05 November 2021
An individual or HUF can claim deduction under section 80D for the below-mentioned payments:
1. A medical insurance premium paid for self, spouse, children or dependent parents in any mode other than cash. 2. Expenditure incurred on the account of preventive health check-up 3. Medical expenditure incurred on the health of senior citizen (aged 60 years or above) who is not covered under any health insurance scheme.
a. An individual can claim a deduction up to Rs 25,000 for the insurance of self, spouse, and dependent children. b. An additional deduction for the insurance of parents is available to the extent of Rs 25,000 if they are less than 60 years of age, or Rs 50,000 (as per the Budget 2018) if your parents are aged above 60. c. If both the taxpayer and the parent whom the medical covers have been taken for are aged more than 60 years, the maximum deduction that can be availed under this section is to the extent of Rs 1,00,000.
CAclubindia
