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 ?
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 ?
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.
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.
10 March 2014
max 20,000 is only allowed u/s 80D for parents.
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