Medical premium exemption under 80d

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 March 2014 I have a combine Medical Insurance policy for Myself + my parents. My basic premium is Rs. 3060 & my parents basic premium is Rs. 20520 (10260 + 10260). Total gross basic premium I paid is Rs. 23580. On this Service tax is Rs. 2915 and hence net premium is Rs. 26495.

My question is how much I can claim as tax EXEMPTION under 80D. As per current rule , I believe for my parents (senior citizen) I can claim max. Rs. 20000.

Does this 20000 limit for parents includes Service tax ?

So in total (Self + Parents) How much I can claim tax exemption under 80D. Can I claim Service tax also on my self basic premium amount of Rs. 3060 ?

Sandeep Dharar

Sandeep Dharar (Expert)
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10 March 2014 I will explain u 80D:-

It is applicable to Ind, or HUF (Relatives & Family members).

Condition:- Assessee pays medical Insurance premium 4 himself or relatives.
Premium must b paid out of taxable income.

Deduction:- Premium so paid
OR
Rs. 15000/-+Rs. 15000
+15000- if insured assessee is senior citizen(i.e, 60years or more)

Relatives- Spouse,dependent childrens & parents.