Sahil Jaiswal
Quick Summary
Section 80D of the Income Tax Act in India provides deductions on premiums paid for health insurance policies, offering taxpayers an opportunity to reduce their taxable income. Here's a detailed breakdown of the benefits under Section 80D: Eligibility Who can claim? Individual taxpaye
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FAQ :
Individual taxpayers and Hindu Undivided Families (HUFs) are eligible to claim deductions under Section 80D.
Section 80D covers premiums paid for health insurance policies for self, spouse, children, and parents. Premiums for siblings or in-laws do not qualify.
For individuals below 60, the deduction limit is up to Rs.25,000 for self, spouse, and children, and an additional Rs.25,000 for parents, totaling a maximum of Rs.50,000.
For senior citizens, the deduction limit is up to Rs.50,000 for self, spouse, and children, and an additional Rs.50,000 for parents, totaling a maximum of Rs.1,00,000.
A sub-limit of Rs.5,000 annually within the overall deduction limits can be claimed for preventive health check-ups for self, spouse, children, or parents.
Premiums must be paid by any mode other than cash, except for payments made for preventive health check-ups.
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