Mediclaim Insurance premium
This query is : Resolved
M. R. VAKALIYA
(Querist)
27 February 2010
What is the rules and exemption for Mediclaim insurance premium?
(1) suppose a person pays mediclaim insurance premium for his wife and kids of Rs. 4500 thru cheque to a reputed insurance company then it is Exempted from income tax? and it is apart from 1 lakh of standard deductions? suppose if the person pays mediclaim insurance premium for his parents then it is exepmted from income tax?
Expert please reply.
(1) suppose a person pays mediclaim insurance premium for his wife and kids of Rs. 4500 thru cheque to a reputed insurance company then it is Exempted from income tax? and it is apart from 1 lakh of standard deductions? suppose if the person pays mediclaim insurance premium for his parents then it is exepmted from income tax?
Expert please reply.
Aditya Maheshwari
(Expert)
27 February 2010
Mediclaim deduction allowable u/s 80D upto Rs. 15,000/-.
If mediclaim paid for parents then additional deduction allowable upto Rs. 15,000/- if parents age less than 65. If age exceeds 65 then deduction allowable Rs. 20,000/-.
If mediclaim paid for parents then additional deduction allowable upto Rs. 15,000/- if parents age less than 65. If age exceeds 65 then deduction allowable Rs. 20,000/-.
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