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Income Tax Deductions - Health Insurance Premium

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Taken Medical Insurance Policy? Know how you can claim income tax deduction for the premium paid? Min deduction is Rs. Rs.15,000. Maximum Deduction - Rs.40,000.

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Income Tax Deductions - Health Insurance Premium

  1. 1. Medical Insurance Premium AY 2012-13 Copyright © 2012. All rights reserved. Accounting-n-Taxation.ComTuesday, July 17, 2012 1
  2. 2. Health Insurance Premium• Who is eligible to claim this deduction?• If you are assessed as an, – Individual or – HUF, then you can claim this deduction. Copyright © 2012. All rights reserved. Accounting-n-Taxation.ComTuesday, July 17, 2012 2
  3. 3. Health Insurance Premium• Is there any conditions?• The insurance scheme should be framed by, – General Insurance Corporation of India approved by the Central Government, or – Any other insurer and approved by the Insurance Regulatory and Development Authority (IRDA)• Your premium should not be paid by Cash. Copyright © 2012. All rights reserved. Accounting-n-Taxation.ComTuesday, July 17, 2012 3
  4. 4. Health Insurance Premium• In whose name the policy should be taken? – If you are Individual, the health insurance policy can be taken for, • You, • Your spouse, • Your Dependent Parents, and • Your children. Copyright © 2012. All rights reserved. Accounting-n-Taxation.ComTuesday, July 17, 2012 4
  5. 5. Health Insurance Premium• In whose name the policy should be taken? – If you are assessed as HUF, insurance taken on the health of any member of the family is eligible for deduction. Copyright © 2012. All rights reserved. Accounting-n-Taxation.ComTuesday, July 17, 2012 5
  6. 6. Health Insurance Premium• How much deduction can be claimed? – Least of the following can be claimed as deduction. • Actual Contribution, or • Rs.15,000. – However, if it includes policy on senior citizen, the total ceiling is raised to Rs.20,000. Copyright © 2012. All rights reserved. Accounting-n-Taxation.ComTuesday, July 17, 2012 6
  7. 7. Health Insurance Premium• In case if you are assessed as an Individual, – the deduction can be availed for two separate insurance policies. • One policy for yourself, your spouse and your dependant children, and • Another one policy for your dependant Parents. Copyright © 2012. All rights reserved. Accounting-n-Taxation.ComTuesday, July 17, 2012 7
  8. 8. Have Questions related to Income tax deductions?• Ask Us @ Accounting-n-Taxation.Com Copyright © 2012. All rights reserved. Accounting-n-Taxation.ComTuesday, July 17, 2012 8
  9. 9. Like this presentation?• Post your feedback & comments at, http://www.accounting-n- taxation.com/Contact-Us.html• Join In • Blog | Facebook | Twitter | Google+ | LinkedIn Copyright © 2012. All rights reserved. Accounting-n-Taxation.ComTuesday, July 17, 2012 9

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