diduction of 80D

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Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2010 in this section diduction allowod on what basis. whom for payment made or the person who payment made.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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03 May 2010 Deduction in respect of Medical Insurance Premia [Sec. 80D]:

Deduction is allowed for any medical insurance premium under an approved scheme of General Insurance. corporation of India, (popularly known as MEDICLAIM) or of any other insurance company, paid by any mode except cash, out of assessee’s taxable income during the previous year, in respect of the following:

For Whom Deduction u/s 80D is available:
(a) In case of an individual- Insurance on the health (health insurance) of the assessee, or wife or husband, or parents or dependent children.

(b) In case of an H.U.F.- Insurance on the health of any member of the family.

Amount of Deduction:
Maximum Rs.15,000 (Rs.20,000 in case any person insured is a senior citizen).

Krishan

Krishan (Expert)
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03 May 2010 Maximum amount of deduction under section 80D can go up to Rs. 400000/- .
As medical insurance of parents is allowed in extra of spouse and dependent childrens.

Means Rs. 15000* for Family
+
Rs. 15000* extra for parents.

*where the person is of age 65 or more the amount would be 20000.

CMA Arif Farooqui

CMA Arif Farooqui (Expert)
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09 May 2010 agreed

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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09 May 2010 Agreed..

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