2007-03-14 23:30:55 · 6 answers · asked by prasanna s 1 in Business & Finance ➔ Taxes ➔ India
Deduction under section 80D is available for the amount of Medical Insurance premium paid for getting oneself or his/her family members insured with any insurer registered with IRDA or GIC, upto a maximum amount of Rs 10K. For a senior citizen, the limit is of 15K.
The Rs. 100000 saving deduction is available under Sec 80C, savings which are available for deduction under this Section are for example:
amount of premium paid for life insurance premium, deposits in mutual funds which are issued under Sec 80C, deposits in post office schemes, National Saving certificates,
also, fixed deposits with banks for a period more than 5 years etc..
You can have a detailed information on the link stated below:
2007-03-15 00:02:14 · answer #1 · answered by rb 2 · 1⤊ 0⤋
Dear friend,
only section 88, 80 ccc, 80 CCD , 80 L are included in Section 80C, So if Any Premium which is paid for medical insurance that has been taken on the health of the assessee, his spouse, dependent parents or dependent children, is allowed as a deduction, subject to a ceiling of Rs 10,000.
Where any premium is paid for medical insurance for a senior citizen, an enhanced deduction of Rs 15,000 is allowed. The deduction is available only if the premium is paid by cheque.
In this way if you pay madical insurance with cheque then you will get deduction 10,000 u/s 80 D in case of your spouse, dependent parents or dependent children. If you paid for medical insurance for a senior citizen with cheque then you will get deduction 15,000 u/s 80D,
So section 80D is not included in Section 80C.
Thank you.
H.K Gupta
2007-03-15 09:00:50 · answer #2 · answered by hkg 2 · 1⤊ 0⤋
No. Medical insurance premium is not dedctible u/s 80C of The Income Tax Act 1961. It is deductible u/s 80D of the above said act. Maximum limit for deductions under this section is Rs. 10000.00. But in case of senior it is 15000.00
Regards.
2007-03-17 02:06:38 · answer #3 · answered by ps c 1 · 0⤊ 0⤋
Medical insurance premium, professional tax etc are deducted straightaway from your income. These are not included in the 1 lakh saving. There is a limit for exemption of medical insurance premium. I think it `s Rs. 15000/- max. now.
2007-03-15 06:45:14 · answer #4 · answered by thannickan 3 · 0⤊ 0⤋
medical insurance comes under the section 80 D for which you get a separate deduction of Rs 10000 and for senior citizens it will be Rs 15000..
Rs 100000 is eligible for section 80C 80CC 80CCC
2007-03-15 11:11:51 · answer #5 · answered by koushikchari 1 · 0⤊ 0⤋
It is separate. From Fy 2007-2008 onwards the limit is rs 15000 general and rs 20000 for senior citizens
2007-03-17 06:16:12 · answer #6 · answered by sonali_n 2 · 0⤊ 0⤋