Tax exemption for senior citizens

If your parents are dependent, you should declare the money that you spend on monthly expenses. 

You can deduction on their life Insurance, health insurance premium amount, health expenses for health checkup, hospital expenses which is not cover under life or medical policy.

Sometimes, people are facing critical time, spent so much money for critical illness that can be claimed additionally up to 1 lakhs. Refer Income tax health expenses claim specified in the list of disease.