ONE OF MY FRIEND HAVE TAKEN A JOINT MEDICLAIM PLOICY FOR HIMSELF , HIS WIFE AND HIS DEPENDENT PARENTS . THE JOINT MEDICLAIM POLICY ANNUAL PREMIUM IS 27000 . WHAT IS IS THE AMOUNT OF DEDUCTION FOR WHICH HE IS ELIGIBLE U/S 80D . HIS PARENTS ARE SENIOR CITIZEN . WHAT IN CASE THE TOTAL PREMIUM AMOUNTS TO 40000.
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DEDUCTION U/S 80D
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Basic deduction: Mediclaim premium paid for Self, Spouse or dependant children. Maximum deduction Rs 15,000. In case any of the persons specified above is a senior citizen (i.e. 65 years or more as of end of the year) and Mediclaim Insurance premium is paid for such senior citizen, deduction amount is enhanced to Rs. 20,000.
Additional deduction: Mediclaim premium paid for parents. Maximum deduction Rs 15,000. In case any of the parents covered by the Mediclaim policy is a senior citizen, deduction amount is enhanced to Rs. 20,000.
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