![]() ![]() If you are 40 years old and are paying Rs.35,000 towards premiums for your family and Rs.45,000 for your father who is 70 years old. Let us consider few scenarios for better understanding. Table: Section 80D deductions based on age and expense 50,000 (only if medical insurance is not available) Parents, In-laws (aged above 60 & whether dependent or not) Self, spouse (aged below 60) and dependent children (aged below 25) In case you and your parents are both above 60 years of age, then you can claim a deduction of up to Rs.50,000 each, i.e., a total of Rs.1lakh! Also, you are eligible to claim a deduction of an additional Rs.25,000 paid towards health insurance for your parents if they are below 60 years of age. You can claim a deduction of up to Rs.25,000 for health insurance cover for yourself, your spouse, and your dependent children. Amount of Deduction Available Under Section 80D Say, your annual taxable income is Rs.5,00,000, your net taxable income after deducting the premium, paid towards your Mediclaim policy, would be Rs.4,75,000. The icing on the cake? This is in addition to the deductions claimed under section 80C of the Indian Income Tax Act.įor example, if you pay Rs.25,000 each year towards the premium for your Mediclaim policy, you can deduct this amount from your taxable income. What’s more, you can include even the premiums paid for your family and dependant parents. A health insurance plan gives you this dual advantage because the premiums paid are deductible under section 80D of the Indian Income Tax Act. ![]() You can now not only safeguard yourself against medical costs for hospitalization but also benefit by saving taxes on premiums paid. ![]()
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