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Can you please explain in simple terms how much is deductible under Section 80D towards medical insurance premium?

An individual who pays medical insurance premium on himself and his family consisting of spouse and dependant children is allowed a deduction on this account a maximum of Rs 15,000. However an additional amount up to a maximum of Rs 15,000 is deductible in case he/she has also taken a medi-claim policy on his/her parent(s).

In either case, the maximum amount deductible stands increased to Rs 20,000 if even one of the beneficiaries happens to be a senior citizen that is one who at any time during the previous year was of the age of 65 or more.

S. MURLIDHARAN

More Stories on : Income Tax | General Insurance | For the Asking

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