1.2 Indian Income Tax Act 1961 - Deduction under chapter VI A - Section 80D

Indian Income Tax Act 1961 – Deduction under chapter VIA – Section 80D

Deduction in respect of Health Insurance premia

Who Can claim: Individual and Hindu Undivided family (HUF)

Limit to claim:

a) Where Assessee is Individual.

a. Maximum to 25,000 INR including health Insurance and preventive health Checkup (health checkup Maximum to 5,000 INR) for self, spouse, and dependent children. and

b. Maximum to 25,000 INR including health Insurance and preventive health Checkup (Health checkup Maximum to 5,000 INR) for parent or parents of the Assessee. (If Parents are not senior citizen)

c. Maximum to 50,000 INR amount paid for the medical expenditure incurred on health of assess/spouse/Dependent children. (Only if senior citizen) subject to no amount has been paid to effect or keep in force for insurance of such person.

d. Maximum to 50,000 INR amount paid for the medical expenditure incurred on health of Parent/Parents. (Only if parent/Parents are senior citizen) subject to no amount has been paid to effect or keep in force for insurance of such person.

Note

1. For the above clause a & b, 25,000 INR will be replacing with 50,000 INR in case of senior citizen.

2. Except expense on preventive health checkup, Other expense / premium must be paid in other than cash mode.

b) Where assess is HUF.

a. Maximum to 25,000 INR for the health Insurance of any member of HUF and

b. Maximum to 50,000 INR amount paid for the medical expenditure incurred on health of any member of HUF (Only if member is senior citizen) subject to no amount has been paid on health insurance of such member.

Note:

1. For the above clause (a), 25,000 INR will be replacing with 50,000 INR in case of senior citizen.

2. Total of a & b can not be claim for more than 50,000 INR.

Above explanation is for just basic understanding, can not be used as legal document. Please refer the below link for more clarity and understanding.

https://incometaxindia.gov.in/Pages/tools/deduction-under-section-80d.aspx.