Is it necessary to make all payments through bank to avail deductions under Chapter vi a of Income Tax Act.
Is bank payment mandotory for Insurance payment alone?
Can we pay interest & Principal portion of housing loan out of cash.
3 Replies
CA MANISH SAXENA
(Partner)
(561 Points)
Replied 03 March 2016
you can pay via cash Insurance prem,
You can also pay interest & Principal portion of housing loan in cash if institution accept the cash and provide you the receipt.
Thanks!
Vikas Gupta
(Tax Executive)
(530 Points)
Replied 03 March 2016
Payment through bank is mandatory for claiming mediclaim insurance premium paid by you u/s 80D. For claim under all other sections under chapter VI-A, it is not compulsory.
Ajit Hegde
(CA - Final)
(1367 Points)
Replied 04 March 2016
Agree with Mr Vikas. However, preventive health check up up to 5000 only is allowed to be paid in cash
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