Tuesday 6 May 2014

ALL ABOUT DEDUCTION U/S 80D FOR MEDICLAIM

Deduction u/s 80D is available to the following:
1.An Individual;
2.A hindu undivided family(HUF)
Deduction u/s 80D is available to an individual for his own health , spouse and dependent children. An
individual can also claim deduction u/s 80D for his parents (whether dependent or not). deduction in respect of parents health of an individual is in addition to the above deduction.
PERMISSIBLE DEDUCTION U/S80D:
1. Amount paid for medical insurance or Rs. 15,000/- for his own health or his family(spouse & dependent children)
2.Amount paid for the health of his parents whether dependent or not OR Rs. 15,000(Maximum). but if the parents are senior citizens, the above amount of deduction increased to Rs. 20,000(maximum).

therefore , an individual can get maximum deduction u/s 80D either Rs. 30,000(Rs.15,000 for himself & family & Rs. 15,000 for parents) OR Rs. 35,000( if the parents are senior citizens)

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