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)
I have mediclaim of my self, wife and my parents (not senior citizen) for which the premium amounts to 18500/-.
I want to know if I will be allowed tax excemption of 15000 or full amount.
Please suggest
shall i claim deduction u/s 80d and u/s 80dd what is limit for deduction u/s 80dd and what are conditions for claiming deduction u/s 80dd
I am a senior citizen.
My gross income is 4.5 lac.
I paid mediclaim premium Rs 15500,
and Rs 1200 as health chaque up.
My question is -shell I first deduct both this amount from my gross income and that will be my taxable or net income,
Then I deduct Rs 1.5 lac under section 80C
Is 80D allowed on payment basis or period basis(i.e. period of insurance period)
My mediclaim policy premium consists of Premium +service Tax+stamp duty
I need to know what type of amount is considered for tax exemption
whether
1) Premium +service Tax+stamp duty
or
2) Only Premium
In our office one person XYZ total income from salary is 386000/ & get medical bill (remibursment from state govt)(medical exp.claim of his father) of Rs 302000/ whether this gross Income should be 386000 + 302000 = 688000/ or 302000/ should not be included in gross income pl.guide me also pl give me details
Hi,
Can anyone please tell me that, if in a individual policy where the company is paying half the premium and the rest of the half premium is paid by the employee :-
– Can the employee take the tax benefit in 80D for the half premium that is being deducted from his salary.
– In the above policy, the proposer is the company and the name of the company is mentioned in the policy document as proposer, still the tax benefit can be made?
– If the tax benefit can be availed, then what would be the process. The employee can claim it at the time of filing the return or the employer has to issue some certificate for the exemption.
Thanks
for more details about taxation please mail me on my email ID camohittaneja07@gmail.com
Dear Sir,
I have taken Mediclaim policy for my spouse and my Daughter and paid Rs. 12450/-
My son is salaried person and working in software company. Can he claim above amount while calculating his tax.
rgds
jb.verma
9810467194
I am paying family mediclaim premium of Rs. 25000 annually and availing benefits of Rs. 15000 deduction u/s 80 (D)in my individual a/c.
Can this premium be splitted between me and my wife so that we both can avail ax benefits u/s 80 (D)??
Like I pay Rs. 15000 and my wife pays Rs. 10000 from our individual a/c and we both can avail respective tax advantage..
Please advise…
My mediclaim premium is Rs 20530 / . How much I may exemption for mediclaim in AY 2015-2016
I have taken mediclaim for myself,mywife, one child and two parents. I paid Rs 28000 as premium. Can I claim whole amount u/s 80D? What is max limit in such cases?
i m empolyee in one company……..can my company exempt the medical expenditure which has been done by me ???? can my company exempt it u/s 80d income tax?
i m employee in one company..can my company exempt the medical expenditure which has been done by me as per u/s 80 income tax act
Hi,
My dependant parents are covered under mediclaim offered through a PSU Bank. Every year amount is debited from mother’s account for renevwal of said policy. However, amount of premium is transferred by me into her account and then her account gets debited due to the nature of transaction (Bancassurance). Insurance premium receipt is hence issued in mother’s name. Can I still claim deduction for premium amount under section 80D?
Regards,
Kapil
mediclaim provided by the company showing as perquisite is eligible for deduction under 80d
I am working in a company and they are reimbursing medical expenses to me .If i take medical policy can i claim exemption u/s 80d
What about preventive health check up charges?
What about fees paid for preventive health checkup charges paid to diagnostic centres in cash?
When an Individual can take Mediclaim Insurance on behalf of parents. And the Individual is not necessarily to be covered in the policy. can he pay premium through his personal cheque to insurance company so as to get IT benefit.
My company provides us a family medi-claim, but 100% premium amount is paid from our pocket (deducted from salary on monthly basis) is there any way I can have/get any kind of benefit in TAX i.e. Will I get the exemption from income tax under any 80 Section.
If YES! which one? What is that I need to produce or maintain or request from my company for the same.
I want to clarification for a thing that the amount paid in cash for healthcheckup’s which is allowed in section 80 D of the act.
I want to know whether these expenses will be eligible for deduction u/s 80D
1. Expenses on consultation paid to a doctor
2. Expenses on medicine’s Expenses
3. Expenses on Various health checkup’s as prescribed by the doctor.
Regards
Mohit
When a person pays mediclaim premium for 2 years together(Example: Rs10000) from 1st Jan 2012 to 31st dec 2013. So for which assessment year this amount(Rs 10000) will fall for benefit under 80D. Should the Amount split 5000/5000 for 2 assessment years..
Kindly clarify…
Service tax amount can be claim for mediclaim u/s 80 D.
To
son paid the premium by cheqe and mother Helath insurance policy receipts in the name of mother it will be claim 80d son it Return
I want to know if i have taken a mediclaim policy covering myself, my disabled dependent sister and brother. Can i claim the premium amount paid for them under 80D and what will be the maximum limit i can claim.
My parents are not added in my mediclaim policy . my father is hospitalised due to accident ,Only need to confirm that it is possible for me to include those medical Bill’s for Tax exemption .
Husband & wife both working in LIC. The option for inclusion of their parents are seperate. Both are individual assessee. If med.prem.deduction is made individually from our salary we will get tax rebate for our parents. But system of LIC is no seperate deduction will be allowed but total deduction will be through higher basic of individual. In that total tax benefit including parents in law will get the higher basic employee? If not how my wife will get benefit for her parents ?
Is Mediclaim premium refundable?
If I pay mediclaim for me and my son, Then should it be fallen under 80D and the rebate through 80D should be exceed than rs,100000(which is the upper limit of savings under 80C)
My mediclaim policy premium consists of Premium +service Tax+stamp duty
I need to know what type of amount is considered for tax exemption
whether
1) Premium +service Tax+stamp duty
or
2) Only Premium
I had a doubt in example 4.
As per notes to point no.2 Who is available to? “parents of Individual or Spouse both are covered.”
If parents of both are allowed then mother in law is technically allowed or no?
In 3rd note under Point 2 it is mentioned as “parents of Individual or Spouse both are covered” ………….whereas in example no.4 it is written as “you cannot claim the deduction under Section 80D in respect of mediclaim paid for your mother-in-law”…….seems contradicting…..please clarify as parent of spouse will be my mother-in-law…..
Is HUF eligible for benefits U/S 10 (10D) ?
My husband has taken a mediclaim policy of Rs.10000/- for our family(husband,wife,2children).Husband is not claiming this amount for tax exemption. Can I claim this amount under 80D?
I am working in a remote location in Arunachal pradesh where internet facility is not available for making online payment, my medical premium was due for payment my agent collected cash from my wife and paid the renwel premium as I was personally not available to give cheque. Can i claim the deduction u/sec 80D
Kindly advice.
I have mediclaim policy from my company for me and my wife (I do not pay any premium for this policy).
However, I have an option to add my parents where I have to pay an yearly premium of Rs.6000. This amount is paid to Third Party Administrators (TPA) by my company.
If I opt for this, will I get tax deduction for the amount under sec 80D?
can we avail service tax on mediclaim policy
My mediclaim policy premium consists of Premium +service Tax+stamp duty
I need to know what type of amount is considered for tax exemption
whether
1) Premium +service Tax+stamp duty
or
2) Only Premium
hi want to know can i claim deduciton u/s 80D for preium mediclaim paid for my 27 yr old son .
what is and where is definition of dependant writtten in income tax act or decidedin any case law. pls provide th elink.
Suppose if we take mediclaim policies separately my wife and daughter as well as for me. Can I claim under 80 D for all the three .
My Query is as follows :
I have a Mediclaim Policy taken for Rs. 23,941 for a two-year period and I pay premium once in two years. Last premium was paid in 21st April,2011 and no premium paid in FY 2012-13. I was given an exemption of Rs. 15,000 for FY 2011-12 (i.e. AY 2012-13), but no deduction allowed by my company for the balance Rs. 8,941 in current FY 2012-13 (i.e. AY 2013-14). If this is a situation, why Health Insurance companies are taking premiums for two years together (they refuse to convert into single year premium). Is there anyway I can claim deduction in both years ? Is it permitted u/s 80D ? If not permitted, can I approach IRDA and request them to pursuade Insurance company to convert to single year premium. Hard earned money goes without availing permissible deduction.
Can I put a claim to Insurance company under consumer court… My representation has been refused by them in writing. I have proof of their refusal to convert.
Can I get some help please !!!
Thanks in anticipation,
Ravichandran
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
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/-
mobile no. pls. we will individually guide u.
Mediclaim 5 years advance payment allowable or not allowable in income tax
The returns are to fool people and these things are going to burn a hole into your Pocket. Much better to invest in Equity funds and enjoy peace of mind. Don’t fall prey to morons who wants to burn hole in your Pockets.
if premium paid on mediclaim policy included service tax it is allow or not for tax exemption
Im paying premiums for my mom. In the policy document name of the life insured and name of proposer is my mom’s name. Shall i show the premium receipt for tax deduction?
My husband has taken a mediclaim policy of Rs.10000/- for our family(husband,wife,2children).Husband is not claiming this amount for tax exemption. Can I claim this amount under 80D?