The person who paid medical insurance premium himself or spouse or parents or depended children can claim the deduction from total income of the person as per the instructions given below. We will discuss here the complete detail about deduction under section 80D for the A.Y. 2016-17 and A.Y. 2015-16
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Who can claim
deduction under section 80D?
Individual and HUF
assesee can claim the deduction under section 80D for any medical insurance
premium known as MEDICLAIM.
THE DEDUCTION IS ALLOWED ONLY UNDER AN APPROVED
SCHEME OF GENERAL INSURANCE CORPORATION OF INDIA
How much deduction is
allowed under section 80D?
1) In case of an
individual, the maximum deduction is allowed is Rs.15000 (Rs.20,000 in case any
person insured is a resident senior citizen 60 years or above.) and Rs. 15000
for any parent or parents (Rs.20,000 in case of resident senior citizen
60 years or above).
THE DEDUCTION IS ALLOWED UP
TO RS.5000 IN THE CASE OF PREVENTIVE HEALTH CHECK-UP OF SELF, SPOUSE, PARENT(S)
OR DEPENDENT CHILDREN IN AGGREGATE.
2) In case of
HUF, the maximum deduction is Rs. 25,000 (Rs. 30,000 in case any person insured
is a resident senior citizen 60 years or above).
Conditions Related to
Deduction under section 80D
1) You
must note here that the deduction is allowed only if the payment is made from
your own income during the pervious year.
2) Any
premium for health insurance or CGHS shall be made by any mode except cash.
However, cash payment shall be accepted if paid during preventive health
check-up.
Table Showing Total Deduction Allowed under section 80D
Persons
|
Assessee, Spouse
and Dependent Children
|
Parents (Whether
Dependent or Not)
|
Total Deduction
|
Person less than
age of 60 years
|
25000
|
25000
|
50000
|
Person Less than
age of 60 years and parents above age of 60 years
|
25000
|
30000
|
55000
|
Person above age
of 60 years and parents above 60 years
|
30000
|
30000
|
60000
|
The main and important point of Deduction for Medical Insurance Premium (MEDICLAIM) under section 80D is that, it does not included in deduction under section 80C (Rs.1,50,000 in total).
In simple words, you can get deduction under
section 80D extra over section 80C.
Tax Planning Through
MEDICLAIM (Medical Insurance Premium) Under Section 80D
So it is good
strategy to pay your medical insurance premium yearly for you, wife/husband,
children and parents. The premium is deductible u/s 80D up to a maximum of Rs.
25,000 (Rs, 30,000 if person insured is 60 years or more).
The other thing you
must note that medical insurance premium paid for parents having more benefits.
The benefits to get health insurance policy for the parents are care of your
parents and getting extra Rs.25,000 deduction under section 80D (Rs.30,000 if
any parent is 60 years or more). It is immaterial that parents are depended or
not.
