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Generally you can save tax on health insurance premium for a maximum of rs 1 lakh in case you and your parents are above the age of 60 years.
Tax rebate under section 80d. In order to get tax benefits under section 80d only the tax payer and no third party must pay health insurance premiums. Total deduction under section 80d self spouse and dependent children. Basic deduction under section 80d.
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. Maximum deduction rs 25 000. Deduction under section 80d for ay 2019 20 section 80d 80 dd 80 ddb 80 u are the options to reduce your tax liability beyond section 80 c by saving in various tax savings instruments.
Health insurance is a necessity that can also help you save taxes. You can only claim deduction under section 80d on health insurance bought for your parents and not for your parents in law. On the other hand the maximum tax exemption limit under section 80d is rs 65 000.
Budget 2018 has amended section 80d of the income tax act which allows deduction for medical expenditure incurred on senior citizens. Section 80d talks about health insurance premium and checkup expenditure if you have incurred expenses towards medical insurance or medical checkup then you can avail the benefit u s 80d. Mediclaim premium paid for self spouse or dependant children.
Exclusion in section 80d income tax act. An additional deduction for insurance of parents is available up to rs 25 000 if they are less than 60 years of age. And maximum tax deduction.
Under section 80d the maximum tax exemption limit is rs 1 5 lakhs. No one in your family you spouse or children is a senior citizen. The taxpayer is eligible is to take benefit under section 80d deduction of the income tax act.
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