Deductions under Section 80D: What is Section 80D of Income Tax Act?
Tax deductions can be availed on individual health insurance or family floater plans. Premiums paid towards health insurance taken for self, spouse, dependent children and/or parents are allowed for deduction. As per section 80D, a taxpayer can claim deduction on premiums paid towards medical insurance for self, spouse, parents, and dependent children. Individuals and HUF can claim this deduction. The limit of the deduction varies with age. A deduction of Rs 25,000 is available for self, spouse, and dependent children. An additional deduction of Rs 25,000 is available for insurance paid for parents aged less than 60 years. If any insurer, i.e. self, spouse or parents, is above 60 years of age, then an additional deduction of Rs 50,000 is allowed instead of Rs 25,000. Which expenses are not allowed as deductions under Section 80D? Health Insurance premium paid in cash. Payment made on behalf of working children, siblings, grandparents or any other relative. Group health insura