DEDUCTION IN RESPECT OF MEDICAL INSURANCE PREMIA SEC 80D
If the following conditions are satisfied then an assessee may claim deduction under this section.
- The taxpayer is an individual or a Hindu undivided family.
- Insurance premium is paid by the taxpayer in accordance with the scheme framed in this behalf by the General Insurance Corporation of India and approved by the Central Government. The scheme is known as “mediclaim” insurance policy. (The amount deposited in a similar scheme of any other insurer who is approved by the Insurance Regulatory and Development Authority shall also be eligible for deduction).
- The aforesaid premium is paid by cheque.
- Mediclaim policy is taken on the health of the taxpayer, on the health of spouse, dependent parents or dependent children of the taxpayer. In case of HUF on the health of any member of the family.
HEALTH POLICY ANALYSIS
Note: If the mode of the payment is not given, then make an assumption that premium is paid by cheque out of taxable income
PROBLEM
Sri "X" submitted the following particulars under section 80(d) Medical Insurance premium:
Self: 10,000____Father(age 69 years): 24000
Solution
For self:
Least of the two amounts: 10,000
For father:
Least of the two amounts: 20,000
TOTAL: 30,000
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