Section 80D : Income Tax Deduction For Medical Insurance. The Section 80D grants a tax deduction on medical insurance premiums and medical expenditure. It is granted on the premiums paid for a medical insurance policy for the taxpayer himself and/or a close family member.. Since he is a senior citizen, the medical insurance premium to the extent of Rs 50,000 can be claimed as tax deduction under Section 80D. Even though he incurred Rs 61,000 (Rs 55 k + 6k) as expenses, he can claim tax deduction to the extent of Rs 50,000 only. Multi-year Health Insurance policy & Section 80D | Example.
Medical Allowance : Tax Benefit under Section 80D is NOT the same as Medical Benefit which is part of your salary for which currently the limit is 15,000. It is over and above the Medical Benefit, so you can claim BOTH – Health Insurance / Mediclaim under Section 80D and Medical Allowance under Section 10.. Budget 2018-19 & Revised limits u/s Section 80D for FY 2018-19. Health insurance premium paid for Self, Spouse or dependent children is tax deductible upto Rs 25,000..
Medical expenditure on the health of a person who is a super senior citizen (senior citizen from the assessment year 2019-20) if medi-claim insurance is not paid on the health of such person . Eligible . Eligible . Eligible. Maximum deduction in respect of (B) - For the assessment years 2016-17 to 2018-19. From the assessment year 2019-20 . Rs .... Arun Jaitley proposed a hike in the limit of tax deduction on health insurance premium. This was proposed to be revised from Rs.30,000 to Rs.50,000 under Section 80D of the Income Tax Act, 1961 for all senior citizens. Primarily, Budget 2018 is focused on taking care of senior citizens, women, and farmers of the country..
Budget 2018 has enhanced the limit of Health Insurance premium eligible for tax deduction under section 80D for Senior citizens. The limit is Rs 25,000 for people with age less than 60 years and it’s Rs 50,000 for senior citizens. You can also claim Rs 5,000 for Preventive Health checkups.. Section 80D and Medical (Preventive) Health Check-Up . Medical checkups or preventive health check-up expenses to the limit of Rs. 5000 are eligible to be claimed as tax deductions. For instance, Mr. Shayam is 65 years old. He has paid Rs. 50,000 as the premium of his health insurance policy. Also, he has spent Rs. 6000 for the health check-up..