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.
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