Can an individual claim deduction under sec 80 for group medical insurance taken by the employer under which he has taken a policy?
12 Replies
Devendra
(Chartered Accountant)
(4775 Points)
Replied 25 April 2011
Yes, for the fact that the mode of payment is any, other than cash, and it is employee who paid for himself or his family’s insurance.
Get a certificate from the employer regarding deduction of amount for medical insurance purpose. You can claim to the extent the deduction has been made by the employer for medical insurance subject to maximum Rs. 15,000
Regards,
Devendra K
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 25 April 2011
Ms.amulya_r8
Some of the group insurance shcemes are eligible for deduction under section 80C. Please Notification No.SO 270(E), 29-03-1990 where the clarification has been given by the CBDT. I have tried to attach the copy of the said notification but coult not succeed.
Best Wishes
Sathikonda
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 25 April 2011
Ms.amulya_r8 and Mr.Devendra
Please refer to sub-section (8) of Section 80C.
Best Wishes
Sathikonda
Devendra
(Chartered Accountant)
(4775 Points)
Replied 25 April 2011
Hi Sathikonda,
Can you please mail me the above mentioned Notification as soon as possible.
My email id is : devendra_dk22 @ yahoo.com
Regards,
Devendra K
CA Ishaan
(Chartered Accountant)
(453 Points)
Replied 25 April 2011
Hello
There is no record of such notification on CBDT website
Section 80 is applicable for Life Insurance premiums and not medical insurance. Qua medical insurance, section 80D, as very rightly quoted and explained by Mr Devendra is applicable in the way he has very lucidly set forth
With due respect, even if the said notification is found, I think it will be applicable to life insurance. We need to see the notification to form an informed opinion
Thanks and Regards
Pavan Bharadwaj
(Practicing Chartered Accountant)
(353 Points)
Replied 26 April 2011
Will be allowed as deduction provided the payment is in other than cash upto rs. 15000
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 26 April 2011
Dear All
I am herewith attaching a zip file which contains the above said notification.
Best Wishes
Sathikonda
Attached File : 46 direct taxes circular sec 80c.zip downloaded: 234 times
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 26 April 2011
Dear All
You can find the particular SO 270(E) dated 29-03-1990 in the attached documents.
Best Wishes
Sathikonda
Attached File : 19 so 270 e .zip downloaded: 220 times
CA Ishaan
(Chartered Accountant)
(453 Points)
Replied 26 April 2011
Hello
The circular is about life insurance and not medical insurance
Thanks and Regards
Nitin Grover
(CS)
(1228 Points)
Replied 26 April 2011
Medical Insurance will always be claimed under section 80 D only
Regards
Chirag Jain
(CA)
(99 Points)
Replied 26 April 2011
Medical insurance , u/s 80D, payment in any mode other than cash, allowed upto Rs.15000 and if it is for senior citizen than additional Rs.5000 allowed
Mohammad Asif
(chartered accountant)
(191 Points)
Replied 06 May 2011
yes that is for life insurances and nsc's not about medical insurances.
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