28 March 2015
Deduction is available upto Rs. 20,000/- (proposed to be enhanced to Rs. 30,000 w.e.f. 01.04.2015) for senior citizens and upto Rs. 15,000/- (proposed to be enhanced to Rs. 25,000 w.e.f. 01.04.2015) in other cases for insurance of self, spouse and dependent children. Additionally, a deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 20,000/- (proposed to be enhanced to Rs. 30,000 w.e.f. 01.04.2015) if parents are senior Citizen and Rs. 15,000/- (proposed to be enhanced to Rs. 25,000 w.e.f. 01.04.2015) in other cases. Therefore, the maximum deduction available under this section is to the extent of Rs. 60,000/-. From AY 2013-14, within the existing limit a deduction of upto Rs. 5,000 for preventive health check-up is available.
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