Section 80D: Income Tax Deduction for A.Y. 2019-20 & F.Y 2018-19. Section 80D deduction Relevant for Assessment Year 2019-20/Financial Year 2018-19 as proposed by Finance Bill 2018 | Relevant for Assessment Year 2019-20/Financial Year 2018-19 are given below.
Having a health insurance policy does not only help cover your medical expenses, but it also gives you relief from tax liabilities. Section 80D of the Income Tax Act 1961 allows taxpayers to claim deductions for health insurance premiums paid for insuring self, spouse, dependent children, and parents. The maximum tax deduction that can be claimed under this section is Rs. 25,000. If any of the persons specified is a senior citizen, the maximum deduction amount is Rs. 50,000.
