How much amount is deductible u/s 80D for the medical treatment expenses incurred? is this section applicable only for the medical insurance policy only?
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Quick Summary
This discussion clarifies deductions available under Section 80D of the Income Tax Act for medical expenses and insurance premiums. It highlights a maximum deduction of £50,000 for medical expenditure, specifically for senior citizens (self, spouse, and children). However, it's important to note that if you claim medical insurance, you cannot claim separate medical expenses, even for senior citizens. The rules can change annually, so specifying the Assessment Year (AY) is crucial for accurate advice, with AY 2019-20 being referenced here.