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NewsDesk
26-10-2012, 01:09 AM
I would like to ask you that tax exemption on payment of mediclaim premium is available only if the premium is paid by cheque?

I would like to ask that If the mediclaim premium is paid by cash and/or by pay order and obtained a stamped receipt from insurance providers, then this payment made to insurance company will be valid for claiming incomer tax exemption?

Please clarify.

Thanking you,
Y R RAOTOLE

Via email

Rahul
03-11-2012, 02:00 PM
As per section 80D (http://www.policywala.com/content.php/185-Health-Insurance-premium-tax-deduction-under-Sec-80D) of IT Act
Mode of payment: Insurance Premium should be paid by any mode other than by Cash. Means if insurance premium is paid by cash then deduction is NOT available. Deduction is also allowed by other mode also like online payment which is now a days is very popular or by credit card is also allowed.