Frends,I m paying consoliadated premium of 30000 for my Family including senior citizen..How much deduction i get under 80D......
9 Replies
CA. Dashrath Maheshwari
(TaXpert)
(15103 Points)
Replied 05 March 2011
you will get the deduction upto 20000
CA. Dashrath Maheshwari
(TaXpert)
(15103 Points)
Replied 05 March 2011
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.
PRADEEP
(PTR)
(100 Points)
Replied 05 March 2011
I think u can claim Rs.20,000 as senior citizens mediclaim.
Ramya Kinthali
(Financial Consultant)
(108 Points)
Replied 05 March 2011
if senior citizen is u r parrent...
dedution allowed is 15000 + 20000 = 35000 (separate additional deduction is allowed for premium on health of parrents 15000,if parrent is senior citizem its 20000)
if u r not paying for u parrents but for u r spouse n children alone where one of them is senior citizen
deduction allowed is 20000
(Guest)
| Originally posted by : ramya kinthali | ||
 |
if senior citizen is u r parrent... dedution allowed is 15000 + 20000 = 35000 (separate additional deduction is allowed for premium on health of parrents 15000,if parrent is senior citizem its 20000) if u r not paying for u parrents but for u r spouse n children alone where one of them is senior citizen deduction allowed is 20000 |
 |
Navina
(Artical)
(64 Points)
Replied 06 March 2011
Deduction In Respect of medical Insurance Premium (Sec 80D) are as follows:-
- If mediclaim paid by taxpayer on health of self, spouse and dependent Children than deduction will be gate of Rs. 15000/-
- If mediclaim paid by taxpayer on health of thire parent dependent or not than deduction will be gate of Rs. 15,000/-
- AddItional amount of which is deduction when policy is taken on the health of the senior citizen ( taxpayer, spouse or parents) of Rs 5,000/-.
There for taxpayer can claim maximum amount of Rs 35,000/- deduction under section 80D but it restricted to amount paid
CS LLB Pulkit Gupta
(https://www.facebook.com/pages/Life-and-Promises/553962034682487)
(16631 Points)
Replied 06 March 2011
Refer my articles for the same :-
80D- Key deduction for good financial planning (For Beginners like me)
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 06 March 2011
| Originally posted by : CA. Dashrath Maheshwari | ||
|
|
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. |
|
manosh kumar b
(sr.executive)
(22 Points)
Replied 09 December 2011
If the employer deducts from salary an amount for group medical insurance premium, and pays to the insurance company for all the employees covered under group insurance scheme, whether the individual employee can avail benefit under sec.80D, pls discuss
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