Deductions
This query is : Resolved
Mohd Sarfaraz Latibani
(Querist)
03 December 2008
My Net Taxable Income is Rs.3,05,817/- after taking deduction u/s 80 c Rs.1 lakh. I want to know is there any way I can save tax. Can I take health insurance policies u/s 80 D upto what extent amount is deductible u/s 80 D.
Rajdeep Pawar
(Expert)
03 December 2008
Maximum amount deductible u/s 80D is Rs.15000. An Individual assessee can take the benefit of deduction by taking insurance of himself, spouse, dependent children or parents. In case Insurance of senior citizen (ie person above the age of 65 yrs) the maximum permissible limit is Rs.20000.
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