Section 80D :
Income Tax benefit for medical insurance premium
A lot of expenditure is incurred on health today, it includes the premiums of health insurance policies, preventive health check ups and other medical bills. Considering health as an integral and important expenditure the government is giving income tax deduction for such expenses, in the manner described below:
Amount of Tax Benefit:
Maximum Rs 1,00,000
On Health Insurance Premium -
Rs 50,000 for Senior Citizens
Rs 25,000 for others
On Preventive Health Check up -
Rs 5,000
On Medical Expenditure for Senior Citizen -
Rs 50,000
Eligible Deductions:
Health Insurance Premium & Preventive Health Check up Expenditures for
Self
Spouse
Children
Parents
Medical Expenditure for those above 60 years
Payment Mode:
Medical Insurance Premium paid - Non Cash
Preventive health check up expenditures - Any
Medical Expenditure for those above 60 years - Non Cash
Important Note:
Deduction of Rs 5,000 on preventive health check up is included in the limits of Rs 25,000 or Rs 50,000 of health insurance premium deduction
