MAXIMIZE MEDICAL INSURANCE TAX BENEFIT(UNDER SECTION 80D )

 MAXIMIZE MEDICAL INSURANCE TAX BENEFIT(UNDER SECTION 80D )

Hello friends as I told you about medical insurance in  first article that, how  you can take tax benefit through your  medical insurance if you feel any difficulty  then here is link ( medical insurance).So friends once again I am going to discuss about medical insurance, but this time we are going to talk how you can increase  deduction limit of your medical insurance  up-to Rs 35000 as per income tax.

You can take deduction up-to Rs 35,000 under section 80D of income tax act 1961.

So friends how one can increase that deduction limit up-to Rs 35000 in a year .here is some important things which help you allot. As you all know that you can take tax benefit up- to Rs 15000 for medical insurance under-section 80D.So how's it is possible to increase benefit 

under section 80D of medical insurance up-to Rs 35000.

Yes friends it is possible to increase the benefit of medical insurance  under  section 80D of income tax act 1961. Surly you can do this just keep  in mind some important things like

ARE YOU ONLY EARNING  PERSON.

IS YOUR FAMILY DEPEND UPON YOU.

IS YOUR PARENTS ARE DEPEND UPON YOU.

DID YOU HAVE ANY MEDICAL CHECKUP IN CURRENT YEAR.(know more about checkup )

WHAT AMOUNT OF PREMIUM YOU ARE PAYING FOR MEDICAL INSURANCE (IMPORTANT )

So these are some thing  to keep in mind . Because these things help you take more benefits through medical insurance which help you to save more tax . How It will help lets see

For Example --- You are the only earning member in your family and you have parents who are depended on you also your wife and children's  also depended on you and you have insurance policy for all like one for yourself ,one for wife and one for children and you are paying  premium of Rs  40000 in a year , in that case how much you can claim... So

Answer -----In this case  you can claim only Rs15000 as deduction under section 80D of income tax 1961 for medical insurance.

OTHER DEDUCTION OF RS 5000  FOR MEDICAL CHECKUP YOU WILL GET

 Answer---- Rs 5000 claim you can take for medical checkup under section 80D (effective from assessment year 2013-14). So the total deduction can be Rs20000.It specifically related to medical checkup of you and your family.

ANOTHER RS 20000 DEDUCTION FOR PARENT MEDICAL INSURANCE POLICY

Now next Rs 20000 deduction you will get when you have medical insurance policy for you parents .Medical insurance for your parent is important , not from tax point of view but also because in old age they need this as you all can under stand ,In old age more health issue occurs and this insurance help you in uncertain time . So what ever amount you are going to invest for your depended parent medical insurance ,also of that amount you can  get deduction same as  you get in the your health insurance policy under section 80D .

For example--- you are paying Rs 15000 premium  for your parent medical insurance policy , you can claim that amount under same head of section 80D  and whatever expense you will do for their medical checkup of that amount also -- but up-to Rs 5000 you can claim as deduction under section 80D of income tax act 1961.

But if they are senior citizen you can get deduction of  Rs 20000 of medical insurance policy directly ,if you are paying that much amount as premium for medical insurance .But who are not senior citizen they have Deduction  limit of medical insurance up-to Rs 15000 only-- Whatever premium amount your are paying for that medical insurance that doesn't matter  .

So here  given below  some information related to medical insurance whatever you are going to take for you , your family and parents.

DEDUCTION U/S 80D FOR  MEDICAL INSURANCE AS PER INCOME TAX ACT 1961.

(MAXIMIZE MEDICAL INSURANCE TAX BENEFIT)

In this section you can get the deduction up-to Rs 40000 but limit specified to Rs 35000 in a year .if following  condition are satisfied.

(A) Deduction of Rs 15000--- medical premium for yourself and family member  . Thi deduction is not going to increase in any condition . Just remember point of health checkup.

(B) Deduction of Rs 20000---medical premium for parents  deduction if they are senior citizen and if they are not senior citizen they get Rs 15000 deduction for medical insurance policy and Rs 5000 for health checkup.

So from next time keep in mind these things ,you can save your precious money which is going as tax. And this is important not only tax benefit point of view but also from health point of view its good to take medical insurance  because in small amount you can get good help if something uncertain happen .

KNOW MORE ABOUT HEALTH CHECKUP BENEFITS.

IN WHICH SCHEME YOU CAN GET HEALTH CHECKUP BENEFIT.

KNOW IS YOU ARE ELIGIBLE FOR TAX BENEFIT OF MEDICAL TREATMENT IN FOREIGN.  

MAXIMISE MEDICAL INSURANCE TAX BENEFIT, HOW TO MAXIMISE MEDICAL INSURANCE TAX BENEFIT UNDER SECTION 80D ,IMPORTANT OF MEDICAL INSURANCE, BENEFITS OF MEDICAL INSURANCE. HOW TO TAKE TAX DEDUCTION OF MEDICAL INSURANCE, WAYS TO SAVE TAX, WAYS TO  MAXIMIZE MEDICAL INSURANCE TAX BENEFIT(UNDER SECTION 80D )