Tax benefits of health insurance premium U/s 80D|
1. The conditions required to claim a deduction
relating to health insurance or health insurance under this section:
The deduction is only allowed in this section to one
individual or HUF.
The deduction is allowed for the following purposes:
In the case of an individual: allowed-
The amount paid to provide or maintain the health insurance of the evaluator or members of his family, or his parents, or parents, or
Any contribution to the central government health
system or another program that the central government may notify on that
behalf.
Download and Prepare at a time 50 Employees Form 16 Part B for the F.Y.2021-22
Any payment made as a preventive health check on the
Assessor or members of their family, or to assess the health status of the
Assessor's parents or guardians.
In my family, we mean the spouse and dependent children
of the assessor.
In the case of HUF:
The amount paid to provide or maintain health
insurance for any member of this indivisible Hindu family is eligible.
In the case of a very senior citizen:
A deduction for medical expenses incurred (instead of
the amount paid for the implementation of any medical insurance).
Health insurance must comply with the structure established for this purpose (a) approved by the GIC and the central government, or (b) approved by any other insurance company and the Insurance Regulatory and Development Authority.
Download and Prepare at a time 50 Employees Form 16 Part A&B
for the F.Y.2021-22
Payment must be made by any method other than cash.
However, this can also be done in cash for preventive medical checkups.
The amount is paid out of your taxable income.
2. Section 80D. Deductible below
If the appraiser is an individual:
The allowable deduction is the sum of the following,
i.e.:-
(a) (i) The full amount paid to secure or maintain the
Appraiser's or spouse's health insurance and dependent children, or
(ii) The total amount of any contributions paid to the
Central Public Health System (CGHS) shall not exceed Rs. 25,000; As well as
(b) The total amount paid to provide or maintain the
health insurance of the parents or parents (dependants or not) of the
evaluator, which does not exceed a total of Rs. 25,000.
However, for the preventive health check of the family
or the parent or parents of the assessor, the maximum allowable amount will be
capped at Rs. 5000 and this amount is subject to the maximum limit of Rs. 5000
will be within the total limit of Rs. 25,000 referred to in paragraphs (a) or
(b) above.
If the appraiser is an undivided Hindu family (HUF):
The allowable deduction will be the total amount paid
for the implementation or maintenance of the health insurance of any member of
this indivisible Hindu family, not exceeding Rs. 25,000.
Download and Prepare at a time 100 Employees Form 16 Part B for the F.Y.2021-22
Additional deduction in the amount of Rs. 5000:
If the amount referred to in paragraphs (1) (a) and
(b) and (section (2)) is paid for the establishment or maintenance of a health
insurance policy by any person named therein who is an elderly person, an
additional deduction will, in any case, be allowed in the amount of 5000
rupees.
A deduction for medical expenses incurred (instead of
the amount paid for any health insurance) will be allowed in the case of a very
senior citizen.
The following deductions may also be requested:
The total amount paid for medical expenses incurred
for your health or for any of your family members, cumulatively in Rs. 30,000;
As well as
The total amount paid for medical expenses incurred
for the health of any evaluator parent, cumulatively up to Rs. no more. 30,000
However, in order to request a deduction of the amount
referred to in paragraph (i) or (ii) above, the following two conditions must
be met:
The amount payable to a very elderly citizen
No amount was to be paid for the operation or
operation of that person's health insurance.
Download and Prepare at a time 100 Employees Form 16 Part A&B
for the F.Y.2021-22
It is further understood that the sum of the amounts referred to in paragraphs (1) (a) and (3) (i) above, or the amounts referred to in paragraphs (1) (b) and (3) (ii), of which the higher should be Rs 30000/-. No more than 30,000 [Cash deduction limit increased from Rs. from 30,000 to rupees. For 50,000 years. 2019-20]
Notes -
A family includes a person, his spouse and dependent
children.
Parents include father and mother (dependent or not).
Father-in-law and mother-in-law are not counted.
The total amount of preventive medical examination
fees for self, spouse, dependent children, father and mother cannot exceed Rs.
5000
The above payments [referred to in paragraphs (a) and
(b)] must be made by any method other than cash. However, you can pay for a
preventive medical examination with whom
Download and Prepare One by One Form 16 Part B for the F.Y.2021-22
