Results 1 to 2 of 2

Thread: Income tax benefit on payment of mediclaim premium in cash or by pay order

  1. #1
    PW NewsDesk NewsDesk's Avatar
    Join Date
    May 2011
    Location
    Delhi
    Posts
    267

    Default Income tax benefit on payment of mediclaim premium in cash or by pay order

    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



  2. #2
    Moderator Rahul's Avatar
    Join Date
    Feb 2009
    Location
    Delhi
    Posts
    386

    Default

    As per section 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.


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •