Medical Insurance Premium 80d

80d deduction limit on premium paid for parents.

Medical insurance premium 80d. Medical insurance premium paid for self, spouse, children and dependents parents is allowed as exemption. Medical insurance premium paid offers tax benefits under section 80d of the income tax act. This deduction plays a dual role.

The medical insurance premiums paid towards parents or guardians are additionally liable for deductions upto inr 25,000 p.a. But, if anyone or both of your parents are senior citizens the maximum limit of 80d exemptions rises upto inr 30,000 p.a. In this article, we will briefly cover:

The concern that most taxpayers have is whether the total amount paid towards insurance ( health or life insurance) including the gst, qualifies for tax benefit under section 80c and 80d respectively. A mediclaim policy is a must because should you fall sick or meet with an accident, your medical bills could wipe out your savings. Tax benefit on medical insurance under section 80d important points:

Rohan has taken a medical cover for himself and his father for which he pays insurance premium of rs 30,000 and rs 35,000 respectively. Such medical allowance is exempt under section 10. You (28), spouse (27), child (2), father (58), mother (56) you are eligible for rs 25,000 towards health insurance premium and checkup for self, spouse and child.

This exemption is available under section 80d of income tax act. Deduction under section 80d in respect of medical insurance premium (mediclaim) paid to keep in force insurance by individual either on his own health or on the health of spouse, parents and dependent children or huf on the health of any members of the family. As mentioned before, section 80d will help you in getting tax deductions on medical insurance premiums only.

The payment or premium for medical insurance is taken out from their income every year, and hence, section 80d allows people to deduct that from their taxable income. The finance act, 2018 offers higher deductions for medical premiums paid for senior citizens. Medical expenditure bills for senior citizens.