Section 80D

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 Section 80D of the Income Tax Act, 1961, provides provisions for deductions available on premiums paid for health insurance policies. This section encourages individuals and Hindu Undivided Families (HUFs) to invest in health insurance for themselves, family members, and dependent parents, thereby promoting healthcare and financial security.


Here's a breakdown of the deductions available under Section 80D:


Health Insurance Premium for Self, Spouse, and Dependent Children: Individuals can claim deductions on the premiums paid towards health insurance policies covering themselves, their spouse, and dependent children. The maximum deduction allowed is ₹25,000 per financial year.


Health Insurance Premium for Parents: In addition to the deduction for self, spouse, and dependent children, individuals can also claim deductions on premiums paid towards health insurance policies covering their parents. For individuals whose parents are senior citizens (aged 60 years or above), the maximum deduction allowed is ₹50,000 per financial year. If both the individual and parents are senior citizens, the total maximum deduction is ₹1 lakh.


Preventive Health Check-up: Within the overall limit mentioned above, individuals can claim deductions for preventive health check-up expenses. This is included within the maximum limit of ₹25,000 (or ₹50,000 for senior citizens) and covers the expenses incurred for preventive health check-ups for the taxpayer, spouse, dependent children, and parents.


It's important to note the following points regarding deductions under Section 80D:


The deductions are available on payments made through any mode, including cash, cheque, or online payments, towards health insurance premiums and preventive health check-ups.


The deduction is available on the actual premium paid during the financial year, irrespective of the health insurance coverage period.


Health insurance policies should be in the name of the taxpayer, spouse, dependent children, or parents to claim the deductions.


Contributions made to the Central Government Health Scheme (CGHS) or any other health scheme notified by the Central Government are also eligible for deductions under this section.


These deductions are over and above the deductions available under Section 80C for investments like PPF, ELSS, etc.


Ensuring compliance with the terms and conditions specified under Section 80D and keeping proper documentation of health insurance premiums paid and preventive health check-up expenses will facilitate smooth claiming of deductions during tax filing.




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