01 May 2024
If an assessee has paid for mediclaim premium of his father, however the father is the policyholder, insured and proposer of the policy, can the assessee take deduction for the same on the basis of mere payment of father's mediclaim premium or will the father here be eligible to take deduction.
02 May 2024
Under Section 80D of the Income Tax Act, you are allowed to claim a tax deduction on the premiums paid for your parent's health insurance. If your parents are aged below 60, you can claim a deduction of up to Rs 25,000 and if they are above 60, the maximum deduction goes up to Rs 50,000.1
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