Section 80d Exemption

In order to get tax benefits under section 80d only the tax payer and no third party must pay health insurance premiums.

Section 80d exemption. This deduction can be claimed by the senior citizen himself herself or by his her children if the latter are incurring medical expenditure for their senior citizen parents. Not just this the section also has a provision for allowing you the benefit of expenses made for preventive health check up amounting upto rs 5000 in a financial year. Deduction under section 80d is available to the following categories of persons an individual.

Deduction under section 80d is available if the following conditions are satisfied. Deduction under section 80d is available basically for two types of payment namely 1. For senior citizens the 80d exemption limit is rs 50 000.

Mode of premium payments. Individuals can claim maximum rs 25000 every financial year as deduction under section 80d of income tax act. Deductions under section 80d section 80d provides for various types of deductions on health insurance premiums as summarized below.

Now that you know everything about tax exemptions under section 80d of the income tax act. Huf a huf can claim a deduction under section 80d for a mediclaim taken for any of the members of the huf. This deduction will be rs 25 000 if the member insured is less than 60 years and will be rs 30 000 increased to rs 50 000 in budget 2018 if the insured is 60 years of age or more.

Don t forget to get the benefits of the section. Medical expenditure on the health of resident senior citizen and very senior citizen for whom no amount is paid to effect keep in force an insurance on the health mode of payment other than cash deduction under section 80d. You are eligible to available a maximum deduction of inr 25 000.

Information relates to the law prevailing in the year of publication as indicated. Deduction under section 80d available to an individual following deductions are available to an. For parents below than 60 years of age the maximum limit is rs 25 000 for health insurance premium paid.