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1072 Points
Posted on 30 July 2023
Deduction for Self and Family The maximum amount of deduction is Rs 25000 per annum on health insurance premium paid for oneself and for a family. The maximum amount of deduction is Rs 50000 per annum if an individual is a senior citizen (aged above 60 years). Deductions for Parents The maximum amount of deduction on health insurance premium is Rs 25000 per annum if it is paid on behalf of parents. The maximum amount of deductions paid towards premium is Rs 50000 per annum if it is paid for parents who are senior citizens. Additional Deductions An individual can claim additional deductions up to Rs 5000 per annum on expenses related to the health check-ups. This limit includes the expenses incurred in the medical check-ups of all the family members including spouse, kids, parents.
Read more at: https://www.goodreturns.in/section-80d-of-income-tax-act-s7.html