It exemption limit
This query is : Resolved
05 April 2015
What sections will come under IT exemption (i. e. rs. 150000). Whether 80D will come under Rs. 150000 or not
05 April 2015
80D deduction is separate and not included in limit of Rs 150000 under Section 80C.
Deduction u/s 80D in respect of Medical Insurance:
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.
From AY 2013-14, within the existing limit a deduction of upto Rs. 5,000 for preventive health check-up is available.
Deduction u/s 80D in respect of Medical Insurance:
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.
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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