Section 80D provides for tax deduction from the total taxable income for the payment (by any mode other than cash) of medical insurance premium paid by an Individual or a HUF. This tax deduction is available over and above the deduction of Rs. 1,50,000 under Sec. 80C.. Health insurance is like an umbrella – something that you don’t need every day; but once in a while when it rains, it really saves the day for you. On all other days, you won’t miss it. But when it… Read More Tax Saving on Health Insurance (Section 80D) – Detailed Guide for FY 2018-19 AY 2019-20.
What are the Health Insurance Tax Benefits 2018-19 (AY 2019-20) ... We all know the importance of health insurance in today’s costly medical hospitalization. Hence, ... under Sec.80D in the financial year in which you paid the premium and that also as per the specified limits of Sec.80D. However, from FY 2018-19, .... Medical Insurance Deductions for FY 2018-19 & AY 2019-20 Under Section 80D. ... every individual can claim a deduction under Section 80D of the Income Tax Act for their health insurance..
Income Tax Deductions List FY 2018-19 / Assessment Year 2019-20. Best Income Tax Saving Options 2018-19.Tax Rebate options. Income Tax Exemptions list. Chapter VI A Deductions for AY 2018-19. Section 80C Limit 2019,80CCD,80D,24(b),80E,80G, 80EE,87A,80TTA,Standard Deduction 40,000, Budget 2018-19. Best ways to save tax. With effect from F.Y. 2018-19, ... For Parents/ Senior Citizen In addition to above, you can claim deduction of medical insurance premium paid u/s 80D for your parents as well. .... Premium Paid in Advance [ u/s 80D(4A) ] From FY 2018-19, deduction of health insurance shall be available only for the current financial year even if such premium is paid in advance. Example- Mr. Chawla paid Rs.80,000 towards health insurance of his family on 01-04-2018. This premium will cover his family’s health for the next 4 years..
Budget 2018: Section 80D limit proposed to be hiked to Rs 50,000 for senior citizens A taxpayer can currently maximise tax benefit under section 80D to a total of Rs 55,000 if his age is below 60, while parents' age is above 60.. Deduction is available up to Rs. 25,000 to a tax payer of premium paid for Medical insurance of self, spouse and dependent children. If individual or spouse is 60 years old or more the deduction available is Rs 30,000 (this amount has been increased to Rs 50,000 w.e.f A.Y 2019-20)..