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The section 80d offers deductions over and above the exemptions derived from the more popular section 80c.
What is section 80d. Budget 2018 has amended section 80d of the income tax act which allows deduction for medical expenditure incurred on senior citizens. Tax deductions under section 80d. Some key provisions under section 80d are.
The section 80d of the income tax act 1961 deals with tax deductions on medical insurance. Not only can you take benefit by purchasing a health plan for yourself but also you can take advantage of buying the policy to cover your spouse or your dependent children or parent. This section allows you to receive tax deductions on premiums made for medical insurance for yourself and on behalf of your family.
Section 80d of the income tax act 1961 relates to the tax deductions on medical insurance. Under section 80c a wide gamut of payments such as investments made in various tax savings schemes tax savings fd life insurance premium mutual funds etc. 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.
Every individual or huf who has purchased medical insurance can claim for a tax deduction under section 80d of income tax act 1961. The premium should be for you your spouse and dependent children. This section relates the tax deductions in relation to.
The section 80d deduction applies to the premiums paid towards health insurance for self and family members. One of the sections of the income tax act 1961 that can come to your rescue and reduce your tax liability to a great extent is section 80d. Section 80d offers deductions which comprise tax saving benefits against costs incurred towards health and critical illness insurance.
Every individual or huf can claim a deduction under section 80d for their medical insurance which is taken from their total income in any given year. This section lets you receive tax deductions on premiums made for medical insurance to secure yourself and your family members. Section 80d is a particular section that deals with medical insurance payments only.
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