आओ टैक्स बचाये | TAX SAVING MEDICAL INSURANCE AND EXPENSES PAYMENTS | SECTION 80D | CA MANOJ GUPTA

आओ टैक्स बचाये | TAX SAVING MEDICAL INSURANCE AND EXPENSES PAYMENTS | SECTION 80D | CA MANOJ GUPTA

Deduction in respect of Medical Insurance Premia Section 80D

1. Deduction shall be allowed only to an individual or Hindu Undivided Family.

2. Deduction shall be allowed if the assessee has made payment towards
(i) Medical Insurance or
(ii) Central Government Health Scheme or such other scheme as may be notified by the Central Government in this behalf
(iii) Preventive Health Check-up

3. Individual can make payment for wife or husband or dependent children and deduction shall be allowed equal to the amount paid but subject to a maximum of Rs. 25,000 but in case of senior citizen deduction shall be allowed upto Rs. 50,000.

If the individual has taken policy in the name of parents (dependent or independent), additional deduction shall be allowed to the extent of the premium paid but maximum Rs. 25,000, however, if the policy has been taken in the name of senior citizen, deduction shall be allowed to the extent of Rs.50,000.
Deduction for Preventive Health Check up shall be maximum Rs.5,000 in aggregate for self, spouse,dependant children and parents.

Hindu Undivided Family can take the policy in the name of any of its members and deduction shall be allowed in the similar manner.

Payment should be made otherwise than in cash but payment for preventive health check-up can be made in any manner.

In case of a senior citizen, in general medi-claim policy is not issued hence expenditure can be incurred on their medical treatment and deduction for such expenditure shall also be allowed but limit shall be the same as given above.


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