Query related to 80D Deduction

Tax queries 1975 views 9 replies

Frends,I m paying consoliadated premium of 30000 for my Family including senior citizen..How much deduction i get under 80D......

Replies (9)

you will get the deduction upto 20000

 

For individuals less than 65 years of age, amount of health insurance premium paid or Rs. 15,000, whichever is lesser. For senior citizens above 65 years, amount of health insurance premium paid or Rs. 20,000, whichever is lesser.
 
A further deduction of Rs 15,000 could be claimed, for buying health insurance policy for your parents (Rs 20,000 if either of your parents is a senior citizen). This is irrespective of whether they’re dependent on you or not. No deductions can be claimed for in-laws.
 
Scope of Deduction - Individual assesses can claim deduction for premiums paid towards health insurance of self, spouse, parents and children.
 
For HUF assesses, premium paid for insuring the health of any member of the HUF, can be used for deduction.
 
Key Factors to keep in mind
  1. The premium may be paid by any mode of payment, other than cash.
  2. The health insurance premium that you pay must be from the taxable income applicable for the year you claim. Premiums should not be from gifts received by you.
  3. Part payment of premium is allowed. For example, suppose your parents contribute 50% of their health insurance premium and you pay the balance 50% of their premium. In such a case, you could avail the deduction for the amount contributed by you and your parents too could avail deduction for their contribution.

I think u can claim Rs.20,000 as senior citizens mediclaim.

if senior citizen is u r parrent...

dedution allowed is 15000 + 20000  = 35000 (separate additional  deduction  is allowed for premium on                                                                                    health of parrents 15000,if parrent is senior citizem its                                                                                                      20000)

 

if u r not paying for u parrents but for u r spouse n children alone where one of them is senior citizen 

deduction allowed is 20000

Originally posted by : ramya kinthali

if senior citizen is u r parrent...

dedution allowed is 15000 + 20000  = 35000 (separate additional  deduction  is allowed for premium on                                                                                    health of parrents 15000,if parrent is senior citizem its                                                                                                      20000)

 

if u r not paying for u parrents but for u r spouse n children alone where one of them is senior citizen 

deduction allowed is 20000

Deduction In Respect of medical Insurance Premium (Sec 80D) are as follows:-

  1. If mediclaim paid by taxpayer on health of self, spouse and dependent Children than deduction will be gate of Rs. 15000/-
  2. If mediclaim paid by taxpayer on health of thire parent dependent or not than deduction will be gate of Rs. 15,000/-
  3. AddItional amount of which is deduction when policy is taken on the health of the senior citizen ( taxpayer, spouse or parents) of Rs 5,000/-.  

There for taxpayer can claim maximum amount of Rs 35,000/- deduction under section 80D but it restricted to amount paid

                  

Refer my articles for the same :-

 

80D- Key deduction for good financial planning (For Beginners like me) 

Essentials of Health Policy or good Medical Insurance Plan

Originally posted by : CA. Dashrath Maheshwari

 

For individuals less than 65 years of age, amount of health insurance premium paid or Rs. 15,000, whichever is lesser. For senior citizens above 65 years, amount of health insurance premium paid or Rs. 20,000, whichever is lesser.

 

A further deduction of Rs 15,000 could be claimed, for buying health insurance policy for your parents (Rs 20,000 if either of your parents is a senior citizen). This is irrespective of whether they’re dependent on you or not. No deductions can be claimed for in-laws.

 

Scope of Deduction - Individual assesses can claim deduction for premiums paid towards health insurance of self, spouse, parents and children.

 

For HUF assesses, premium paid for insuring the health of any member of the HUF, can be used for deduction.

 

Key Factors to keep in mind


The premium may be paid by any mode of payment, other than cash.

The health insurance premium that you pay must be from the taxable income applicable for the year you claim. Premiums should not be from gifts received by you.

Part payment of premium is allowed. For example, suppose your parents contribute 50% of their health insurance premium and you pay the balance 50% of their premium. In such a case, you could avail the deduction for the amount contributed by you and your parents too could avail deduction for their contribution.
 

If the employer deducts from salary an amount for group medical insurance premium, and pays to the insurance company for all the employees covered under group insurance scheme, whether the individual employee can avail benefit under sec.80D, pls discuss

 


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