The deduction under Section 80D can be claimed for health insurance premium paid, contribution to Central Government Health Scheme and expenses incurred for preventive health checkup. Its very important to note that deduction can be claimed only for premium or contribution paid through online banking, credit card, debit card, cheque or demand draft. Only for preventive health checkup, cash payment made by the taxpayer can be claimed as deduction.
Taxpayers having large family with spouse, dependent children and parents can claim a tax deduction of upto Rs.65,000 under Section 80D, if tax planning is done professionally. Most taxpayers enjoy significant amount of deduction under Section 80D. Hence, every year, the taxpayer must consider cost of insurance premiums, cost of treatment and the related tax benefit to maximize wealth.
In case a taxpayer claims deduction for self, spouse and dependent children and no family member has reached the age of 60, a maximum deduction of Rs.25000 can be claimed under Section 80D. In case the taxpayer is over the age of 60 (senior citizen or very senior citizen), a maximum deduction of Rs.30,000 can be claimed. In the overall deduction limit, the taxpayer can also claim deduction for any expense incurred for preventive health checkups.
In case medical insurance premium or health checkup expense is incurred for parents by the taxpayer, an additional deduction of upto Rs.25,000 can be claimed if both parents are below the age of 60. In case any of the parent is over the age of 60 years, the maximum deduction allowed under Section 80D will be Rs.30,000. In the overall deduction limit, the taxpayer can also claim deduction for any expense incurred for preventive health checkups.
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