Medical Insurance 80C

insurance premium, payment of health insurance premium and expenditure on medical treatment. Total income from all the heads of income is called as “Gross Total Income” (GTI). To arrive at taxable income, one has to deduct from GTI, the deductions allowable under Chapter VIA (i.e., under section 80C to 80U).. Tax Benefits of Health Insurance Under Section 80D. The premium that you pay for your medical insurance is tax deductible as per section 80D of the Income Tax Act, 1961. This means that you can claim for tax deductions on health insurance, given that you are paying the premium on a mediclaim policy which is in the name of. The concern that most taxpayers have is whether the total amount paid towards insurance ( health or life insurance) including the GST, qualifies for tax benefit under section 80C and 80D respectively.. Deduction on Health Insurance Premium Payment for Parents. Medical insurance premium paid for guardians is additionally qualified for deduction up to Rs. 25,000 every financial year. If your father or mother, or either of them is a senior citizen, the maximum limit goes up to Rs. 30, 000 a year..

Medical insurance tax benefit is an important step taken by the Indian government, in order to make quality medical treatment accessible to the general public. The most significant health insurance tax benefit is that the premium paid is exempt from tax. Health Insurance Tax Benefit Under section 80D.. The following investments and payments are eligible for deduction under Section 80C of the Income Tax Act, 1961: Life Insurance : Premiums paid toward all life insurance policies are eligible for tax benefits under Section 80C. This deduction can be claimed for premiums paid towards insuring self, spouse, dependent children and any member of Hindu Undivided Family..

Premium paid for life and medical insurance policies can be used to claim tax benefit under Section 80C and Section 80D of the Income Tax Act. But what about the Goods and Services Tax that you have to pay on the insurance premiums?Can you claim similar tax benefit for it? Normally, the total amount that a person pays to buy/ keep in force a life or medical insurance policy also includes the ....