Clause 71 - Deduction for health insurance. - Direct Taxes Code, 2010

Deduction for health insurance. 71. (1) A person, being an individual or a Hindu undivided family, shall be allowed a deduction in respect of any sum paid during the financial year to effect, or to keep in force, an insurance on the health of persons specified in sub-section ( 2 ) and in addition, in the case of an individual, any contribution made to the Central Government Health Scheme. (2) The person referred to in sub-section (1) shall be— (a) the individual, spouse, or any dependant child or parents of such individual; and (b) in case of a Hindu undivided family, any member of such family. (3) The insurance under this section refers to a health insurance scheme framed by any insurer which is approved by the Insurance Regulatory and Development Authority.