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Question: I'm planning to take a health insurance for myself and my parents. Can you please tell me what are the tax benefits that I will be eligible for?
Answer: Yes. You can enjoy tax benefits under section 80D of Income Tax Act. If you have purchased the policy by any payment mode other than cash, you can avail an annual deduction of Rs. 15,000 for payment of health insurance premium for self, spouse and dependent children. For senior citizens, this deduction is Rs. 20,000. Further an additional Rs. 15,000 is available as deduction for health insurance premium paid on behalf of your parents, which again is Rs. 20,000 if your parents are senior citizens.
There is an increase in limit of deduction of health insurance premium from Rs 15,000 per year to Rs 25,000 annually. For Sr. citizens and very Sr. citizens (above 80 years of age), this limit has been increased from the current Rs 20,000 to Rs 30,000.
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Question:
I'm planning to take a health insurance for myself and my parents. Can you please tell me what are the tax benefits that I will be eligible for?
Answer:
Yes. You can enjoy tax benefits under section 80D of Income Tax Act. If you have purchased the policy by any payment mode other than cash, you can avail an annual deduction of Rs. 15,000 for payment of health insurance premium for self, spouse and dependent children. For senior citizens, this deduction is Rs. 20,000. Further an additional Rs. 15,000 is available as deduction for health insurance premium paid on behalf of your parents, which again is Rs. 20,000 if your parents are senior citizens.
There is an increase in limit of deduction of health insurance premium from Rs 15,000 per year to Rs 25,000 annually. For Sr. citizens and very Sr. citizens (above 80 years of age), this limit has been increased from the current Rs 20,000 to Rs 30,000. Source: CoolInterview.com
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