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Anil Rego |388 Answers |Ask -Follow

Financial Planner - Answered on Jul 13, 2021

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by G on Jul 13, 2021Hindi

Money

I am working officer in government sector. Recently I suffered from covid-19, for which I received medical reimbursement of Rs.4lacs. Is this amount taxable under income tax act? If yes, how to save tax?

Ans: Medical Reimbursement from your employer is tax exempted only up to Rs. 15,000 above which the amount would form a part of the taxable income. You cannot directly save tax on the same, but could use the deductions available under section 80.

If on the other hand, the medical reimbursement is from a medical insurance company for a policy taken by you, it would be exempt from tax.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Question by Vijay - Aug 25, 2022Hindi

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Sir, Please advise whether the money received from insurance company on submission of hospital bills under Medical policy liable for tax and does it require to be declared in the return under Income Tax Act? If yes, under what head and as what it has to be declared?

Ans: This money is not taxable, and you need not declare the same during tax filing. This amount neither qualifies as profit nor income. This is just reimbursement of an already incurred expense.

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Question by AMIT - Jul 17, 2023Hindi

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Sir my mother received a fixed amount of aprx Rs.15000 every quarter for medical reimbursement without submitting any bills from the employer after the retirement (Total Rs.60,000 for the financial year). What will be the tax applicable on this reimbursement. Whether we have to add Rs.60000/- in full as as part of salary in income tax return OR can we take any deduction under 17(2) of IT act or any other act. The taxability may please be informed for FY 2022-23 AY 2023-24 or for further financial years. Thanks AMIT ARORA

Ans: Hello Mr. Amit Arora,

I understand that you're seeking guidance regarding the tax implications on your mother's medical reimbursement. The tax treatment for medical reimbursements in India is a bit nuanced.

Typically, under section 17(2) of the Income Tax Act, any amount reimbursed by the employer towards medical expenses incurred on the treatment of the employee or their family members is exempt from tax, subject to a limit of Rs. 15,000 per annum. However, this is applicable only when actual medical bills are submitted.

In your mother's case, as she's receiving the amount without submitting any bills, this will not qualify for tax exemption under section 17(2). Therefore, the entire sum of Rs. 60,000 will be treated as her income from salary and will be subject to tax according to the tax slab she falls under.

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Asked by Anonymous - Jul 20, 2023Hindi

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Hi Mihir, Can I claim tax rebate for medical treatment? I went though an operation costing 57,000 Rs.

Ans: Deduction for medical treatment is available to senior citizen if they don't have mediclaim.

Further, deduction of specific diseases is available upto 40k u/s 80DDB.

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Question by Prashant - Jul 20, 2023Hindi

Money

Dear sir, Can I claim tax rebate for medical treatment? I went though an operation costing 57,000 Rs in February 2023. Age 42 years

Ans: Dear Prashant,

Yes, you can claim a tax rebate for medical treatment under Section 80DDB of the Income Tax Act. This section allows for a deduction for expenses incurred towards the treatment of certain specified diseases.

However, there are some conditions to be aware of. For individuals below 60 years of age, the deduction can be up to Rs. 40,000 or the actual amount spent, whichever is less. Since you are 42 years old and your medical expenses are Rs. 57,000, you can claim a deduction of up to Rs. 40,000.

Please note that this is a general guideline and the actual conditions may vary based on your specific circumstances. It's always a good idea to consult with a tax advisor or chartered accountant for personalized advice.

I hope this helps!

Best regards

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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