05 March 2017
Deduction in respect of Medical insurance premium : Sec 80D is available if following conditions are satisfied: 1) The tax payer is Individual/HUF 2) Payment made out of income chargeable to tax 3) Payment made by any mode other than Cash ( Payment for preventive health check up can be made by cash also)
Maximum Deductible amount : a) General deduction upto Rs.25,000/- for self & family, For parents additional upto Rs.25,000/- b) For senior citizen additional Rs.5000/- i.e Rs.30,000/- in each case c) for Super senior citizen Rs.30,000 d) Maximum deduction on account of preventive health check up is Rs.5000/- ( for all i.e self, spouse, parents)
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