Tax Deductions - Sec 80D for Advance Payment of Premium

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  1. arul selvan

    arul selvan New Member

    I had taken an health insurance policy for self, spouse and child from ICICI Lombard
    It is a 2 year policy for 2014-2016
    Single premium paid Rs 27954
    premium paid date 30-05-2014

    In this I can claim for tax rebate under sec 80D for 15000 for the year 2014-15
    Can I claim tax rebate for the remaining Rs 12954 for the year 2015-16

    ICICI has refused to give me a split premiums for the individual years
  2. Manoj Mehra

    Manoj Mehra Active Member

    Deduction under Section 80D is provided on paid basis and not on Accrual basis.

    Therefore, you can claim the deduction in the year of payment only.
  3. hemanth k

    hemanth k New Member

    Dear Arun selvan
    The Medical Insurance premium can be paid by any mode of payment other than cash to claim deduction under 80D.The maximum deduction including your spouse and children is 15000 only even you paid 27954 under Income tax Act.Any Life Insurance premiums (for one or more insurance policies) paid by you for yourself, your spouse or your children is eligible under income tax deduction under section 80C of Indian Income Tax Act.
  4. arul selvan

    arul selvan New Member

    thank you, Hemant
  5. arul selvan

    arul selvan New Member

    thank you Manoj
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