Deduction in respect of Health Insurance Premium (Section 80D)
Everybody
knows medical emergencies can occur at any time or at any age in the life of
any individual and nobody can guess about these emergencies so it is very safe
to take health insurance policy. And in order to promote these policies
government take very good initiative in favor of individual to reduce gross
total income by the premium paid as per provision mentioned below under this
section.
An
individual or HUF can claim deduction of premium paid on health insurance in
order to save tax up to Maximum amount of Rs. 1,00,000. And individual or HUF
can reduce their gross total income as per the below mentioned provisions.
Health Insurance Premium or Medical
Expenditure (Payment in any mode other than cash)
Following scenario to check how
much claim individual or HUF can take…
Age |
Self, Family & Dependent Children (Maximum limit) |
Parents (Maximum limit) |
Total (Maximum limit) |
Below 60
Year |
25,000 |
25,000 |
50,000 |
60 year or
more |
50,000 |
50,000 |
1,00,000 |
If
individual is below 60 year but parents 60 year or more |
25,000 |
50,000 |
75,000 |
HUF can claim premium paid on
health insurance for members of HUF up to Rs. 25,000.
Example: If premium paid on medical insurance of Rs. 15,000 by an individual having age of 34 years for self then such individual can claim lower of
Rs. 15,000 (premium paid on medical insurance) or
Rs. 25,000 (maximum amount permissible under this section).
hence such individual can claim Rs. 15,000 u/s 80D.
Preventive Health Checkup (it can
be made in cash)
You can understand this provision via this diagram:
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