Medical Insurance Premium 80d. Medical or health insurance plan of general insurance companies works on the principle of reimbursement of your hospitalization expenses. Section 80d tax deductions on mediclaim insurance premium.
The maximum tax deduction u/s 80d can be rs 1,00,000 in case you buy health insurance for self and your parents and both you and your parents are senior citizens. Tax deduction on health insurance premium paid for your parents: In fact, under section 80d , you can avail tax benefits by buying a policy that covers your spouse, or even your extended family, including children and parents.
This deduction plays a dual role.
15,000, only up to the amount which is incurred as medical expenditure. Medical insurance premium paid offers tax benefits under section 80d of the income tax act. In fact, under section 80d , you can avail tax benefits by buying a policy that covers your spouse, or even your extended family, including children and parents. The union budget 2018 was announced on 1 february, by finance minister, arun jaitley.