Dear All,
I have a question on deduction of payment of mediclaim from gross total income of a salaried individual under section 80D of the Income Tax Act 1961. This is relevant now for computation and finalisation of tax deduction at source on the salary of employee under section 192.
E, an employee, has taken a family floater policy. The insured are E, his spouse, his child and his mother. He has paid a premium of Rs 17,400/- in FY 1415. As per section 80D, an individual is allowed a deduction of Rs 15,000/- for himself, spouse and dependent children. An additional amount of Rs 15,000/- is also available if any payment is made for a policy on Parent.
The question is how to compute the premium attributable to the Parent alone. Will, in this case, the deduction be Rs 15,000/- or Rs 17,400/-.
Please advise.
Regards,
Dipjyoti Majumdar
CAclubindia
