TAX BENEFITS OF MEDICAL INSURANCE AND HEALTH CHECKUPS(SECTION 80D)

Hello friend today i am going to talk about HELATH/MEDICAL INSURANCE ,< BENEFITS>. Because of this investment you minimize sudden/unexpected medical expenses and on the other hand you will get tax saving on your taxable income. but keep in mind this is not an investment plan its just for health purpose investment where you get money in uncertain time of accidents.so many people have question- like 

 Tax Benefits of Medical Insurance and Health checkups(section 80D)

1. What is deduction limits in medical insurance plan?
2. How to take tax benefits of expense incurred on medical treatment and health checkup ?
3. In which section i am going to get benefit of medical insurance?
4. Who can avail/take benefits of medical insurance?

 

Tax Benefits of Medical Insurance and Health checkups(section 80D)

MEDICAL INSURANCE UP-TO RS 35000 PER ANN 

So friends these are some points, people always wants to know ,so today I will tell you that how you can take Tax benefit from Medical Insurance and Health checkups and what you can do if there is any medical expense done by you, on your family members.

Section 80D provide you Tax benefits under income tax act 1961.. These tax benefit is against premium you paid on your medical insurance .Medical Insurance benefit Limit  Rs 15000 pa for every individual, who take this insurance .Individual not only get benefit on his medical insurance but also medical insurance of his family member who are dependent on him. so take medical insurance policy for you and your family members who are dependent on you.

 Tax Benefits of Medical Insurance and Health checkups(section 80D)

Now question raise that how much deduction from different medical insurance policy

So answer

That you can claim only up-to Rs 15000 pa only to that person who earning in family and paying premium for those who are dependent on him .It include his spouse ,parents and wife etc.

What about senior citizens

For senior citizens medical insurance limit is more than Rs 20000 pa. 

80D  -  Deduction in respect of Medical Insurance Premium for Self and family members.

              Maximum Deduction available Rs. 20,000/- for Senior Citizens and Rs. 15,000/- for others.

Deduction in respect of Medical Insurance Premium for Parents (Father or mother or both).

Maximum Deduction available Rs. 20,000/- for Senior Citizens parents and Rs. 15,000/- in other cases

 

INCREASE TAX BENEFITS OF MEDICAL INSURANCE UP-TO RS 35000 PER ANN 

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