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Section 80D of the Income Tax Act, 1961 relates to the Tax deductions on Medical Insurance. This section lets you receive tax deductions on premiums made for medical insurance to secure yourself and your family members. Section 80D also offers deductions over and above the exemptions derived from the more popularly known Section 80C.
Deduction under this section 80D is available to an individual or a HUF. A deduction of Rs. 25,000 can be claimed for insurance of self, spouse and dependent children. An additional deduction for insurance of parents is available to the extent of Rs 25,000 if they are less than 60 years of age or Rs 50,000 (has been increased in Budget 2018 from Rs 30,000) if parents are more than 60 years old. In case, a taxpayers age and parents age is 60 years or above, the maximum deduction available under this section is to the extent of Rs. 100,000.
An individual taxpayer is eligible to claim deductions under section 80D. The health insurance premium paid for the family members listed below are eligible for deductions:
There are four different types of deductions that you can claim u/s 80D. They are:
There is another tax benefit available u/s 80D which can be claimed up to Rs. 5,000 if you have incurred expenses on health check-up of your family, parents and yourself.
If you or any member of your family or either of your parents is a super senior citizen (i.e. 80 years or above in age) but is not covered by any health insurance, you can still get a tax deduction.
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