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Deductions u/s 80D of Income Tax Act
Applicable o :
An individual or
an HUF
(irrespective of residential status or citizenship)
DEDUCTION U/S 80D IN RESPECT OF MEDICAL INSURANCE PREMIUM
Note: The deduction for payment made for preventive health check up (for self, spouse, dependent children and parents) for category 1 & 2 does not exceed in the aggregate Rs 5,000 subject to overall limit of Rs 25,000/- or Rs 50,000/
Mode of payment:
The premium or medical expenditure must be paid by any mode other than cash.
However, payment shall be made by any mode, including cash, in respect of any sum paid on account of preventive health check-up.
Payment out of taxable income:
The amount must be paid out of income, which is chargeable to tax /Taxable Income.
However, it is not necessary that such income relates to current year.
Key Points
For claiming higher deduction of Rs 50,000, payer need not be a senior citizen but person insured must be a senior citizen.
Key Points
Where lumpsum health insurance premium is paid (single premium) covering insurance for more than a year, then, deduction is available on proportionate basis.
"appropriate fraction" means the fraction, the numerator of which is one and the denominator of which is the total number of relevant previous years; and
"relevant previous year" means the previous year beginning with the previous year in which such amount is paid and the subsequent previous year or years during which the insurance shall have effect or be in force.
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