Deduction For Medical Insurance Premium U/Sec 80d

Deduction For Medical Insurance Premium U/Sec 80d. Section 80D – Deduction for Medical insurance Premium. How to claim Deduction For Medical Insurance Premium Under Sec 80d. We are Providing Full Guide For Medical Insurance Premium. Recently we are providing Procedure For E-Filling of Tax Audit Report, Lost your Pan Card? Don’t worry, Procedure for duplicate Pan card, Calculation and Taxability of House Rent Allowance (HRA) Etc. You can Find All Details for All These Articles. Now you can Scroll own Below and See All Details about Deduction For Medical Insurance Premium U/Sec 80d.

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Deduction For Medical Insurance Premium U/Sec 80d

Essential Conditions for Claiming Deduction

  1. The taxpayer is an individual or HUF
  2. Insurance premium is paid by the taxpayer in accordance with the scheme: Framed by the General Insurance Corporation of India (GICI) and approved by the Central Government (known, as “Mediclaim” insurance policy) Framed by any other insurer and approved by the IRDA
  1. Insurance premium is paid by any mode other than cash.
  2. It is paid out of income chargeable to tax.
  3. Insurance policy is taken on the health of the following person:

               In case of an individual: Individual himself, spouse, dependent children or parents (whether Dependent or not).

              In case of an HUF: any member of the HUF.

6.    Allowance of deduction for any amount paid on account of preventive health check:

  •  Payment be individual for himself, family or parents.
  • Deduction not available to HUF
  • Maximum deduction allowed is 5,000 with in above limit of 15,000/20,000.
  • Payment for preventive health check up can be made by any mode including cash.
  • Reducing the age of senior citizen from 65 to 60 years.

Amount of Deduction

HUFIndividual
On whose health insurance policy can be takenAnymemberIndividual himself, spouse, Dependent childrenParents whetherdependent or notTotal
General deduction15000150001500030000
Additional deduction if insured is a senior citizen50005000500010000
Total20000200002000040000

Deduction under Section 80D is also available in respect of contribution to Central Government Health Scheme. However this deduction is not available to HUF. Deduction is available to an individual and only in respect of health insurance policy taken for Individual himself, spouse and dependent children. If an individual takes an insurance policy on health of Parents whether dependent or not, deduction under thisSection will not be available.

Deduction under this section within the existing limit, in respect of any payment or contribution made by the assessee to such other health scheme as may be notified by the Central Government.

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