What
\nis Section 80D?<\/strong><\/p>\n

Deduction under this
\nsection is available in respect of payment to Medical Insurance Premium. <\/p>\n

Mediclaim Insurance
\nPolicy is the policy on the health of a person. Health Insurance, popularly
\nknown as Mediclaim, protects you against unexpected medical costs, arising
\nfrom disease or accidental injuries. As essential financial tool, it ensures
\nyou receive medical care without being burdened of unexpected costs associated
\nwith it. Healthcare costs are rising day by day, it is very important to have a health insurance cover not only for
\nyourself but also for other members of your family.<\/p>\n

Who
\ncan claim the deduction under section 80D?<\/strong><\/p>\n

Any Individual can
\nclaim deduction under this section, whether he is resident or Non-resident,
\nIndian citizen or foreign citizen.  HUF can also claim deduction under this section if policy is taken on any member of the family. <\/p>\n

What
\nare the conditions to be satisfied to claim deduction u\/s 80D?<\/strong><\/p>\n

Deduction u\/s 80D is
\navailable if the following conditions are satisfied \u2013<\/p>\n

1.     
\nMediclaim Insurance is paid by the
\nindividual or HUF.<\/p>\n

2.      Payment
\nshould be made out of income chargeable to tax.<\/p>\n

3.     
\nPayment of Mediclaim Insurance should be
\nmade by any mode other than cash. However, payment on account of preventive
\nhealth check-up can be in cash. <\/p>\n

 What
\nis the maximum limit of deduction?<\/strong><\/p>\n

Person can take the
\nmediclaim insurance on himself, his spouse, his dependent children and also his
\nparents whether dependent on him or not. <\/p>\n

Deduction is available
\nas follows:<\/p>\n\n\n\n\n

\n  <\/strong><\/p>\n Cases<\/strong><\/p>\n<\/td>\n	\n Family \n ( assessee himself, spouse, and dependent children)<\/strong><\/p>\n<\/td>\n	\n Parents<\/strong><\/p>\n<\/td>\n<\/tr>\n
\n <\/p>\n \n            Nature \n of payment:<\/strong><\/li>\n<\/ul>\n <\/strong><\/p>\n a)      Mediclaim \n insurance premium<\/p>\n b)      Contribution \n made to Central Government Health Scheme or any scheme notified by the \n Central Govt.<\/p>\n c)      Payment \n on account of preventive Health Check-up<\/p>\n  <\/p>\n <\/p>\n \n            Maximum \n amount of deduction:<\/strong><\/li>\n<\/ul>\n <\/strong><\/p>\n General deduction [in \n case of (a), (b) and (c) given above].<\/p>\n  <\/p>\n  <\/p>\n  <\/p>\n<\/td>\n	\n  <\/p>\n Deduction Available<\/p>\n  <\/p>\n Deduction Available<\/p>\n  <\/p>\n Deduction Available<\/p>\n  <\/p>\n  <\/p>\n  <\/p>\n  <\/p>\n Rs. 15,000 or premium paid whichever is less<\/p>\n Rs.20,000 if policy is taken on the life of senior \n citizen<\/p>\n  <\/p>\n  <\/p>\n  <\/p>\n  <\/p>\n<\/td>\n	\n  <\/p>\n Deduction Available<\/p>\n  <\/p>\n Deduction Not<\/strong> \n Available<\/p>\n  <\/p>\n Deduction Available<\/p>\n  <\/p>\n  <\/p>\n  <\/p>\n  <\/p>\n Rs. 15,000 or premium paid whichever is less<\/p>\n Rs.20,000 if policy is taken on the life of senior \n citizen<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n  <\/strong><\/p>\n Kindly \nnote:<\/strong><\/p>\n\n\n\n \n 1.      \n Payment on account of preventive \n health check-up of self, spouse, dependent children and parents cannot exceed \n Rs. 5,000. However, deduction of preventive health check-up is not available to \n the member of HUF. <\/strong><\/p>\n  <\/strong><\/p>\n 2.      \n Senior citizen for the aforesaid \n purpose is a resident individual and whose age at any time during the Relevant \n Financial Year should be 60 years or more.<\/p>\n EXAMPLE- <\/strong><\/p>\n \n 1. An individual assessee pays (through any mode other than \n cash) during the previous year medical insurance premia, out of his \n taxable income, as under:<\/p>\n (i) Rs 15,000\/- paid for insurance policy on \n his health and on the health of his spouse and dependent children;<\/p>\n (ii) Rs 25,000\/- is paid on insurance policy on \n the health of his parents.<\/p>\n Under the new provisions he will be allowed \n a deduction of Rs 30,000\/- (Rs. 15,000\/- + Rs. 15,000\/-) if \n neither of his parents is a senior citizen. However, if any of his parents is \n a senior citizen, he will be allowed a deduction of Rs 35,000\/- (Rs.15, \n 000\/- + Rs.20, 000\/). Whether the parents are dependent or not, is not a \n consideration for deciding the deduction under the new provisions.<\/p>\n If individual pay the amount of \n mediclaim premium from income exempt from tax, Can he claim deduction u\/s \n 80D?<\/strong><\/p>\n No. The \n payment should be only out of income chargeable to tax. <\/p>\n  Can you get deduction u\/s 80D for Overseas \n Mediclaim policy?<\/strong><\/p>\n Yes, there is nothing in the provision u\/s 80D \n which prohibits claim of deduction u\/s 80D for medical insurance for overseas \n journey. The only requirement, as given in section 80D (5) is that the \n insurance companies issuing such overseas insurance should be General Insurance Corporation of India \n approved by the Central Government or other insurer and approved by the \n Insurance Regulatory and Development Authority (IRDA).<\/p>\n Benefits \n of Mediclaim Insurance<\/strong><\/p>\n Mediclaim insurance not only save your hospital \n bill but also save your income tax.  If \n you pay your mediclaim insurance of Rs. 15,000 on life of yourself and spouse and \n depended children and Rs. 20,000 on the life of parents who is senior citizen, \n then you can claim deduction of Rs. 35,000. It means your maximum tax saving \n will be Rs. 10,500 if you are in 30% tax slab<\/a> rate.  <\/p>\n In short we can that say that your net expenditure on \n mediclaim insurance is Rs.24500 (Rs.35000-Rs.10500). So Pay insurance premium \n and protect yourself from unexpected health cost and also save income tax.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n <\/p>\n","protected":false},"excerpt":{"rendered":" What is Section 80D? Deduction under this section is available in respect of payment to Medical Insurance Premium. Mediclaim Insurance Policy is the policy on the health of a person. Health Insurance, popularly known as Mediclaim, protects you against unexpected medical costs, arising from disease or accidental injuries. As essential financial tool, it ensures you receive medical … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4],"tags":[44],"class_list":["post-80","post","type-post","status-publish","format-standard","hentry","category-income-tax","tag-80d"],"yoast_head":"\n