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 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.
Scope of Deduction -Assesses can claim deduction for premiums paid towards health insurance of self, spouse, parents and children.
Key Factors
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The premium may be paid by any mode of payment, other than cash.
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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.
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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.
From Above it seems that Deduction u/s 80D available only if you pay towards health Insurance premiun for yourself or family.
Not Allowed for corporate Mediclaim facility.
please let me know if my answer is wrong.