How much tax payable or refund on claim amount?

Hi All,

I am studying MBA in finance and I also have LIC and New India Agency (my uncle is DO with LIC). I have a query on Mediclaim Claim -
My father is covered with Mediclaim and I had recieved insurance claim of RS.179400 on death of his father.How much tax payable or refund to above person if he had paid Hospital Exp of Rs. 50,000 for the treatment of his father before of his death. His father's income from Salary is Rs. 500,000.

Any sums received from LIC is exempt from Tax - U/s. 10(10D). So there is no question of TDS and no question of Taxation.

Thanks for reply Rohit. But I am asking about Mediclaim amount received.

I have one more question - An individual assessee pays through credit card during the previous year health insurance premium as under:

1. Rs. 12,000 to keep in force an insurance policy on his health and on the health of his wife and children
2. Rs. 17,000 to keep in force an insurance policy on the health of his parents.

Could you please let me know how much deduction he will get under Income tax?
Under the proposed new provisions.

He will be allowed a deduction of Rs. 27,000 (Rs. 12,000 + Rs. 15,000) if neither of his parents is a senior citizen. However, if any of his parents is a senior citizen, he will be allowed a deduction of Rs. 29,000 (Rs. 12,000 + Rs. 17,000). Whether the parents are dependent or not, is not a consideration for deciding the deduction under Section 80D.