80D Deduction:Check out the eligible instruments
This allows a deduction for the payment of your medical insurance premium.
Who is it available to?
All individuals and HUF (Hindu Undivided Family). The amount must have been paid using the taxpayer’s income chargeable to tax.
In case an individual is taking the deduction, the medical insurance policy can be take in the name of any of the following: the taxpayer or the spouse, parents or dependent children of the taxpayer.
In case a HUF is taking the deduction, the medical insurance policy can be taken in the name of any member of the family.
What is the amount of the deduction?
The general deduction available to each taxpayer is Rs.15,000, for self, spouse and children. An additional deduction for parents is Rs. 15,000. If the amount paid is for a senior citizen, then one can claim an additional exemption of Rs.5,000.
What are the eligible instruments?
All medical insurance policies are eligible for the 80D deduction up to the specified amount. Please remember that the premium towards the policy cannot have been paid in cash.
Please check with your tax advisor in case from time to time there are some changes to the amount or type of deduction available under 80D.
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dr.m.p.pathak said : 09/02/2011 |
I've 2 incurr an expenditure of Rs 131000/-approx on my angioplasty in a govt hospital |
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jugal said : 04/03/2009 |
by paying Medicalim insurance payments for Parents,one can take that deductions in tax benefits for individual,its great to serve parents with helthcare |