Amir
(Learner)
(4016 Points)
Replied 30 December 2009
As per Sec 80 D
Mediclaim Premium paid on account of
1) ASSESSEE, SPOUSE AND DEPENDENT CHILDREN - LIMIT IS 15,000/- (Rs. 20,000/- IN CASE OF SENIOR CITIZEN)
2) PARENTS (ADDITIONAL LIMIT APART FROM ABOVE) - LIMIT IS 15,000/- (Rs. 20,000/- IN CASE OF SENIOR CITIZEN)
Please ASK FOR THE BREAK UP OF MEDICAL PREMIUM i:e HOW MUCH IS IN YOUR RESPECT AND HOW MUCH IS TOWARDS YOUR PARENTS and ADVICE YOUR FRIEND TO DO THE SAME THING.
In case Nither Your Share nor your Parents share exceed 15,000/- then TOTAL 25,369 WILL BE ALLOWED AS DEDUCTION..
rashmi1kanta
(MANAGER)
(110 Points)
Replied 30 December 2009
| Originally posted by : D н ! я σ √ | ||
 |
Sailesh, i think u misunderstood 80D....
Thank you , another query --in case above premium were paid separately ( for self say 12000 , parents 13369 ) -- I would have got full exemption of Rs-25369 ? Rashmi |
 |
CA Shailesh Ghase. ACA,B.com
(CA)
(114 Points)
Replied 30 December 2009
just go on oficial site of incomeindia.gov.in
and check amendment of 80D in finace act 2008 u get it
from that site copy paste is banned othewise i will paste overhere
rashmi u wll b getting full deduction for both the premiums
rashmi1kanta
(MANAGER)
(110 Points)
Replied 30 December 2009
Thank you for the clarification ,
Just to know if above premium were paid separately ( i.e 12000/- for self & 13369/- for parents ) then i would have got full Rs-25369/- exemption. ?
Since i paid a single premium -- Then only Rs-15000/- will be considered ?
Rashmi
CA Shailesh Ghase. ACA,B.com
(CA)
(114 Points)
Replied 30 December 2009
yaa the clearification of MR. amir is right
i m also saying the same thing yaar
Amir
(Learner)
(4016 Points)
Replied 30 December 2009
No Rashimi its NOT THAT !
EVEN IN CASE OF A SINGLE PREMIUM IF YOU CAN GET THE BREAK UP FROM THE INSURANCE COMPANY THAT INDIVIDUALLY NEITHER OF THE PREMIUM( i:e TOWARS UR HEALTH AS WELL TOWARDS UR PARENTS) EXCEEDS 15,000/- , THEN U WILL BE ELIGIBLE FOR THE DEDUCTION OF ENTIRE AMOUNT...
U WILL GET FULL DEDUCTION PROVIDED INDIVIDUAL PREMIUM HAS NOT EXCEEDED 15,000/- (INSPITE OF THE FACT THAT U HAVE MADE A SINGLE PAYMENT EXCEEDING 15,000)
Anup rathi
(CA FINAL)
(268 Points)
Replied 30 December 2009
For first policy u will get max deduction of rs 15000
nd in second since d policy is on parents which r senior itizen additional benefit of 5000 will get
hence total deduction of 20000
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 30 December 2009
| Originally posted by : Amir | ||
|
As per Sec 80 D Mediclaim Premium paid on account of 1) ASSESSEE, SPOUSE AND DEPENDENT CHILDREN - LIMIT IS 15,000/- (Rs. 20,000/- IN CASE OF SENIOR CITIZEN) 2) PARENTS (ADDITIONAL LIMIT APART FROM ABOVE) - LIMIT IS 15,000/- (Rs. 20,000/- IN CASE OF SENIOR CITIZEN) Please ASK FOR THE BREAK UP OF MEDICAL PREMIUM i:e HOW MUCH IS IN YOUR RESPECT AND HOW MUCH IS TOWARDS YOUR PARENTS and ADVICE YOUR FRIEND TO DO THE SAME THING. In case Nither Your Share nor your Parents share exceed 15,000/- then TOTAL 25,369 WILL BE ALLOWED AS DEDUCTION.. |
|
Hi, thats correct... Actually i took this subject year ago, and could not recall that properly... Thanx for reminding...
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 30 December 2009
Amir sir is correct. Please ask for the brake up. There must be a brake up for this group medical policy. Once the segregation is available its easy to solve the query.
R!tu Ber!
(Chartered Accountant)
(405 Points)
Replied 30 December 2009
dont worry ms rashmi as of what u are tellin about the bifurcation i too opine that whole amount of yours will be allowed as deduction u/s 80D :)
CAclubindia
