80D Health Insurance Premium (Tax deduction)
The article deals with deduction under Section 80D of the Income Tax Act and explains deduction available for Health Insurance Premium paid.
Deduction up to Rs. 25,000 per year can be claimed for medical insurance premium paid for the individual, his/her spouse, and dependent children. However, the limit goes up to Rs. 30,000, if age of the individual or his/her spouse is 60 years or above (i.e. senior citizen).
An additional deduction for insurance of parents (father or mother or both, whether dependent or not) is available to the extent of Rs. 25,000 if less than 60 years old and Rs 30,000 if parents are 60 years old or more.
Watch the recorded explanation of 80D – Health Insurance Premium by clicking CS Professional Course.
Deduction for Preventive Healthcare Checkups
A deduction of Rs. 5000 will be allowed under this section for payment of preventive health check up of either the individual himself or his family members which includes spouse, parents and dependent children.
This deduction is NOT in addition to the deduction of Rs.25000 / 30000 stated above, but are included in the above deduction.
For preventive health, check-up payment can be made by any mode (including cash) for claiming the deduction.
Note: Health check-up expenses cannot be claimed separately for each dependent. This expense is not allowed on per person basis but as an aggregate.
For a detailed explanation on the same, click on online classes for CS Professional.
For the demo, MCQs, updated syllabus of CS Professional, CS Executive, and CS Foundation, Advance Tax Laws and Practice notes. Takshila Learning offers CS Professional course through our portal www.takshilalearning.com. Online classes for CS Professional are designed by highly qualified and experienced faculties. Along with recorded video lectures, proper notes, MCQs, books, and various articles on important topics are also provided.
Follow us on a Social media
Call us: 8800999280/83/84 or fill the form for any other details:
0 responses on "Advance Tax Laws and Practice 80D Health Insurance Premium (Tax deduction)"