Taxexcel: Medical benefits from income tax act U/s 80D

Wednesday, 21 September 2016

The deduction is available up to Rs. 30,000/- for senior citizens and up to Rs. 25,000/ in other cases for insurance of self, spouse, and dependent children. Additionally, a deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 30,000/- if parents are senior Citizen and Rs. 25,000/- in other cases. Therefore, the maximum deduction available under this section is to the extent of Rs. 55,000/-. From AY 2016-17, within the existing limit, a deduction of up to Rs. 5,000 for preventive health check-up is available.

If an employee has the Sr.Citizen member who can get max Rs. 30,000/- and if the self, has Medical Insurance he can also get Max Rs. 25,000/-, in this case, the employee can get total Medical Benefits Rs. 25,000/- + 30,000/- = 55,000/-

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Saturday, 18 April 2015

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Deduction under Section 80D is available as per the provisions of the Income tax Act, 1961.

Que 1 ) How is eligible for medical Insurance Premium?

Individuals and Hindu Un-divided Family (HUF) only

Que 2 What is Mode of Payment allowed for Medical Insurance Premium?

Ans : The Medical Insurance premium can be paid by any mode of payment other than cash.

Que 3) What is maxmium Deduction available under section 80D of Income tax Act? -

Ans: For individuals less than 60 years of age, amount of health insurance premium paid or Rs. 15,000, whichever is lesser.

For senior citizens above 60 years, amount of health insurance premium paid or Rs. 20,000, whichever is lesser.

Que 4) : Who can be covered under section 80D?

Ans: For an individual: Premium paid for insuring the health of the individual, his or her spouse, parents and children.

For a HUF: Premium paid for insuring the health of any member of the family.

Que 5): Are parent and parent in law covered under section 80D?

Ans: No, parents and parents in Law are not covered under section 80D .

Que 6) : Is premium paid for dependent children allowed?

Ans: Children above 18 years, if employed, can not be covered.

Male children, if not employed, but a bonafide student can be covered upto age of 25 years.

Female children, if not employed, can be covered until the time she is married.

Que 7) : I have already contributed under section 80C, Can i still claim 80D benefit?

Ans: Yes , you can claim full benefit of section 80 C (Rs 100,000/- ) as well as of section 80D.

Que 8 ) : We have one mediclaim policy and me and my father both are paying 50% payment. Can we both claim 80D benefit?

Ans: Part payment of premium is allowed. Both of , you can avail the deduction for the amount contributed by you and your parents too could avail deduction for their contribution.

Que 8 ) : What is the limit for Preventive Health Check-up ?

Ans: Limit of Preventive Health Check-up is Rs 5000/-.

Payment for Preventive Health Check-up can made by an assessee for self, spouse, dependent children or parents(s) during the year

Preventive Health Check-up payment can be made by any mode including cash.

Please note this limit of Preventive Health Check-up of Rs 5000 is within total limit of Rs 15000/- allowed under medical insurance under section 80D.

It means that if assessee pays medical insurance of Rs 11000 and Preventive Health Check-up of Rs 5000/- for self/ spouse/ or childre then he will be allowed Rs 15000/- only.