Mediclaim Insurance premium

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M. R. VAKALIYA (Querist)
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27 February 2010 What is the rules and exemption for Mediclaim insurance premium?
(1) suppose a person pays mediclaim insurance premium for his wife and kids of Rs. 4500 thru cheque to a reputed insurance company then it is Exempted from income tax? and it is apart from 1 lakh of standard deductions? suppose if the person pays mediclaim insurance premium for his parents then it is exepmted from income tax?

Expert please reply.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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27 February 2010 Mediclaim deduction allowable u/s 80D upto Rs. 15,000/-.
If mediclaim paid for parents then additional deduction allowable upto Rs. 15,000/- if parents age less than 65. If age exceeds 65 then deduction allowable Rs. 20,000/-.