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If parents age exceeds 65years or more

Suresh Chandra (Manager - Accounts) (206 Points)

16 March 2012

can I claim any examption or deduction if my parents age exceeds 65 years?

thanks,

Suresh Chandra

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7 Replies

Pankaj Arora (Learner) (3134 Points)
Replied 16 March 2012

Since your parents in senior citizen you can claim only for health insurance u/s 80D upto 20000/-

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Sonam Bidasaria (CA) (770 Points)
Replied 16 March 2012

The limit of Rs. 20,000 is specified for each senior citizen. That means, if both of your parents are senior citizen and then an aggregate of Rs. 40,000 can be claimed.

Pankaj Arora (Learner) (3134 Points)
Replied 16 March 2012

Dear Sonia

U/s 80D limit is only Rs. 20,000 for parents. How can you separate mom and dad from the definition of parents?

Limit will be only rs.20000 not 40000.

Sonam Bidasaria (CA) (770 Points)
Replied 16 March 2012

This is Sonam.........

Anywaz if father is of 66 years and mother is of 59 years..............then in respect of his father, he will get deduction of Rs. 20,000 and for his mother another deduction of Rs. 15,000 will be allowed.

venkata narayana reddy m (ARTICLED STUDENT) (273 Points)
Replied 16 March 2012

Section 80D in Respect to Health Insurance Premiums

Investments made towards payment of health insurance premiums, qualify for a tax deduction under section 80D.

Available Deduction - For individuals less than 65 years of age, amount of health insurance premium paid or Rs. 15,000, whichever is lesser. For senior citizens above 65 years, amount of health insurance premium paid or Rs. 20,000, whichever is lesser.

A further deduction of Rs 15,000 could be claimed, for buying health insurance policy for your parents (Rs 20,000 if either of your parents is a senior citizen). This is irrespective of whether they’re dependent on you or not. No deductions can be claimed for in-laws.

Scope of Deduction - Individual assesses can claim deduction for premiums paid towards health insurance of self, spouse, parents and children.

For HUF assesses, premium paid for insuring the health of any member of the HUF, can be used for deduction.

Key Factors to keep in mind

The premium may be paid by any mode of payment, other than cash.
The health insurance premium that you pay must be from the taxable income applicable for the year you claim. Premiums should not be from gifts received by you.
Part payment of premium is allowed. For example, suppose your parents contribute 50% of their health insurance premium and you pay the balance 50% of their premium. In such a case, you could avail the deduction for the amount contributed by you and your parents too could avail deduction for their contribution.

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ubaid (Trainee) (27 Points)
Replied 16 March 2012

Dear..sonia ....

mr.Pankaj said right about the same in section 80D any individual tax payer can get benifit of mediclae insurance premium paid on behalf of spouse , children, parents. if parnets below 65 years can get benefit Rs. 15000 if 65 yeras it menas senoir cetizen then tax payer claim dedcution Rs. 20000 not 40000. that is why Mr. Suresh chandra can claim Rs. 20000 against medicale insurance paid by on behaf of his parents.