Dear all, Hope all is well with you all. Kindly let me know while considering the Mediclaim or LIC premium for exemptions under Income Tax Act, shall we consider the Basic Premiums value or Gross Premium including GST value? Thanks in advance & God bless you all.
From India, Kalyan
Hi, We include the figure inclusive of GST.
From India, Gurgaon
Glidor
617

as the premium is paid by individual and the tax exemption is also going to be claimed by 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 case the net amount (Excluding input GST credit) only is considered


Anonymous
Dear Team,
The salary of an employee for 8 months in a financial year has been prepared and he has submitted the receipt of LIC premium paid for 12 months for exemption under the Income Tax Act.
Should we consider for 12 months or only 8 months?

From India, Hyderabad

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