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 Personal relief Income tax, legally, reduce income tax

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sleepybaba P
post Jan 13 2020, 05:06 PM

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Hi,
I'm a newbie with personal income tax relief.

There's a few question that I would like to ask:-
1. Does Life insurance bought overseas entitled for the tax relief?
2. Can travel insurance be considered as medical insurance?

Thank you in advance

sleepybaba P
post Jan 13 2020, 08:04 PM

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QUOTE(MUM @ Jan 13 2020, 05:56 PM)
Just asking... Does the receipt or payment document of those insurance policies states the actual amount paid for life insurance and the actual amount paid for medical insurance?  These amount is not the same as the premium amount paid....
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They didn’t state. I can only see the Premium paid. If that is the case, what would you suggest?
sleepybaba P
post Jan 13 2020, 11:50 PM

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QUOTE(MUM @ Jan 13 2020, 08:20 PM)
what I read from past postings from forummers are
insurance companies would provides tax statement to policy holders somewhere in Mar.
in this statement it has separate amount that are allocated for Life and Medical.
(see example in the below link too)

we will use that amount to submit for tax relief for that separate tax relief clause.

if you don't have the stated amount...how are you gonna submit for tax relief?
hmm.gif thus i would suggest you check with LHDN?

btw,....regarding your travel insurance....
(g) premium for waiver benefit rider and travel and medical expenses insurance are not allowable as a tax deduction.
https://howtofinancemoney.com/malaysian-income-tax-relief
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Thank you for your prompt reply.
The insurance policy that I actually bought was when I was in overseas.
But i just started to come back to work in Malaysia this year.
So I'm not too sure if they have the Life and Medical allocation.

Yup, I will check with LHDN and see if they can advise better.

Noted on the travel insurance. Thanks for the info. notworthy.gif

 

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