1. Take healthcare Insurance, and protect yourself and your family. Check for Tax benefits under the scheme, especially section 80D.
2. Avail Income tax deduction for the healthcare Insurance premium paid.
3. The healthcare Insurance shall be taken for (you, your spouse and your dependent children) and for your parents.
4. Make sure the premium is paid by any non-cash mode.
Insurance companies offer Health insurance policies. Take both Life Insurance and Healthcare Insurance to save income tax.
Amount eligible for Deduction:
Deduction allowed for Healthcare Insurance : Rs. 15, 000/-
Deduction allowed for Healthcare Insurance (Senior Citizen) : Rs. 20, 000/-
Deduction is allowed for the Healthcare Insurance premium (Non-cash),
1. Paid for, Self, Spouse and Dependent children;
2. And also for your parents ( Dependent or Not).
Example :
Mr.Sunil is working in a MNC. He has taken health insurance policy for his family ( Himself, Wife and two dependent children).The annual premium is 17,000.
In addition Sunil has taken health insurance for his Parents. The annual premium is 38,000, in which 20,000 is paid by Mr.Sunil and remaining 18,000 is paid by Sunil’s father.
Note: Sunil’s father is a Senior citizen and he is not dependent on Mr. Sunil.
Deduction available for Mr.Sunil:
Health Insurance premium paid for his family : Rs. 15,000 (out of Rs. 17,000)
Health Insurance premium paid for his Parents : Rs. 20,000
Total deduction available for Mr. Sunil : Rs. 35,000/- (Rs 15,000 + Rs.20,000)
Deduction available for Mr. Sunil’s father : Rs. 18,000/-
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