Section 80d

These policies can be taken for yourself or your family or parents.

Section 80d. The taxpayer can avail tax benefits on insurance taken for self spouse dependent children and parents. This deduction can be claimed by the senior citizen himself herself or by his her children if the latter are incurring medical expenditure for their senior citizen parents. According to section 80d you can claim the tax benefit subject to the health insurance premiums paid for your family including your spouse and children and parents which are different from the benefits based on costs related to health check ups.

Deduction under section 80d assessment year status assessee spouse dependent children assesee s parents payment for medical insurance premium mode other than cash contribution to cghs payment of medical insurance premium for resident sr. Every individual or huf can claim a deduction under section 80d for their medical insurance which is taken from their total income in any given year. Under section 80d you can avail income tax saving benefits against healthcare related expenses and payment of medical insurance premium for self spouse children and senior citizen parents.

The section 80d deduction applies to the premiums paid towards health insurance for self and family members. Section 80d offers deductions which comprise tax saving benefits against costs incurred towards health and critical illness insurance. The deduction limits are as follows.

Rising medical health costs can seriously impact your financial life if you do not plan for such unexpected expenses. Section 80d provides for various types of deductions on health insurance premiums as summarized below. You are eligible to available a maximum deduction of inr 25 000 per annum for premiums on a.

Every individual or huf who has purchased medical insurance can claim for a tax deduction under section 80d of income tax act 1961. An additional deduction for insurance of parents is available up to rs 25 000 if they are less than 60 years of age. Section 80d of the income tax act 1961 gives you the tax benefit on the premium paid for medical insurance policies.

Budget 2018 has amended section 80d of the income tax act which allows deduction for medical expenditure incurred on senior citizens. Section 80d allows for tax deductions from the total taxable income towards the payment of health insurance premium as well as expenses incurred towards healthcare.