80D
Medical Insurance Premium or Contribution to Central Government Health Scheme paid by any mode other than cash. Payment of an amount of Rs.5000/- incurred towards Preventive Health Check-up can also be claimed as deduction within the overall ceiling as above
- Up to Rs. 15,000.
For Senior Citizens
- Up to Rs. 20,000.
Medical Insurance Scheme by General Insurance Corporation of India or by any other Insurer approved by Insurance Development Regulatory Authority of India ((IRDA).
From AY 2013-2014
An assessee claiming deduction under this Section has to furnish a certificate from the Medical Authority in the prescribed form.
Dependent in this context in the case of an individual means spouse, children, parents, brothers, sisters of the individual or any of them.
Deduction under section 80D is available for medical claim policy By individual for family and HUF for their members . Other details regarding 80D and medical insurance there under is given below
Addition to section 80 C:Section 80D is available other than 100000 deduction available under 80C for life insurance,ppf,gpf,tuition fee,ULIP,House loan repayment etc.
Insurer covered:This deduction is available for medical claim policy which should be framed in this behalf by
by GIC(General insurance Corporation) or by
any other insurer but approved by IRDA(Insurance Regulatory Development authority)
Available to :Deduction is available to
Individual (resident or non resident ,Indian Citizen or foreign citizen)
HUF(Hindu undivided Family may be resident or non resident)
Mode of payment:Insurance Premium should be paid by any mode other than by Cash .Means if insurance premium is paid by cash then deduction is NOT available.Before Assessment year 2008-09 ,only payment by cheque was allowed under this section but from Ay 2008-09 onwards the deduction is allowed by other mode also like online payment which is now a days is very popular or by credit card is also allowed.
Out of Income :The amount should be paid out of the income chargeable to tax.
Proposer of the policy is not must:The premium is to be paid to effect or keep inforce insurance policy ,there is no condition that assessee should be the proposer of the policy ,
Partly contribution: Assessee can partly contribute the premium amount but amount should be paid directly to insurance company and paid through mode other than by cash (see example)
Insurance cover on?:First deduction given below :Insurance Premium may be paid for medical claim insurance policy for assessee himself or spouse or dependent children or any combination of three.
Addition for parents:Second deduction given below:Insurance premium may be paid for medical claim insurance for assessee parents (father or mother or for both)(whether depended or not)
Total deductible limit under section 80D is Rs. 30,000 if the tax payer and his/her parents are under 60 years. Maximum of Rs. 15,000 is allowed on the premium paid for medical insurance or preventive health check-up taken for self or dependents (spouse and children). This is Rs. 20,000 if the taxpayer or dependents are senior citizens. Additional Rs. 15,000 is allowed for deduction if the premium is paid for medical insurance of parents. It is Rs. 20,000 if the parents are senior citizens.
Medical Insurance Premium or Contribution to Central Government Health Scheme paid by any mode other than cash. Payment of an amount of Rs.5000/- incurred towards Preventive Health Check-up can also be claimed as deduction within the overall ceiling as above
- Up to Rs. 15,000.
For Senior Citizens
- Up to Rs. 20,000.
Medical Insurance Scheme by General Insurance Corporation of India or by any other Insurer approved by Insurance Development Regulatory Authority of India ((IRDA).
From AY 2013-2014
An assessee claiming deduction under this Section has to furnish a certificate from the Medical Authority in the prescribed form.
Dependent in this context in the case of an individual means spouse, children, parents, brothers, sisters of the individual or any of them.
Deduction under section 80D is available for medical claim policy By individual for family and HUF for their members . Other details regarding 80D and medical insurance there under is given below
Addition to section 80 C:Section 80D is available other than 100000 deduction available under 80C for life insurance,ppf,gpf,tuition fee,ULIP,House loan repayment etc.
Insurer covered:This deduction is available for medical claim policy which should be framed in this behalf by
by GIC(General insurance Corporation) or by
any other insurer but approved by IRDA(Insurance Regulatory Development authority)
Available to :Deduction is available to
Individual (resident or non resident ,Indian Citizen or foreign citizen)
HUF(Hindu undivided Family may be resident or non resident)
Mode of payment:Insurance Premium should be paid by any mode other than by Cash .Means if insurance premium is paid by cash then deduction is NOT available.Before Assessment year 2008-09 ,only payment by cheque was allowed under this section but from Ay 2008-09 onwards the deduction is allowed by other mode also like online payment which is now a days is very popular or by credit card is also allowed.
Out of Income :The amount should be paid out of the income chargeable to tax.
Proposer of the policy is not must:The premium is to be paid to effect or keep inforce insurance policy ,there is no condition that assessee should be the proposer of the policy ,
Partly contribution: Assessee can partly contribute the premium amount but amount should be paid directly to insurance company and paid through mode other than by cash (see example)
Insurance cover on?:First deduction given below :Insurance Premium may be paid for medical claim insurance policy for assessee himself or spouse or dependent children or any combination of three.
Addition for parents:Second deduction given below:Insurance premium may be paid for medical claim insurance for assessee parents (father or mother or for both)(whether depended or not)
Total deductible limit under section 80D is Rs. 30,000 if the tax payer and his/her parents are under 60 years. Maximum of Rs. 15,000 is allowed on the premium paid for medical insurance or preventive health check-up taken for self or dependents (spouse and children). This is Rs. 20,000 if the taxpayer or dependents are senior citizens. Additional Rs. 15,000 is allowed for deduction if the premium is paid for medical insurance of parents. It is Rs. 20,000 if the parents are senior citizens.
