Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Section 80D

Amit Bhatkar (Service) (457 Points)

02 January 2009

Dear All,

How much can salaried person invest under mediclaim policy to avail the full tax benifit ?

Amit

Reply
Follow
Share

4 Replies

Aditya (Student) (129 Points)
Replied 03 January 2009

The total amount paid by the Salaried employee on Medical Insurance Premium u/s 80D should not be more than 10,000 /- However for senior citizent it can be upto 15,000/-.

Ie., if the assessee has paid Medical insurance premium on spouce and kids the amount should not exceed 10000/- PA, If the Medical Insurance Premium was paid for senior citizen, then it should be more than 15000/-.

Upgrade to CAclubindia Pro. Subscribe Now!

Amit Bhatkar (Service) (457 Points)
Replied 03 January 2009

That means one person can claim upto Rs. 25000=00

Rs. 10,000 For Mediclaim policy on own, spouse, children

Rs. 15,000 For his parents. ( Over and above of Rs. 10,000 )

Is this correct ?

Amit

Pavan Jain S (Chartered Accountant) (1575 Points)
Replied 03 January 2009

Section 80D has been amended w.e.f AY 2009-10 -

An assesee is entitled to a deduction of Rs. 15000 in respct of medical premia paid on the health of himself, his spouse and children. If any of them is a senior citizen, then he shall be entitled to a mximum deduction of Rs. 20000/- as a whole.

In addition thereto, if he pays insurance premia on the health of his parents, whether dependant or not, he will be entitled to additional deduction of Rs. 15000/- (senior citizen - Rs. 20000/-)

To sum up, the assessee is entitled to maximum deduction of Rs. 30000 if he pays premium on the health of his parents as well on health of his wife and children. the deduction shall be max Rs. 40000 if his parents are senior citizen and either he or his spouse is a senior citizen