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Thread: It exemption health insurance

  1. #1
    Junior Member jaga29oct is on a distinguished road
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    Default It exemption health insurance

    Kindly let me know the maximum amount of IT exemption for HEALTH INSURANCE UNDER SEC 80D for family and parents (sr citizens) if dependants /not

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    Senior Member RKPATHAK is an unknown quantity at this point
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    It is 15000

  3. #3
    Senior Member Victor is on a distinguished road
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    Quote Originally Posted by jaga29oct View Post
    Kindly let me know the maximum amount of IT exemption for HEALTH INSURANCE UNDER SEC 80D for family and parents (sr citizens) if dependants /not
    Kindly refer to Page 18 of Circular dated (http://law.incometaxindia.gov.in/DIT...NAME=/cir8.pdf) issued by the Income Tax Department for details.

    Under Sec 80D the sum of the following amount is deductible from total income.

    (a) Amount paid towards health insurance in r/o self or family, or CGHS Contribution, subject to a maximum of Rs. 15,000/-

    and

    (b) Amount paid towards health insurance in r/o parent(s) subject to a maximum of Rs. 15,000/-

    The ceiling is Rs. 20,000 in case a sr. citizen is involved. Further, mode of payment should be other than cash.

    Victor

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    Junior Member jaga29oct is on a distinguished road
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    thank you sir

    jagadeesh

  5. #5
    Junior Member radhikasood is on a distinguished road
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    Hi
    The sole aim of buying health insurance should be risk cover as medical emergency can strike anyone, anytime. Nevertheless one can enjoy impressive income tax benefits under Sec 80D of the IT Act. The maximum amount available for deduction are as follows,
    1. Up to Rs 15000 for premium paid towards medical coverage for you and your family.
    2. Up to Rs 15000 for premium paid towards medical coverage for your parents; Rs 20000 in case the parents belong to senior citizen category

    Thus if one buy medical policy in India, he/she can save upto Rs 35000 as tax benefits under health insurance premiums paid.

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