80d
This query is : Resolved
13 July 2012
if a individual of 30yrs of age pay mediclaim
premium for self of 12000/- and for their dependent parents who are sr citizen of rs 20000/- can he get deduction of 32000/- in 80 d section and if their parents are not sr citizen then what deduction he will get in 80d please explain
premium for self of 12000/- and for their dependent parents who are sr citizen of rs 20000/- can he get deduction of 32000/- in 80 d section and if their parents are not sr citizen then what deduction he will get in 80d please explain
CA PARAS BAFNA
(Expert)
13 July 2012
In the similar situation , he will get 12000+15000=27000 as deduction U/s 80D.
Message likes :
1 times
15 July 2012
@ CA Paras Bafna
Sir, as per my understanding deduction under section 80D maximum allowable is 15,000 and if the policy is taken on the life of a senior citizen an additional amount of 5000 will be allowed as deduction. In any case deductible amount can not be more than 20,000
Sir, as per my understanding deduction under section 80D maximum allowable is 15,000 and if the policy is taken on the life of a senior citizen an additional amount of 5000 will be allowed as deduction. In any case deductible amount can not be more than 20,000
Message likes :
1 times
CA PARAS BAFNA
(Expert)
15 July 2012
Separate deduction is available for the policy of parents. If you will go through Section 80D(2)(a) and 80D(2)(b) you will see that clause (a) For Self & Family
and clause (b) For Parents ....are connected with the word "and" which shows that both are separate deductions.
.
Please also keep in mind ...For AY 2012-13- Senior Citizen's age limit is 65 years and for AY 2013-14 it is 60 years.
.
and clause (b) For Parents ....are connected with the word "and" which shows that both are separate deductions.
.
Please also keep in mind ...For AY 2012-13- Senior Citizen's age limit is 65 years and for AY 2013-14 it is 60 years.
.
Message likes :
1 times
15 July 2012
Sir ,
I agree with you sir. But taxmann publication readyreckoner specifically says additional deduction for senior citizen is 5000 ?
I agree with you sir. But taxmann publication readyreckoner specifically says additional deduction for senior citizen is 5000 ?
Message likes :
1 times
CA PARAS BAFNA
(Expert)
16 July 2012
It means, if the assessee is a senior citizen then he will get 15000+5000=20000
deduction.
.
If such assessee pays premium (in case accepted by any Bold Insurance Company) of his parents , in respect of that premium also, he will get additional Deduction of 20000.
.
deduction.
.
If such assessee pays premium (in case accepted by any Bold Insurance Company) of his parents , in respect of that premium also, he will get additional Deduction of 20000.
.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- Working on Gold wastage during Melting of old gold jewellery
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- GSTR-9C filing
- Import Order Cancelled.
- Form 144 TDS Return Validation Error – Mandatory Fields
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Royalty payments to the Mining Department for procurement of murum - GST input
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
