Mediclaim-u/s 80d

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 March 2012 Respected Sir,

Under section 80D-if person claim the medical insurance premium and if the policy covers senior citizent then exemption is Rs. 20000/-
My query is if anybody claims the insurance premium Rs.15000/-without considering the Sr. Citizen and if he takes the policy,premium is Rs.20000/-for Sr. Citizen only,whether he can claim Rs. 35000/- or not ? secondly what is the maximum amount which to be claimed under Section 80 D for Medical Insurance Premium?

Kindly advice for the same.

CA Ghanshyam Joshi

CA Ghanshyam Joshi (Expert)

09 March 2012 for self and spouse 15000/- if any of them is senior citizen then 20000/-

additional 15000/- for parrents if any of them is senior citizen then 20000/-

maximum amount for self 15000+parrents senior citizen 20000/- = 35000/-

Check the below extract from study material -
11.2.6 Deduction in respect of medical insurance premium [Section 80D]
(i) Section 80D provides for deduction of upto Rs.15,000 for mediclaim premium paid by an
individual to insure the health of self, spouse and dependent children. If any of the persons
mentioned above are senior citizens, the maximum deduction would be Rs.20,000 instead of
Rs.15,000.
(ii) A further deduction of upto Rs.15,000 is provided for mediclaim premium paid by him to
insure the health of his parents, whether or not they are dependent on him. If either of the
parents are senior citizens, the maximum deduction would be Rs.20,000 instead of Rs.15,000.
(iii) Government employees, including retired employees of the Government, and employees
of certain autonomous bodies contribute every month to the Central Government Health
Scheme (CGHS) to avail of medical benefits under such scheme.
(iv) It has now been provided that contribution to CGHS by such persons would be eligible for
deduction section 80D, however, subject to the overall limit specified in (i) above.

CA Ghanshyam Joshi

CA Ghanshyam Joshi (Expert)

09 March 2012 (vii) The other conditions to be fulfilled are that such premium should be paid by any mode,
other than cash, in the previous year out of his income chargeable to tax. Further, the medical
insurance should be in accordance with a scheme made in this behalf by -
(a) the General Insurance Corporation of India and approved by the Central Government in
this behalf; or
(b) any other insurer and approved by the Insurance Regulatory and Development Authority.

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