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Financial planning always involves knowing what tax benefits are offered for health insurance. We hold that providing current information to our clients could save them tax, highlighting the 80D deduction under the Section 80D Income Tax Act. Here are ways to use your health insurance tax deduction of 80D during the current fiscal year.
Section 80D of the Income Tax Act lets individuals and HUFs get a tax reduction for premiums paid toward health insurance. You can claim the Deduction from Section 80D after using the other popular deduction from Section 80C.
This sort of benefit is not available to partnership firms, trusts or companies.
You can claim a deduction for:
For example, if you pay a premium for your family (all below 60) and your senior citizen parents, you can claim up to ₹75,000 as a deduction under section 80D in a financial year.
If you use the tax deduction from section 80D, you can keep your family healthy and pay less tax. It is important to look over your health insurance each year at EximPe to be sure you are making the most of the health insurance tax benefit 80D.
Be insured and stay on top of your taxes!
If you need assistance with tax-saving strategies, including on Section 80D Income Tax, ask the experts at EximPe.
Only individuals (including NRIs) and Hindu Undivided Families (HUFs) are eligible to claim Section 80D deductions. Companies, trusts, and partnership firms cannot claim this benefit.
You can claim deductions for health insurance premiums paid for yourself, your spouse, dependent children, and parents, as well as expenses for preventive health check-ups and medical expenses for senior citizens if no insurance is taken.
You can claim up to ₹25,000 for yourself, spouse, and dependent children (below 60), and an additional ₹25,000 for insuring parents (below 60). If either is a senior citizen (60+), the limit rises to ₹50,000 each, making the maximum possible deduction ₹1,00,000 per year.
Only payments for preventive health check-ups (up to ₹5,000) can be made in cash. All other payments must be made through non-cash modes to qualify for the deduction.
No, the Section 80D deduction is available only under the old tax regime.
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