27 March 2009
Deduction u/s 80D is as follows for an individual (1) Actual insurance premium to the maximum of Rs. 15000(20000 if insured person is senior citizen) for individual him/herself, spouse and dependant children and (2) Actual insurance premium to the maximum of Rs. 15000(20000 if insured person is senior citizen) for parents of individual.
SO INDIVIDUAL CAN CLAIM DEDUCTION UP TO RS 35000 (15000 +20000) OR RS 40000 (20000+ 20000)
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