Under Section 80d

The section 80d contains grants a tax deduction on medical insurance premiums and medical expenditure.

Under section 80d. Section 80d tax benefit for health medical treatment premium ay 2019 20 deduction under section 80d is another option for the taxpayers to claim from his total income. It is granted on the premiums paid for a medical insurance policy for the taxpayer himself and or a close family member. You are eligible to available a maximum deduction of inr 25 000.

The taxpayer is eligible is to take benefit under section 80d deduction of the income tax act. Medical expenditure on the health of resident senior citizen and very senior citizen for whom no amount is paid to effect keep in force an insurance on the health mode of payment other than cash deduction under section 80d. Information relates to the law prevailing in the year of publication as indicated.

Under section 80d you can avail income tax saving benefits against healthcare related expenses and payment of medical insurance premium for self spouse children and senior citizen parents. Deduction under section 80d of the income tax act is available in addition to the deduction of inr 1 50 lakhs available collectively under section 80c section 80ccc and section 80ccd 1. Deduction under section 80d is available basically for two types of payment namely 1.

Budget 2018 has amended section 80d of the income tax act which allows deduction for medical expenditure incurred on senior citizens. Self spouse children parents and hindu undivided families huf can claim this. Under section 80d tax payers can avail tax exemptions for health insurance premiums of self family and parents and for expenses incurred in preventive health check ups.

On the other hand section 80c of the income tax act includes many different types of tax saving investments and expenses. In such policies one time lump sum payment is made against the regular installment for the complete policy tenure. This deduction can be claimed by the senior citizen himself herself or by his her children if the latter are incurring medical expenditure for their senior citizen parents.

Section 80d offers deductions which comprise tax saving benefits against costs incurred towards health and critical illness insurance. Deductions under section 80d section 80d provides for various types of deductions on health insurance premiums as summarized below. Medical insurance premium including preventive health check up.