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Income Tax 80D doubt

Arun (Engineer) (37 Points)

17 June 2008

Hi everyone,

My father has taken family insurance last year, could I pay the premium (through salary account check)

this year so that I can save tax 80D?

1) Is my idea applicable to Income tax 80D?

2) What are the documents I need to submit?

Best regards,

Arun

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21 Replies

Shekar (CA & LCS ) (1109 Points)
Replied 17 June 2008

Hi Arun..

If u can establish that ur father is dependent on u.....U can claim deduction u/s 80D on payment of Mediclaim insurance premium through Account payee cheque...

Arun (Engineer) (37 Points)
Replied 17 June 2008

Dear Shekar,

This is family insurance covered by my parents, brother and his family. Is it

applicable ?

Shekar (CA & LCS ) (1109 Points)
Replied 17 June 2008

If its premium for Mediclaim or Family health insurance of only dependents ,it is eligible for 80D deduction...

see the policy to know if it has any tax benefit..

Ramkrishna (Accountant) (325 Points)
Replied 17 June 2008

IF UR FATHER HAS PAID THROUGH CASH , THEN PAY THROUGH CROSS CHEQUE OF UR'S THIS YEAR AND CAN CLAIM BENEFITS............ FOR CLAIMING LAST YEAR BENFITS THIS YEAR PLZ CONSULT TO A GOOD CA.... THIS IS NY VIEWS ..............

REAGRDING THE ADMISSIBLE BENEFIT .....SINCE NO DEPENDENT BROTHER & SISTER ARE ALLOWED IN IT ACT......YOU HAVE TO MAKE A CRITERIA OF YOUR & YOUR PARENTS PREMIUM PART IN THAT POLICY........I THINK SO...

Arun (Engineer) (37 Points)
Replied 17 June 2008

Thanks RamKrishna,

I can not claim for last year.

Your answer is that I can show exclude my brother details,right?

What are the douments required when I go for 80D ?

How much I can show per year ?

Sumit (CA Practice ) (675 Points)
Replied 17 June 2008

You just need the receipt received from the medical insurance company showing that you have paid this much amount of premium for this period of policy and no other documents are required.

Further as per the new ITRs you are not required to attach any paper with your return.

You can show upto Rs.15000/- or Rs.20,000/- (in case of Senior Citizens) premium paid.

Arun (Engineer) (37 Points)
Replied 17 June 2008

Thanks Sumit,

I have a basic doubt,

I am paying tax RS 2000/- per month. So per anum 24000/-.

If I pay medical insurance for 15000/-, how much money I could save ?

Sumit (CA Practice ) (675 Points)
Replied 18 June 2008

I think that your income is Rs.250000/- per annum (ignoring 80C deduction) if you pay medical insurance for Rs.15000/- then your taxable income shall be

Gross Total Income : Rs.250000/-

Less : Deduction u/s 80D : Rs.15000/-

Taxable Income : Rs.235000

Tax on Rs.235000/- is Rs.21000/- so you made a tax saving of Rs.3000/-. (ignoring education cess)

Arun (Engineer) (37 Points)
Replied 18 June 2008

Thanks Sumit,

I did not get correct answer.

Gross Total Income is not 250000/-.

I have declaration like mutual fund, House rent and medical bill .After this declaration I'm paying 2000/- month ,so annual is 24000/-. How much money could I save If I invest 15000/- in medical insurance? I do not the calculation percentage, Is it 24000 - 15000 ?

Sumit (CA Practice ) (675 Points)
Replied 18 June 2008

I can't answer your question correctly unless you give the following details:-

Your Gross Total Income

Whether u claim medical reimbursement of Rs.15000/- or less

Your HRA Exemption

Amount Invested in Mutual Funds

Arun (Engineer) (37 Points)
Replied 18 June 2008

Okay, this is basic doubt.

I declared HRA and mutual fund at maximum level, then I am paying tax 2000/- per month. If I decalre medical insurance for 15000/- per year, how much money I could save?

(Guest)

A paid Rs.1 lakh to B by cash on 31st March 2007, B repaid the Rs.1lakh by cash in ten equal instalment before 31st March 2008

A paid Rs.1 lakh to B by cheque on 31st March, 2007, B returned Rs.1lakh by cash in ten equal instalment before 31st march, 2008

a) Whether 269SS and or 269T attract to A?

b) Whether 269SS and or 269T attract to B?

(Guest)

Hi,

Myself Rakesh Kelwadkar, my take home salary is Rs.23400/- p.m. it means it is around Rs. 280800/- p.a. Sir, if i have to save my income tax how much amount should i invest?

Originally posted by :Arun
"	Hi everyone, My father has taken family insurance last year, could I pay the premium (through salary account check) this year so that I can save tax 80D? 1) Is my idea applicable to Income tax 80D? 2) What are the documents I need to submit? Best regards, Arun	"