Hey there,
I feel people have a lot of questions about taxes and different sections. According to me, one of the most important ones is Sec 80D of Income Tax Act. I have conducted research and gathered information about this topic from my elders, the internet and books. Take a look below to know more.
What is Section 80D of Income Tax Act ?Sec 80D of Income Tax contains details about deductions that a taxpayer will get on the premium paid towards medical insurance and expenses spent on health checkups.
This includes premium paid towards the spouse, parents, dependent children and self.
Individuals and HUF( Hindu Undivided Family ) both can claim this deduction in their tax.
Sec80D of income tax act , also has a specified limit on the deduction available to people.
The limit and amount is set according to age.
On an average, for individuals deduction of Rs 25,000 is available on medicinal premium payment and health check ups.
On the other hand, the upper limit for senior citizens is Rs. 50000.
The exact tax deduction amount will depend on the number of family members, type and kind of medical insurance availed, etc.
Do remember that if you pay payments for your health insurance premium through cash, you will not be eligible to claim a deduction under sec 80D of Income Tax Act. This is all from my side on the topic. Hope it is helpful for you !
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Authors Of The Question
What is section 80D of income tax act ?
Bhawya
493Views
2 Year
2022-02-07T22:57:09+00:00 2022-02-07T22:57:10+00:00Comment
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