12 July 2013
Suppose an individual 'X' having age below 60 years paid medical insurance of Rs. 26,000/- as per details given below:-
1st Receipt Medical Ins. premium for own Rs 12000 and Medical Ins. Premium for his mother (above 80 years) Rs. 5000
2nd Receipt - For medical insurance premium for his spouse of Rs. 9000/- (having age below 60 years). Kindly advise about how much amount of deduction u/s 80D of I T Act, 1961 can be claimed for the Assessment Year 2013-14
13 July 2013
The Deduction that can be claimed under Sec. 80D at the time of filing of income tax return is the sum of the following:- 1. In case the payment of medical insurance premium is paid by the assesse for himself, spouse, dependent children – Rs. 15000. In case, the person insured is a Senior Citizen, the deduction allowed should be Rs. 20,000 2. In case the payment of medical insurance premium is paid by the assesse for parents, whether dependent or not – Rs. 15000. In case the parents of the Assessee are Senior Citizensthe deduction allowed under Section 80D should be Rs. 20,000
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