Claim settlement amounts from star health insurance is considered as INCOME?

[skvignesh]

Guys for the last fin year, I got multiple claim settlement amounts from star health insurance. is it considered as INCOME for IT filling?

 

[350modena]

Guys for the last fin year, I got multiple claim settlement amounts from star health insurance. is it considered as INCOME for IT filling?

These multiple claim settlement amounts must have been less than or equal to the hospital expenditure under respective medical policies (insurance companies only reimburse upto expenditure and not more).

Hence it is NOT considered as income for ITR purposes.

 

[CCFinvest]

Medical insurance reimbursements are not taxable under Section 10(10D) of the Income Tax Act, 1961. This exemption applies to all types of health insurance policies.

 

[anujdit]

Insurance amount is against expenses, how it can be taxed? It is not taxable.
Any income (Lottery etc) can be taxed, not expenses.

 

[ramkiraj60]

Guys for the last fin year, I got multiple claim settlement amounts from star health insurance. is it considered as INCOME for IT filling?

Claim settlement upto the actual hospital expenses is not taxable

 

[CCFinvest]

Claim settlement upto the actual hospital expenses is not taxable

Any insurance claim amount is not taxable.

 

[Zacobite]

Guys for the last fin year, I got multiple claim settlement amounts from star health insurance. is it considered as INCOME for IT filling?

not income.. they are REIMBURSEMENTs so not profit in any way