Singapore legislation
Regulation 6
of Income Tax (Relief and Deduction under Section 39) Rules 2021
Regulation 6
Applicable maximum relief amount for section 39(3)(c)(ii) of Act
Subregulation 1
For the purposes of allowing a deduction to a claimant for the year of assessment 2023 or a subsequent year of assessment under section 39(3) of the Act, the applicable maximum relief amount for section 39(3)(c)(ii) of the Act is the specified amount in —
paragraph (2), if the claimant made only one medisave contribution mentioned in section 39(3)(b) of the Act to a related member in the preceding year; or
paragraph (3), if the claimant made more than one medisave contribution mentioned in section 39(3)(b) of the Act to one or more related members in the preceding year.
Subregulation 2
The specified amount mentioned in paragraph (1)(a) is the lower of the following:
the amount of the medisave contribution;
the amount by which the basic healthcare sum at the time of the medisave contribution exceeds the amount in the medisave account of the member concerned immediately before that medisave contribution.
Subregulation 3
The specified amount mentioned in paragraph (1)(b) is the sum total of the amount G for each of the medisave contributions mentioned in section 39(3)(b) of the Act, where G for each medisave contribution is the lower of the following:
the amount of the medisave contribution;
the amount by which the basic healthcare sum at the time of the medisave contribution exceeds the amount in the medisave account of the member concerned immediately before that medisave contribution.