YOUR MEDICAL INSURANCE CAN ALSO SAVE YOUR TAX

YOUR MEDICAL INSURANCE CAN ALSO SAVE YOUR TAX

THE PERSON WHO IS PAYING MEDICAL INSURANCE PREMIUM OR ANY CONTRIBUTION MADE TO CENTRAL GOVERNMENT HEALTH SCHEME ( AS PER AMENDMENT FOR ASSESSMENT YEAR 2011-2012) OF HIMSELF, SPOUSE, PARENTS WHETHER DEPENDENT OR NOT, AND DEPENDENT CHILDREN IS ALLOWED DEDUCTION UNDER SECTION 80D OF INCOME TAX ACT, 1961.

THE QUANTUM OF DEDUCTION

MAXIMUM DEDUCTION CAN BE CLAIM BY ASSESSEE IS OF Rs 15,000 + Rs 15,000/ Rs 20,000(IF PARENTS ARE SENIOR CITIZEN) FOR INSURANCE OF PARENTS

YOU CAN SAVE THE MAXIMUM TAX OF Rs 10,500 (assuming that assessee have more than Rs 5,00,000 of earning)

BUT THE CONDITION OF CLAIMING THIS DEDUCTION IS THAT THE PAYMENT OF PREMIUM MUST BE MADE BY ANY MODE OTHER THAN CASH.

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