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
13 July 2012
In the similar situation , he will get 12000+15000=27000 as deduction U/s 80D.
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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
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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.
.
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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 ?
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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.
.
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