Deduction Under Section 80D for Mediclaim Premium to Individual, HUF, Senior Citizens
Deduction Under Section 80D in respect of Medical Insurance Premium (Mediclaim) paid to keep in force insurance by individual either on his own health or on the health of spouse, parents and dependent children or HUF on the health of any members of the family. A Mediclaim policy is a must because should you fall sick or meet with an accident, your medical bills could wipe out your savings.
Features of Mediclaim policy
1. Premium based on Age: – As in term insurance, the premium rates will vary among the insurers and will also depend on your age. The older you are, the heftier the premium. For instance, Mediclaim policy from General Insurance Corporation has a fixed premium till 35 years and then it changes in 10-year slabs.
2. Who is it deduction Under Section 80D available to?
- Individual (resident or non resident, Indian Citizen or foreign citizen):- In case an individual is taking the deduction, the medical insurance policy can be taken in the name of any of the following: the taxpayer or the spouse, parents or dependent children* of the taxpayer.
- HUF (Hindu undivided Family may be resident or non resident) :- In case a HUF is taking the deduction, the medical insurance policy can be taken in the name of any member of the family.
Note
- Dependent Children (i.e. legitimate or legally adopted children). Children above 18 years, if employed, can not be covered. Male children, if not employed, but a bonafide student can be covered upto age of 25 years. Female children, if not employed, can be covered until the time she is married.
- parents of Individual – parents need not be dependent on the Assessee.
3. Entry Age: This insurance is available to a person between the age of 18 to 59 years. However, the Policy can be renewed upto the age of 80 years.
a) Children above the age of 3 months can be covered provided parents are covered concurrently and suitable premium is paid. If the child above 18 years is employed or if the girl child is married, he or she shall cease to be covered under the policy. However male child can be covered upto the age of 25 years if he is a bonafide regular student and fully dependent on primary insured. Female child can be covered upto the time, she is unmarried.
b) If the insured has taken continuous Mediclaim insurance policy with us for at least 5 years prior to attaining the age of 80 years the policy can be renewed beyond the age of 80 upto the age of 90 years as a special case with the approval of Regional Incharge on case to case basis. The premium chargeable shall be 10% of the premium for 75-80 years age slabs for proposers above 85 and 20% of the premium for 75-80 age slabs for proposers above 90.
c) No inclusion of family member during currency of policy is permissible except for a new born child between the ages of 3 months to 6 months and newly married spouse within 60 days of marriage. Otherwise inclusion of family member shall be allowed only at the time of renewal. Prorata premium shall be charged for such inclusion during the currency of the policy for the unexpired period.
4. Sum Insured: Minimum sum insured shall be Rs 50,000/- and can be increased in multiples of Rs 25,000/-upto Rs 5 lacs. The sum insured must be identical for primary insured and the dependents. However, the children may be covered for 50% Sum Insured as per 4 above.
5. Payment of Mediclaim Premium under section 80D out of taxable Income:- The amount must have been paid using the taxpayer’s income chargeable to tax.
6. In addition to deduction u/s, 80C, 80CC and 80CCD,:- This is an additional deduction available which do not include deduction u/s 80C, 80CCC and 80CCD for which overall limit is is Rs. 1,50,000 (Rs. 1 Lakh upto A.Y. 2014-15).
7. Partly contribution: If part payment is done by you and part payment by the parent, both can claim deduction Under Section 80D to the extent of their contribution subject to maximum allowed but amount should be paid directly to insurance company and paid through mode other than by cash.
8. Mode of payment: The premium may be paid by any mode of payment other than cash. Note prior to 1st April 2009, premium payment was required to be done only by cheque. Credit card or other online payment mechanism where not allowed. Now all payment modes except cash payment are accepted.
9. Which Mediclaim Premium is allowed? : – Mediclaim premium paid under Medical insurance scheme of General Insurance Corporation approved by the Central Government, or any other insurer approved by the Insurance Regulatory & Development Authority (IRDA).
10. Proposer of the policy is not must: The premium is to be paid to effect or keep in force insurance policy, there is no condition that assessee should be the proposer of the policy.
11. Part contribution: Assessee can partly contribute the premium amount but amount should be paid directly to insurance company and paid through mode other than by cash (see example)
12. What is the amount of the deduction Under Section 80D?
For Individual
- Basic deduction Under Section 80D: Mediclaim premium paid for Self, Spouse or dependant children. Maximum deduction Rs 25,000.
- In case any of the persons specified above is a senior citizen (i.e. 60 years or more) and Mediclaim Insurance premium is paid for such senior citizen, deduction amount is Rs. 30,000 (this amount has been increased to Rs 50000/- from A.Y 2019-20)
- For uninsured super senior citizens (more than 80 years old) & senior citizen( i.e. 60 years or more) medical expenditure incurred up to Rs 30,000 shall be allowed as a deduction under section 80D (This amount has been increased to Rs 50000 from A.Y 2019-20)
- Additional deduction Under Section 80D: Mediclaim premium paid for parents. Maximum deduction Rs 25,000. In case any of the parents covered by the Mediclaim policy is a senior citizen, deduction amount is enhanced to Rs. 30,000.( it has been increased to Rs 50,000 from A.y 2019-20)
For HUF
- Mediclaim premium paid for any member of the HUF. Maximum deduction Under Section 80D Rs 25,000. In case any member of the HUF covered by Mediclaim policy is a senior citizen, deduction Under Section 80D amount is enhanced to Rs. 30,000.( it has been increased to Rs 50,000 from A.y 2019-20)
EXAMPLE- 1
1. An individual assessee pays (through any mode other than cash) during the previous year medical insurance premia, out of his taxable income, as under:
(i) Rs 18,000/- to keep in force an insurance policy on his health and on the health of his wife and dependent children;
(ii) Rs 32,000/- to keep in force an insurance policy on the health of his parents.
He will be allowed a deduction of Rs 43,000/- (Rs. 18,000/- + Rs. 25,000/-) if neither of his parents is a senior citizen. However, if any of his parents is a senior citizen, he will be allowed a deduction of Rs 48,000/- (Rs.18,000/- + Rs.30,000/). However in case any of his parent is senior citizen the deduction W.e.f A.Y 2019-20 the will be Rs 68,000/- (Rs.18,000/- + Rs.50,000/) Whether the parents are dependent or not, is not a consideration for deciding the deduction under the new provisions.
Further, in the above example, if cost of insurance on the health of the parents is Rs 32,000/-, out of which Rs 17,000/- is paid (by any non-cash mode) by the son and Rs 15,000/- by the father ( who is a senior citizen), out of their respective taxable income, the son will get a deduction of Rs 17,000/- ( in addition to the deduction of Rs 18,000/- for the medical insurance on self and family) and the father will get a deduction of Rs 15,000/-.
EXAMPLE 2
An individual assessee pays through credit card during the previous year health insurance premium as under:
1. Rs. 18,000 to keep in force an insurance policy on his health and on the health of his wife and children 2. Rs. 32,000 to keep in force an insurance policy on the health of his parents.
Under the new provisions, he will be allowed a deduction of Rs. 43,000 (Rs. 18,000 + Rs. 25,000) if neither of his parents is a senior citizen. However, if any of his parents is a senior citizen, he will be allowed a deduction of Rs. 48,000 (Rs. 18,000 + Rs. 30,000). Whether the parents are dependent or not, is not a consideration for deciding the deduction under Section 80D.
However from A.Y 2019-20 the deduction shall be as under:
Under the new provisions, he will be allowed a deduction of Rs. 43,000 (Rs. 18,000 + Rs. 25,000) if neither of his parents is a senior citizen. However, if any of his parents is a senior citizen, he will be allowed a deduction of Rs. 68,000 (Rs. 18,000 + Rs. 50,000). Whether the parents are dependent or not, is not a consideration for deciding the deduction under Section 80D.
EXAMPLE- 3
Question:- Do I need to take medical insurance for both my parents, who are senior citizens. I would appreciate if you can let me know.
Answer:- Deduction in respect of medical insurance premium for A.Y. 2016-17 is Rs 25,000 for an individual and Rs 30,000 for a senior citizen. However if someone were to buy medical insurance for his parent/s, an additional deduction of Rs 25,000 (over and above Rs 25,000) will be available. If such parent/s were senior citizen, the additional deduction would be Rs 30,000. So a person insuring himself, his spouse, children and parents could potentially get a deduction of Rs 50,000.
However from A.Y 2019-20 the deduction shall be as under:
Deduction in respect of medical insurance premium for A.Y. 2019-20 is Rs 25,000 for an individual and Rs 50,000 for a senior citizen. However if someone were to buy medical insurance for his parent/s, an additional deduction of Rs 25,000 (over and above Rs 25,000) will be available. If such parent/s were senior citizen, the additional deduction would be Rs 50,000. So a person insuring himself, his spouse, children and parents could potentially get a deduction of Rs 50,000.
EXAMPLE-4
Illustration
Mr. Raja (age 40 years) has made the following payments during the financial year 2017-18:
- Payment of medical insurance premium on his policy of Rs. 15,000.
- Payment of medical insurance premium on policy of his spouse Rs. 4,000.
- Payment of medical insurance premium on policy of his younger daughter who is dependent on him Rs. 3,000.
- Payment of medical insurance premium on policy of his elder daughter who is self employed and not dependent on him Rs. 5,000.
- Payment of medical insurance premium on policy of his parents (resident and aged 68 years), Rs. 18,000 on policy of his father and Rs. 18,000 on policy of his mother. Both are dependent on brother of Mr. Raja.
- Payment of Rs. 3,000 towards expenditure on preventive health check-up (for his own check-up and check-up of his wife).
Advice Mr. Raja regarding the admissible deduction under section 80D for the year 2017-18.
ANSWER
Considering the above provisions, the deduction in case of Mr. Raja will be as follows:
1) Medical insurance premium on his policy of Rs. 15,000 will qualify for deduction.
2) Medical insurance premium on policy of his spouse of Rs. 4,000 will qualify for
3) Medical insurance premium on policy of Rs. 3,000 of his younger daughter who is dependent on him will qualify for deduction. However, premium of Rs. 5,000 on policy of elder daughter who is not dependent on him will not qualify for deduction.
4) Medical insurance premium on policy of his parents of Rs. 36,000 will qualify for deduction (being Senior Citizens)-limited to Rs. 30,000.
5) Expenditure on preventive health check-up will also qualify for deduction, but, it will be restricted to Rs. 3,000 only (as the overall limit of deduction under section 80D in respect of assessee and his family cannot exceed Rs. 25,000).
Thus, total deduction under section 80D will amount to Rs. 22,000 on account of expenditure on premium paid in respect of his own health, health of his spouse and dependent daughter and Rs. 30,000 in respect of premium paid on policy of his parents. Deduction on account of expenditure on preventive health check-up will be Rs. 3,000 Total deduction under section 80D will amount to Rs. 55,000 (Rs. 22,000 + Rs. 30,000 + Rs. 3,000).
EXAMPLE-5
| (i) For Individual and his family | Rs. |
| Health insurance premia | 21,000 |
| (ii) For parents | |
| Health insurance of Mother : | 18,000 |
| Medical expenditure 80D on father (Super senior citizen) ) | 15,000 |
| Deduction eligible u/s 80D | Rs. 21000 + Rs 18,000 + Rs. 15000 = Rs. 54,000 |
FAQ on Mediclaim-
1.Why is deduction u/s 80D allowed?
The deduction is allowed for
1. buying medical insurance , popularly known as Mediclaim policy.
2. Keeping in effect a medical insurance already bought.
2. How much deduction available?
If Mediclaim is bought for any person other than person having Aged 60 years or more , then Rs 25,000.
If Mediclaim is for person having 60 years or more , Rs 30,000 (this has been increased to 50,000 from A.Y 2019-20)
3. Who can claim deduction?
Individual and HUF making payments for medical insurance.
1. Individual can claim for self, wife, dependent children and parents.
2. HUF can claim for Mediclaim policy on members.
4. What should be mode of payment of insurance premium?
Any mode other than cash will make one eligible for deduction u/s 80D.
5. If office deducts salary for medical insurance for employee and his family , whether the employee can claim deduction u/s 80D?
Yes, for the fact that the mode of payment is any ,other than cash, and It is employee who paid for himself or his family’s insurance.
Get a certificate from the employer regarding deduction of amount for medical insurance purpose.You can claim to the extent the dedcution has been made by the employer for medical insurance subject to maximum RS 25,000
6. If an individual buys Mediclaim for himself and for his parents exceeding 60 years, how much can he claim as deduction?
Good question. Subsection 2 of section 80D provides as under
2) Where the assessee is an individual, the sum referred to in sub-section (1) shall be the aggregate of the following, namely:—
(a) the whole of the amount paid to effect or to keep in force an insurance on the health of the assessee or his family or any contribution made to the Central Government Health Scheme or such other scheme as may be notified by the Central Government in this behalf or any payment made on account of preventive health check-up of the assessee or his family as does not exceed in the aggregate [twenty-five] thousand rupees; and*
(b) the whole of the amount paid to effect or to keep in force an insurance on the health of the parent or parents of the assessee or any payment made on account of preventive health check-up of the parent or parents of the assessee as does not exceed in the aggregate [twenty-five] thousand rupees;
It is clear that an individual can claim deduction up to Rs 75,000 for medicalim insurance , if he makes insurance for his family and any parents exceeding 60 years.
7. Can somebody having invested the amount from income exempt from tax or by taking loan, claim deduction u/s 80D?
No as per opening line in the section 80D , the payment should be only out of income chargeable to tax. Read the opening line :
80D. (1) In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted such sum, as specified in sub-section (2) or sub-section (3), payment of which is made by any mode, other than cash, in the previous year out of his income chargeable to tax.
8. Can you get deduction u/s 80D for Overseas Mediclaim policy?
Yes, in author opinion , there in nothing in the provision u/s 80D which prohibits claim of deduction u/s 80D for medical insurance for overseas journey. The only requirement, as given in section 80D(5) is that the insurance companies issuing such overseas insurance should be one of these
(5) The insurance referred to in this section shall be in accordance with a scheme made in this behalf by
(a) the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) and approved by the Central Government in this behalf; or
(b) any other insurer and approved by the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).
Appendix: Section 80D of the Income Tax Act
80D. (1) In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted such sum, as specified in sub-section (2) or sub-section (3), payment of which is made by any mode as specified in sub-section (2B), in the previous year out of his income chargeable to tax.
(2) Where the assessee is an individual, the sum referred to in sub-section (1) shall be the aggregate of the following, namely:—
(a) the whole of the amount paid to effect or to keep in force an insurance on the health of the assessee or his family or any contribution made to the Central Government Health Scheme or such other scheme as may be notified by the Central Government in this behalf or any payment made on account of preventive health check-up of the assessee or his family as does not exceed in the aggregate twenty-five thousand rupees; and*
(b) the whole of the amount paid to effect or to keep in force an insurance on the health of the parent or parents of the assessee or any payment made on account of preventive health check-up of the parent or parents of the assessee as does not exceed in the aggregate twenty-five thousand rupees;
(c) the whole of the amount paid on account of medical expenditure incurred on the health of the assessee or any member of his family as does not exceed in the aggregate [thirty] thousand rupees; and
(d) the whole of the amount paid on account of medical expenditure incurred on the health of any parent of the assessee, as does not exceed in the aggregate [thirty] thousand rupees:
Provided that the amount referred to in clause (c) or clause (d) is paid in respect of a [very] senior citizen and no amount has been paid to effect or to keep in force an insurance on the health of such person:
Provided further that the aggregate of the sum specified under clause (a) and clause (c) or the aggregate of the sum specified under clause (b) and clause (d) shall not exceed [thirty] thousand rupees.
Explanation.—For the purposes of clause (a), “family” means the spouse and dependant children of the assessee.
(2A) Where the amounts referred to in clauses (a) and (b) of sub-section (2) are paid on account of preventive health check-up, the deduction for such amounts shall be allowed to the extent it does not exceed in the aggregate five thousand rupees.
(2B) For the purposes of deduction under sub-section (1), the payment shall be made by—
(i) any mode, including cash, in respect of any sum paid on account of preventive health check-up;
(ii) any mode other than cash in all other cases not falling under clause (i).
(3) Where the assessee is a Hindu undivided family, the sum referred to in sub-section (1), shall be the aggregate of the following, namely:—
(a) whole of the amount paid to effect or to keep in force an insurance on the health of any member of that Hindu undivided family as does not exceed in the aggregate twenty-five thousand rupees; and
(b) the whole of the amount paid on account of medical expenditure incurred on the health of any member of the Hindu undivided family as does not exceed in the aggregate [thirty] thousand rupees:
Provided that the amount referred to in clause (b) is paid in respect of a [very] senior citizen and no amount has been paid to effect or to keep in force an insurance on the health of such person:
Provided further that the aggregate of the sum specified under clause (a) and clause (b) shall not exceed [thirty] thousand rupees.
(4) Where the sum specified in clause (a) or clause (b) of sub-section (2) or clause (a) of sub-section (3) is paid to effect or keep in force an insurance on the health of any person specified therein, and who is a senior citizen, [or a very senior citizen,] the provisions of this section shall have effect as if for the words “twenty-five thousand rupees”, the words [thirty] thousand rupees” had been substituted.
Explanation.— [***]
Following sub-section (4A) shall be inserted after sub-section (4) of section 80D by the Finance Act, 2018, w.e.f. 1-4-2019 :
(4A) Where the amount specified in clause (a) or clause (b) of sub-section (2) or clause (a) of sub-section (3) is paid in lump sum in the previous year to effect or to keep in force an insurance on the health of any person specified therein for more than a year, then, subject to the provisions of this section, there shall be allowed for each of the relevant previous year, a deduction equal to the appropriate fraction of the amount.
Explanation.—For the purposes of this sub-section,—
(i) “appropriate fraction” means the fraction, the numerator of which is one and the denominator of which is the total number of relevant previous years;
(ii) “relevant previous year” means the previous year beginning with the previous year in which such amount is paid and the subsequent previous year or years during which the insurance shall have effect or be in force.
(5) The insurance referred to in this section shall be in accordance with a scheme made in this behalf by—
(a) the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) and approved by the Central Government in this behalf; or
(b) any other insurer and approved by the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).
Explanation.—For the purposes of this section,—
(i) “senior citizen” means an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year;
[(ii) “very senior citizen” means an individual resident in India who is of the age of eighty years or more at any time during the relevant previous year.]
(Article was First Published on this Website on 06.09.2009 and Republished with Amendments in the Article)
if i paid rs 10000/- for mediclaim policy taken for two years e.g. . From 01st Apr 2011 to 31st Mar 2013. shall i claim the deduction in two financial i.e. 11-12 & 12-13 years or not? if yes is there criteria to decide the amount of two years if not mentioned in the policy specifically.
Dear sir,
I want to know about PPF saving , Actually i have invested in PPF of Rs. 60000 in the F.Y- 11-12 So, Can tax saving under ppf & if yes than whats the sec of it applicable
Dear Respected Sir,
I want to know about Under Sec -80c (Life Insurance Policy) as- if i have LIC Sum Insured of Rs 100000, Premium of Rs 425 monthly ) how much Rs will be rebate (Save) in Income Tax, & & Know more about Under Sec-80GG (House Rent) , Actually my Salary is 35,000/- per Month & i am paying house rent of Rs -9000/- than how much Rs will be rebate (Save) in Income Tax,
Dear Sir,
I want to know i did taken a medic claim policy of sum Insured of RS. 500000, whose yearly premium of Rs.8750 for the period of 30years, So how much Rs will be save Under sec 80 of Income tax , I am Salaried (Individual)
Reply Me as soon as possible
Dear sir,
i m having a medical policy of maxbupa which is having a individual cover of 5 lac for myself, spouse and childrens and for my parents plus 15lac flotter cover in “one single policy” . i m paying 44000 premium annual.
what will be my tax deduction in 80d
please help
Sir, I bought a policy by paying 56876/- out of which the payment of Rs.37562/- is made in current FY 2011-12 towards medical insurance premium for five years. MY employer also deduct 3900/- fo it.
What will be the deduction under sec.80 D for current year ?
regards
sir, i am married female paid mediclaim for my mother-in-law b’cz after marriage definitely i am living with my spouse family n parents. is this exemped under 80D.
I have insurance policy on my husbands name including my name as a spouse. My husband is not using 80c privilage for mediclaim..Can i use this mediclaim amount for my income tax benifit.
if the lumpsum payment of Rs.50000/- is made in current year towards medical insurance premium for five years.
What will be the deduction under sec.80 D for current year ?
Rs.10000/- or Rs.15000/-
regards
Respected and dear Sir ,Madam,
I am the only daughter of my parents and spent for my mother’s treatment around 30000 before one month and I request you could I claim tax rebate under 80DD, 80DDB. Please mail me and I remind you that I also have asked this question before.Please mail me as possible as you can as I have to pay tax now.
Can u pl. give guidance of savings for seeking income exemtpion apart from of Rs.1,00,000 u/s 80C under Chapter VI deductions.
TN SUBRAMANYA, BANGALORE
i have a mediclaim flooter policy which includes me and my parents.the amount is 25000.
20000 is for parents and 5000 for myself. what proof is required to claim for 15000(max possible) of my parents and 5000 of myself for tax benifit. bifurcation of premium is not provided by the insurance company
I m working in an organisation where my employer gives me defualt a mediclaim policy for 2 lakhs in which myself and 2 dependants(mom & dad) are included. Its premium gets deducted from my salary directly. If I want to take a medical insurance policy seperately from any insurance company for my parents will i get the tax exemption?
if mediclaim of Rs 35000/- including parents,spouse, childrens the hole amount is not taxable or what
No it is not taxable
Hello,
My organization as applied for GMIP with once of India Mediclaim insurance provider. The permium amount paid for covering employee, immediate family members and parents/inlaws are split between employee and organization. Employees pays premium for parents/in-laws to be inclused for cover. My organization claims that Section 80D benefit cannot be claimed by employee for premium contribution employee is making towards parents/in-laws coverage and this benefit of Section 80D can only be availed by the organization. Kindly clarify if employee can claim deductions under Sec 80D for the contribution he/she is making for parents/in-laws coverage. This deduction appears in salary slip as parental insurance.
if individual is seneior citizen then what will be maximum deduction for individual and his parents u/s 80d
Hi..
I have a query ,i am working for an MNC Company and they have this mediclaim policy only for self and they are saying family will be covered ,how this happens ?
As i worked in so many companies but every were they use to cover mediclaim to self,spouse,children & parents all upto together upto 5 lakh,
But my present company says “No”only self will be covered ,so pls suggest me how can i demand this policy to my company and i need to know what all government rules for employer mediclaim policy.
Sir,
I have paid mediclaim policy premium amount of Rs.11300 which includes Rs.1300/- as service tax amount in this case whether i can get deduction of Rs.11300 full paid amount or after deducting service tax amount.
Thanks
S.K.Jaiswal
sir,
I have paid mediclaim policy premium amount of Rs.10782 which includes Rs.1007/- as service tax amount in this case whether i can get deduction of Rs.10782 full paid amount or after deducting service tax amount.
Thanks
M.K.VORA
i have my self & wife icici pru policy for under 80d 15000 taking exemption before 12 days taken .
can possible to take same policy for wife independently for addition 15000 exp.under 80d .wife is dependent .
I have taken Mediclaim Policy via New India Assurance Company Up to 1 lacks Premium company will pay & out off 1 lacks employee pay but chq will give to company
Like Lasy year 2010-2011 I insuren Policy 3 lacs out of 1 lacs premium ave 6000 company paid & balance 2 lacs premium Rs 12370 myself will pay but chq given to company for company name rs 12370 & then compant will give full payment of chq 12370+6000 = 18370 to New India assurance so my qyestion is Can I get 12370 claimed U/e 80D for Income tax purpose
hi, i am single and would like to take parental insurance for my parents.
query: wil i be able to claim tax benefit., i have contacted an insurance agent for a family medical policy covers father n mother for 2L, as mentioned by the agent the receipt contains My fathers name f/o my name in the proposar column., am i eligible to benifit from 80d tax, as my father s retired now.
I have paid Rs.20,000 as premium for my Dad’s insurance policy however, my name is not there in the policy. Can i claim tax benefit for the same ? Please answer immediately
My query is as follows : I paid Rs. 18,940 for self, spouse & two dependent children during year June 2009 (FY2009-10, AY-2010-11). This poly premium for a two year period from 24-6-2009 to 23-6-2011, as many insurance companies are now-a-days taking premium for a two year period together.
Since I have some other mediclaim policy, I did not claim this amount in my returns for the AY 2010-11 and now in this FY 2010-11, I do not have any other premium amount to be paid by me. I would like to avail the deduction applicable for the FY-2010-11 for the coming AY 2011-12. My insurance company says I can claim deduction in this year, since I have not claimed in last year. Am I eligible ? Please clarify.
I have my parental medical insurance amount as INR 9000. Service tax in that is INR 3000. Can I claim the entire INR 9000 (Premium 6000 + Service tax 3000) as tax deductible?
mediclaim up to 70 yrs of age & avail tax benefit u/s 80D.
Contact [email protected], 0120-4514000
very good
Hi,
My question is when I am considering to claim tax benefit on the medical insurance for my parents, do I need to be a proposer/insured in the same policy that I would take for them? Is it possible that I take a policy covering my parents (me not in the policy) and I pay the premium for them – can I claim tax benefit on this? How?
Thanks
If a person has paid the Mediclaim Premium by Cash for self, wife and children is there a possibility of showing the same as deduction under 80D from taxable income.
can a parent(Father) already covered in a different mediclaim policy be included in a separtae policy containing spuse & kids for which ifather is only paying the premium.
Hi,
My family is HUF . In my family there are 4 parents and 5 children.( 5 children , my brother (Studying 12th standard) , myself). If i take 2 insurance family flot. HIS ploicies(for example 15K + 20K), can i claim this amount under taxable amount.Please suggest me.
Thanks & regards
Kondareddy
I have paid a medical insurance premium of 6700 for Parents and Self with Royal Sundaram and 15872 towards my parents Health Insurance from Oriental health. Will I get tax deduction on this premium paid
I have a mediclaim policy which covers my parents (who r senior citizens) and for my wife and son. The premium paid is Rs.32500/- annually. How can I get the benefit of Rs.15000/- for myself and family and Rs.20000/- for my parents?
my company give the bonus and exgratia both to employee.some employee got both bonus and exgratia and some employee got only bonus/ ex-gratia.
can we take the exgratia as taxable part in perquisites valuation of rent free accomodation if employee got only ex-gratia. pls reply me quickly
I have a mediclaim policy on my family(me,husband & child)(premium paid is 3500/yr) & on my mom in law (premium paid is 6500/yr). whether I as a woman is entitled to receive a deduction u/s 80D for premium paid by me for my ‘mother in law’?
According to this article
www. thehindu.com/biz/2009/03/16/stories/2009031650041600.htm
service tax on premium paid for Medical Insurance is not deductible under 80D. Only the premium paid is deductible. However, you have answered in two questions above that the gross amount is deductible – please clarify?
D. sudhakar ji u can take benefit of Rs.15000 u/s 80D & your wife too if & only if Out of 30,000 Rs. 15000 is paid by ur wife(other than cash).
If I paid an amount of Rs.10,000/- towards medical policy so whether full amount i.e. 10,000/- will be deducted from IT above Rs.1,00,000/- deduction
Yes u can claim 15000 in ur hands & 15000 in ur wife hands.
However it is to be noted here that if your child is not dependent on you, than you will not be able to claim deduction on that amount.
i have Paid Premium Rs.30000/ for medicalaim policy to my family(myself,wife and my son)can i claim total amount under 80D and can i claim 15000 for me &another 15000 for my wife as Individual assesse
i am waiting for u r reply
Read more: https://www.taxguru.in/income-tax/all-about-deduction-us-80d-for-mediclaim-premium-available-to-individual-huf-and-senior-citizens.html#ixzz0hNdQuZ2z
may mediclaim premium is Rs. 4350.00 and service tax is rs. 350.00 total paid premium amount is rs. 4700.00 which amount is admissable for exmption rs. 4700.00(including service tax) or not?
Read more: https://www.taxguru.in/income-tax/all-about-deduction-us-80d-for-mediclaim-premium-available-to-individual-huf-and-senior-citizens.html#ixzz0gwPWwjQR
may mediclaim premium is Rs. 4350.00 and service tax is rs. 350.00 total paid prium amount is rs. 4700.00 which amount is admissable for exmption rs. 4700.00(incding service tax) or not?
dear sir,
please infrom me for service tax on road transport freight (goods for rice & wheat (agriculcher goods)
Dear sir
i have medicalaim policy for Rs.30000/-for my family(myself,wife and my son)can i claim total amount under 80D and can i claim 15000 for me &another 15000 for my wife as Individual assesse
i am waiting for u r reply
Dear Sir If I pay the premium of Rs.2500/- for availing Health insurance in the month of December-2009. Will I get the exemption from income tax under 80D for the whole amount of 2500/- or is it for only 3 months (Jan to Mar). Kindly advise.
i have a policy in favour of our parents and paid premium of Rs. 15000. what amount will be deducted in our taxable income.
Dear sir
i have medicalaim policy for Rs.30000/-for my family(myself,wife and my son)can i claim total amount under 80D and can i claim 15000 for me &another 15000 for my wife as Individual assesse
i have two mediclaim policy, one is from new india assurance, having my wife, my kid and me as insured members. and another having my parents and my self. the second policy whihc is having my parents and me is flotter policy.
now as second policy also having my name in the policy whether it will be considered for parents segment only or not?
and as it is a flooter policy it is not showing bifurcation of charges among all insured.
I have a MEDICLAIM policy for myself, my wife and children since the last twenty three years. Recently, I spent a certain amount for the treatment of my wife and plan to get it reimbursed from Mediclaim. Cashless facility was not available between that particular hospital and the concerned TPA. Do I have to pay income tax on the money that I received as reimbursement from Mediclaim?