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Deduction For Medical Insurance Premium U/Sec 80d

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Deduction For Medical Insurance Premium U/Sec 80d. Section 80D – Deduction for Medical insurance Premium. How to claim Deduction For Medical Insurance Premium Under Sec 80d. We are Providing Full Guide For Medical Insurance Premium. Recently we are providing Procedure For E-Filling of Tax Audit Report, Lost your Pan Card? Don’t worry, Procedure for duplicate Pan card, Calculation and Taxability of House Rent Allowance (HRA) Etc. You can Find All Details for All These Articles. Now you can Scroll own Below and See All Details about Deduction For Medical Insurance Premium U/Sec 80d.

We are Providing Guide to Section 80 Deductions,Medical Insurance premium gives tax exemption in section, Mediclaim deduction under Section 80D, Tax Benefits, health insurance, Tax benefits on Medical Insurance Premium, Section 80D: Tax deduction on Medical Insurance premium. Now You can Find These all details for Deduction For Medical Insurance Premium U/Sec. 80D From below

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Deduction For Medical Insurance Premium U/Sec 80d

Deduction Us 80D Medical Insurance premium CAknowledhe.in

Essential Conditions for Claiming Deduction

  1. The taxpayer is an individual or HUF
  2. Insurance premium is paid by the taxpayer in accordance with the scheme: Framed by the General Insurance Corporation of India (GICI) and approved by the Central Government (known, as “Mediclaim” insurance policy) Framed by any other insurer and approved by the IRDA
  1. Insurance premium is paid by any mode other than cash.
  2. It is paid out of income chargeable to tax.
  3. Insurance policy is taken on the health of the following person:

               In case of an individual: Individual himself, spouse, dependent children or parents (whether Dependent or not).

              In case of an HUF: any member of the HUF.

6.    Allowance of deduction for any amount paid on account of preventive health check:

  •  Payment be individual for himself, family or parents.
  • Deduction not available to HUF
  • Maximum deduction allowed is 5,000 with in above limit of 15,000/20,000.
  • Payment for preventive health check up can be made by any mode including cash.
  • Reducing the age of senior citizen from 65 to 60 years.

Amount of Deduction

HUF Individual
On whose health insurance policy can be taken Anymember Individual himself, spouse, Dependent children Parents whetherdependent or not Total
General deduction 15000 15000 15000 30000
Additional deduction if insured is a senior citizen 5000 5000 5000 10000
Total 20000 20000 20000 40000

Deduction under Section 80D is also available in respect of contribution to Central Government Health Scheme. However this deduction is not available to HUF. Deduction is available to an individual and only in respect of health insurance policy taken for Individual himself, spouse and dependent children. If an individual takes an insurance policy on health of Parents whether dependent or not, deduction under thisSection will not be available.

Deduction under this section within the existing limit, in respect of any payment or contribution made by the assessee to such other health scheme as may be notified by the Central Government.

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Article by Raju Choudhary Raju has written 537 articles. If you like This post, you can follow CAknowledge on Twitter. Subscribe to CAknowledge feed via RSS or EMAIL to receive instant updates.

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