06 January 2010
According to Sec 80D, Amount is available for exemption purpose as follow:
1) Individual, Spouse(whether dependent or not)and Children(only if dependent on Individual) = Rs. 15,000 per annum
2) Parents(whether dependent or not) = Rs. 15,000* per annum.
*This Rs. 15,000 will be replaced by Rs 20,000 if anyone or both are Senior citizen and Resident also. If not resident then Rs. 15,000 will be only applicable.