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Deduction under p and l account

Harshit Acharya (404 Points)

27 August 2020

Whether medical expenses paid by me are eligible to deduct under p and l account?

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4 Replies

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 27 August 2020

If you are individual, than there is no P & L Account in your case, So, no question of Deduction. (P&,L Account is prepared for business entity)

But Yes, you can get Deduction u/s 80D on medical expenses as prescribed in Section. 80D

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Harshit Acharya (404 Points)
Replied 27 August 2020

If a singer getting professional income prepares p and l account and has medical expenditure . Whether these are deductible or not?

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 27 August 2020

No, It's not deductible from Profit and loss Account of Profession, As it's personal expenses, not relating to it's Profession.

Harshit Acharya (404 Points)
Replied 28 August 2020

Ok...But I have a doubt regarding claiming medical insurance expenditure , whether it can be claimed , if another company is paying it on behalf of someone...The policy is in the. name of a person , but another company is paying on her behalf...then , whether the person ( on whose behalf insurance is paid ) can claim deduction or not?