09 September 2013
Deduction in respect of Medical Insurance Premium for Self and family members.
Maximum Deduction available Rs. 20,000/- for Senior Citizens and Rs. 15,000/- for others.
Deduction in respect of Medical Insurance Premium for Parents (Father or mother or both).
Maximum Deduction available Rs. 20,000/- for Senior Citizens parents and Rs. 15,000/- in other cases.
Mode of payment: Insurance Premium should be paid by any mode other than by Cash. Means if insurance premium is paid by cash then no deduction is available.Before Assessment year 2012-13 ,only payment by cheque was allowed under this section but from Ay 2012-13 onwards the deduction is allowed by other mode also like online payment which is now a days is very popular or by credit card is also allowed.
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