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What is covered under section 80D of the Income Tax Act 1961?

What is covered under section 80D of the Income Tax Act 1961?

According to Section 80D of Income Tax Act, you can avail tax deduction, based on the premium paid for a health insurance policy. You are eligible for the tax deduction whether the premium is paid for a health insurance policy that belongs to you, your spouse, children, or dependent parents.

Who is eligible for Section 80D?

Maximum tax exemption for a taxpayer per year on health insurance premium paid for self, spouse and dependent children is ₹25,000. The individual should be under 60 years of age. Maximum deduction section 80D for an individual above 60 years of age is ₹50,000 per year on health insurance premium.

What is the maximum exemption under 80D?

Question 2: How much tax exemption can I avail under section 80D? Answer: You and your family members can claim tax exemption of up to Rs 25,000. However, one can avail Rs 50,000, if tax payer is a senior citizen. You can claim extra exemption of up to Rs 50, 000 for your parents.

Is any proof required for 80D?

There is no proof or documentation needed to avail 80D deductions.

What is the maximum limit for self and family section under section 80D?

Rs.25,000 per year
A deduction allowed for self and family (Spouse, dependent children) is a maximum amount of Rs. 25,000 per year on health insurance premium. A deduction allowed if you are a senior citizen is a maximum amount of Rs. 50,000 per year.

How much we can show under 80D?

You (as an individual or HUF) can claim a deduction of Rs.25,000 under section 80D on insurance for self, spouse and dependent children. An additional deduction for insurance of parents is available up to Rs 25,000, if they are less than 60 years of age.

How is 80D calculated?

Deduction available under Section 80D

Scenario Premium paid (Rs) Deduction under 80D (Rs)
Individual and parents below 60 years 25,000 50,000
Individual and family below 60 years but parents above 60 years 25,000 75,000
Both individual, family and parents above 60 years 50,000 1,00,000
Members of HUF 25,000 25,000

What should be filled in Schedule 80D?

Deduction Under Section 80D

  • Payment for medical insurance premium (mode other than cash) /contribution to CGHS.
  • Payment of medical insurance premium for resident Sr. Citizen – (mode other than cash)
  • Payment made for preventive health check up.

How do I claim under 80D?


  1. HUF can claim a deduction under section 80D for a mediclaim taken for any of the members of the HUF.
  2. This deduction will be Rs 25,000 if the member insured is less than 60 years, and will be Rs 30,000 (increased to Rs 50,000 in Budget 2018) if the insured is 60 years of age or more.

How do I get an 80D certificate?

To get the 80D certificate for your Reliance General Insurance policy, enter your policy number and the age of the senior-most insured family member in the above provided fields, and we will send you the certificate immediately!

Is 80D included in 80C?

The most commonly used Sections for tax-saving under the Income Tax Act are Section 80C and Section 80D. Popular instruments like EPF, ELSS, ULIP, NPS, etc. are deductible under Section 80C. However, Section 80C has a cap of only Rs.

How much is the rebate for 80D?

What is the income tax slab for 2020-21?

Income tax slab rate applicable for New Tax regime – FY 2020-21.

Income Tax Slab New Regime Income Tax Slab Rates FY 2020-21 (Applicable for All Individuals & HUF)
Rs. 5.00 lakhs- Rs 7.5 Lakhs 10%
Rs 7.5 lakhs – Rs 10.00 Lakhs 15%
Rs 10.00 lakhs – Rs. 12.50 Lakhs 20%
Rs. 12.5 lakhs- Rs. 15.00 Lakhs 25%

What does Section 80D of the Income Tax Act 1961 do?

The Section 80D of the Income Tax Act, 1961 deals with tax deductions on medical insurance. This section allows you to receive tax deductions on premiums made for medical insurance for yourself and on behalf of your family. The Section 80D offers deductions over and above the exemptions derived from the more popular Section 80C.

What does Section 80D do for medical insurance?

Section 80D of the Income Tax Act 1961, gives you the tax benefit on the premium paid for medical insurance policies. These policies can be taken for yourself or your family or parents.

Which is the limit of tax deduction under Section 80D?

On 1 February, the Union Budget 2018 was announced by Finance Minister Arun Jaitley. He proposed a rise in the limit of tax deduction on health insurance premium from Rs.30,000 to Rs.50,000 under Section 80D of the Income Tax Act, 1961, for all senior citizens.

Is there Section 80D deduction for senior citizens in India?

The Government of India has allowed another Section 80D deduction as a benefit for senior citizens. Under this norm, very senior citizens (80 years of age or above) who do not have any insurance policy can claim tax exemptions upto INR 30,000 p.a. on the preventive health checkups and treatments.