Part contribution ?

Chapter No. 10 - Deduction u/s 80D

Assessee can partly contribute the premium amount but amount should be paid directly to insurance company and paid through mode other than by cash.

Ex: If cost of insurance on the health of the parents is 30,000/-, out of which 17,000/- is paid (by any non-cash mode) by the son and 13,000/- by the father (who is a senior citizen), out of their respective taxable income, the son will get a deduction of 17,000 and the father will get a deduction of 13,000.

Dated: 13-8-2015