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Mediclaim Premium paid: Deduction against Medical insurance premium paid u/s 80D of Income Tax Act


Deductions permitted u/s 80D of Income Tax Act
Individual and HUF are entitled for the deduction for keeping in force, insurance on health of the Individual or member of HUF.



On mediclaim premium and contribution to CGHS paid -
(i) For Individual, Self, Spouse and /or children
(ii) For HUF, any member of the family
Any payment or contribution to any other notified health scheme. (For A.Y. 2014-15)
Deduction for medical insurance u/s 80D for- Senior Citizens (60 years & above)… Up to Rs.20,000 others……………….Up to Rs. 15,000

Payment should be made in approved Scheme.

Premium should not be paid in cash
An additional deduction of upto Rs. 15,000 is allowed to an individual assessee who makes payment of the specified sum by any mode other than cash to effect or keep in force an insurance on the health of his parent or parents. The condition of the parents being dependant on the accessee has been dispensed with.

If either of parents is a senior Citizen (60 years & above), the deduction is upto Rs. 20,000.

With the above prescribed limit a deduction upto Rs. 5,000 is available in respect of any payment made by an assessee on account of preventive health check up of self, spouse, dependent children or parent. Payment for preventive health check up can be made by cash as well.



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