Deduction under section 80D is another option for the taxpayers to claim from his total income. The taxpayer is eligible is to take benefit under section 80d deduction of the income tax act. Section 80D talks about health insurance premium and checkup expenditure,.... 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..
Health insurance for 80D section deduction helps in saving tax every year, higher the plan Sum Insured, higher the premium amount and big savings on tax. Senior citizens and super senior citizens enjoy a much higher tax savings. To calculate medical insurance premium under section 80D click here.. Section 80D allows for the deduction for money spent on maintaining your health and health insurance, and assumes great significance in your tax planning and personal finance. What deductions are allowed u/s 80D?.
Section 80D comes under the Income Tax Act of India that allows tax deductions from the gross taxable income for the payment of health insurance premium paid by an individual or the Hindu Undivided Family.. On the other hand, Section 80D is exclusively meant for deductions on health insurance premiums paid. Mediclaim Deductions under Section 80D. Under Section 80D, deductions of Mediclaim happens in order to keep your insurance policy active. This insurance policy could either be for the policyholder or for the spouse of the policyholder.. A health insurance policy provides you with hospitalization benefit; it takes care of your hospitalization expenses. Under Section 80D of the Income Tax Act , 1961, the premium paid for mediclaim is eligible for tax deduction..
Under the Section 80D of the income tax act, she is eligible for the following health insurance tax benefit:- Maximum tax deduction of Rs. 50,000 from the premium of 52,000 paid for herself, husband & children.. 80D Deductions on Medical Insurance for Very Senior Citizens The Government of India has allowed another Section 80D deduction as a benefit for senior citizens. Under this norm, very senior citizens (80 years of age or above) who do not have any insurance policy can claim tax exemptions upto INR 30,000 p.a. on the preventive health checkups and treatments..