03 May 2010
Deduction in respect of Medical Insurance Premia [Sec. 80D]:
Deduction is allowed for any medical insurance premium under an approved scheme of General Insurance. corporation of India, (popularly known as MEDICLAIM) or of any other insurance company, paid by any mode except cash, out of assessee’s taxable income during the previous year, in respect of the following:
For Whom Deduction u/s 80D is available: (a) In case of an individual- Insurance on the health (health insurance) of the assessee, or wife or husband, or parents or dependent children.
(b) In case of an H.U.F.- Insurance on the health of any member of the family.
Amount of Deduction: Maximum Rs.15,000 (Rs.20,000 in case any person insured is a senior citizen).
03 May 2010
Maximum amount of deduction under section 80D can go up to Rs. 400000/- . As medical insurance of parents is allowed in extra of spouse and dependent childrens.
Means Rs. 15000* for Family + Rs. 15000* extra for parents.
*where the person is of age 65 or more the amount would be 20000.
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