Dear all,
Hope all is well with you. Kindly let me know, while considering the Mediclaim or LIC premium for exemptions under the Income Tax Act, should we consider the Basic Premium value or the Gross Premium including GST value?
Thanks in advance and God bless you all.
From India, Kalyan
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Hope all is well with you. Kindly let me know, while considering the Mediclaim or LIC premium for exemptions under the Income Tax Act, should we consider the Basic Premium value or the Gross Premium including GST value?
Thanks in advance and God bless you all.
From India, Kalyan
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As the premium is paid by the individual and the tax exemption is also going to be claimed by the individual under individual capacity, it clearly displays that there is no scope of availing "input credit" of GST by the premium payer, so the gross would be claimed.
However, when any organization takes group insurance, they claim the GST input credit, and in such a case, the net amount (excluding input GST credit) only is considered.
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725However, when any organization takes group insurance, they claim the GST input credit, and in such a case, the net amount (excluding input GST credit) only is considered.
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Tax Exemption (SUPERB).doc
P. TAX EXEMPTION NOTIFICATION - CHHATTISGARH.pd f