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Section 80 d

Rahul (Chartered Accountnat CS) (1580 Points)

16 October 2011

Please explain Sec 80D Deduction for Health Insurance premium paid

In that I am not able to get the limit of Rs 20,000 for resident seior citizens. please explain with examples

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14 Replies

* Krishna * (CA Student) (6149 Points)
Replied 16 October 2011

Refer below link for clarity:

https://www.investmentyogi.com/taxes/tax-benefits-under-section-80d-80dd-and-80ddb.aspx

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Vikas (CA) (1135 Points)
Replied 16 October 2011

it is not ossible....my friend As per Sec80D : mediclaim for self : 15000 (normal) / 20000(SC) mediclaim for parents : 15000 (normal)/20000(SC) [note : SC = Senior Citizen] so in ur case the deduction limit is obviously 20000/-

Suraj Agarwal (Self Practitioner in Income Tax & GST) (782 Points)
Replied 16 October 2011

TELL ME THAT UR ASSESS IS HIMSELF OR AS PARENT POSITION ......??

BUT AS SAID BY VIKAS, IN BOTH CASES, THE UPPER LIMIT WILL BE RS.20000.

CA. Roopali Kadam (Jobs on assignment basis.) (1459 Points)
Replied 16 October 2011

Originally posted by : Vikas Vishwakarma
	it is not ossible....my friend As per Sec80D : mediclaim for self : 15000 (normal) / 20000(SC) mediclaim for parents : 15000 (normal)/20000(SC) [note : SC = Senior Citizen] so in ur case the deduction limit is obviously 20000/-

Rahul (Chartered Accountnat CS) (1580 Points)
Replied 16 October 2011

Suppose

Medical premium paid for assessee himself and wife be Rs. 10,000

For senior citizen father resident Rs. 10,000

For mother not a senior citizen Rs. 12,000

Calculate deduction u/s 80D?

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moin kas (CA FINAL & TYB.COM Student) (50 Points)
Replied 17 October 2011

As per ur example rahul

deduction allowable u/s 80D is:

for self if paid 10000 the limit is 15000 so allowes will be 10000

for parents (it includes both father and mother)

if he paid 10000 for father and 12000 to a mother since one of them is a seniour citizen

the limit will 20000 the amt goes to 22000 which goes above limit so deduction allowed 20000

DEDUCTION U/S 80D WILL BE TOTAL 30000

Ashutosh Biswal (Asst.Manager Finance) (283 Points)
Replied 17 October 2011

Originally posted by : Vikas Vishwakarma
	it is not ossible....my friend As per Sec80D : mediclaim for self : 15000 (normal) / 20000(SC) mediclaim for parents : 15000 (normal)/20000(SC) [note : SC = Senior Citizen] so in ur case the deduction limit is obviously 20000/-

I do agree on this comment

Sheena Maheshwari (ARTICLESHIP) (240 Points)
Replied 20 December 2011

u/s 80d: 1] self spouse n children(all together) max limit is 15000

2] n in addition for parents it is 15000

if there is a senior citizen the limit would go upto 20000 of the category[ 1 or 2] in which the senior citizen falls

CA VISHAL RANA,CS,B.Com,AMFI (Chartered Accountant in Whole Time Practice) (4354 Points)
Replied 20 December 2011

I am not agree with above answers

He guys maximum limit is not Rs. 20000.. read below examples

18.4 For example, an individual assessee pays (through any mode other than cash) during the previous year medical insurance premia, out of his taxable income, as under:

(i) Rs 12,000/- to keep in force an insurance policy on his health and on the health of his wife and dependent children;
(ii) Rs 17,000/- to keep in force an insurance policy on the health of his parents.

18.5 Under the new provisions he will be allowed a deduction of Rs 27,000/- (Rs. 12,000/- + Rs. 15,000/-) if neither of his parents is a senior citizen. However, if any of his parents is a senior citizen, he will be allowed a deduction of Rs 29,000/- (Rs.12,000/- + Rs.17,000/). Whether the parents are dependent or not, is not a consideration for deciding the deduction under the new provisions.