Sec 80D of IT Act

This discussion clarifies the deductibility of health insurance premiums under Section 80D of the Income Tax Act for senior citizens. If a floater policy is taken from a joint account and the policy document bears both names, each individual can claim a deduction of up to Rs. 37,500 in their separate income tax returns, provided they are over 60 years old. The key is that the payment and the policy receipt must be in joint names.