05 March 2011
Sir .I m paying consolodated amount of Rs.30000 as a premium for my family including senior citizen......How much Deduction i get under section 80D....
05 March 2011
The amount of deduction depends on whether senior citizen u referring to are ur parents. Please provide breakup of premium paid for ur parents seperately.
Individual - Well two types of deduction is provided to him . One on the premium paid for the medical cover of himself,spouse and children and an additional deduction on payment of premium for parents (both dependents and non-dependents)
Basic - 15000 + 5000 (extra if anyone is senior citizen)
Additional - for medicalim policy of parents 15000 + 5000 extra (if they are senior citizen)
INSERT (AY 2008-09) Additional deduction of Rs. 15,000 under Section 80D is allowed to an individual who pays medical insurance premium for his/ her parent or parents.
05 March 2011
For more details u can refer my article on 80D & Medical Insurance :- https://www.caclubindia.com/articles/80d-key-deduction-for-good-financial-planning-8413.asp https://www.caclubindia.com/articles/-essentials-of-health-policy-or-good-medical-insurance-8414.asp
18 February 2014
Please visit the link - http://taxclick.org/type/students/deduction-in-respect-of-health-insurance-premium-----sec-80d-of-income-tax-act