Section 80D: Tax Deduction For Medical Insurance In FY 2015-16, with Automted Arrears Relief Calculator from FY 2000-01 to F.Y.2015-16

Download Automatic Arrears Relief Calculator with Form 10E from F.Y.2000-01 to F.Y.2015-16

Your expense of medical insurance can also give you the opportunity to save some more tax. Under section 80D of the income tax act, you can get the tax benefit for the insurance premium. Well, there are  other tax saving options under section 80C, But section 80D gives you additional tax benefit. You can get a tax deduction of up to Rs 65,000 under the section 80D. Like any other tax saving option, there are some limitations with section 80D.

Section 80D: Income Tax Saving Limit

You can claim a tax deduction of health insurance premium. You can claim a tax deduction for the premium payment of your family and parents separately. But it is subject to an upper limit.

Tax Saving On The Health Insurance Premium of Your Family

You can get a tax deduction of maximum Rs 25,000 on the health insurance premium for self and family. If you are a senior citizen, you can claim tax deduction on the premium of up to Rs 30,000.

Tax Saving On The Health Insurance Premium of Your Parents

In Addition to above you can further claim a tax deduction for the insurance premium of your parents. The maximum limit for this deduction is Rs 25,000. If the parents are a senior citizen, the maximum limit is 30,000. 

Section 80D: Preventive Health Check Up Tax Deduction

There is another tax benefit under section 80D. You can also claim a tax deduction for the expense of health check up. The maximum deduction allowed under this provision is 5,000. Health check up can be Section 80D: Who Is Eligible For Tax Benefit

Any taxpayer can avail the tax deduction under section 80D. The medical insurance premium can be of any or all of these family members.
·                                 Self
·                                 Wife/Husband
·                                 Dependent Children
·                                 Parents
The cumulative insurance premium payment of all the family members should not exceed the prescribed limit.
If An HUF is claiming a tax deduction under section 80D. It can add the insurance premium of any family member, subject to the maximum limit.

Maximum Tax Saving Because Of the Section 80D

Tax saving because of the section 80D is different to different situation. Have a look at the table.




Health Check Up

Total Deduction

You and your family
25,00


5,000
30,000
You and your family
25,000
Parents
25,000
5,000
55,000
You and your family
25,000
Senior citizens Parents
30,000
5,000
60,000
You (Senior citizen) & Family
30,000
Senior citizen Parents
30,000
5,000
65,000

 

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