Claim of deduction is also available on the expenditure of up to Rs 5000 on preventive health check-up.
Tax Deduction can be availed on Health Insurance also available under various sections of Income Tax Act.
The tax deduction available under various sections of the Income Tax Act can also be availed on health insurance. If someone is paying health insurance premium for himself or her family, then he can claim deduction of up to 1 lakh rupees in a financial year. Let’s know how it is possible …
Can claim deduction on the premium of health insurance
The deduction can be claimed under Section 80D of the Income Tax Act on payment of health insurance premium. An individual or HUF can claim deduction under Section 80D on the premium being paid for the health insurance of the parents, including medical insurance for the spouse and dependent children.ALSO READ: JOB TALK: Stay in touch with old company, boss and colleagues, may look for jobs lottery
Different limit for deduction claim
A person below 60 years of age or a HUF can claim a tax deduction up to a maximum of Rs 25 thousand on the premium paid for himself, the spouse and dependent children for health insurance. In case of Senior Citizen Taxpayer, the deduction limit is up to 50 thousand rupees. If the taxpayer is also paying medical insurance premiums and / or medical expenses for his spouse and parents with children below 60 years of age, he will get an additional tax deduction of Rs 25,000. If the parents are more than 60 years of age, then an additional deduction of 50 thousand rupees can be claimed.
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Both policies will get deduction claim of up to 50-50 thousand rupees
If both the taxpayer and his parent are 60 years of age and above and the taxpayer buys one policy for his spouse and children and the other policy for his parents, then deduction of up to Rs 50-50 thousand can be claimed on both policies. . That is, a total tax saving of up to a maximum of 1 lakh rupees can be done.
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Deduction of up to 5 thousand rupees at preventive health check-up
There is also a provision that apart from regular health insurance, an individual taxpayer can also claim deduction of up to Rs 5000 for the expenses incurred on preventive health check-up under section 80D of the Income Tax Act.