Deduction in respect of Medical Insurance Premia - Section 80D - Income Tax - Ready Reckoner - Income Tax

Deduction in respect of Medical Insurance Premia - Section 80D Eligibility Insurance premium paid for the health of the assessee or his family. The section grants tax deduction on medical insurance premiums and medical expenditure. Individual / HUF are eligible The section offers deductions over and above the exemptions derived from the more popularly known Section 80C. Amount of Deduction: Deduction in the case of individual Deduction in the case of HUF For whose benefit payment can be made Family Parents Any member Medi-claim insurance premium Eligible Eligible Eligible Contribution to CGHS/notified scheme Eligible Preventive health check-up payment Eligible Eligible A. Maximum deduction towards Premium / Contribution 25,000 25,000 25,000 A1 If the age of any of family or either of the parent is exceeding 60 years [w.e.f. 1.4.2019] 50,000 50,000 50,000 In case of Preventive Health Checkup only 5,000 5,000 - Notes: Family includes individual, spouse of the individual and dependent children of the individual Parents include father and mother (dependent or otherwise). Father-in-law and Mother-in-law are not included. The aggregate payment on account of preventive health checkup of self, spouse, dependent children, father and mother cannot exceed 5,000. Such amount of 5,000 shall be within ceiling limit of 25,000. In case of Senior Citizen assessee or his parents the limit of 50,000 will be allowed on payment for medical expenditure even if no insurance has been taken. Overall deduction u/s 80D shall not exceed 75,000. The above payments should be made by any mode other than cash. However, payment on account of preventive health checkup can be made by any mode (including cash) Senior citizen is a resident individual who is at least 60 years of age at any time during the previous year. Where the amount 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, there shall be allowed for each of the relevant previous year, a deduction equal to the appropriate fraction of the amount.