Skip to main content

Tax benefits on Health Insurance

by My Tax India on March 8, 2015 in Save Tax, Section 80 Deductions, Union Budget 2015-16
Here are the details of tax benefits in Budget 2015 when you purchase health insurance. These are applicable for financial year 2015-16.
  • Deduction under section 80D for self, spouse, dependent children – Rs 25,000 (preventive health check up of Rs 5,000 included)
  • Deduction under section 80D for parents (who are senior citizens) – Rs 30,000 ((preventive health check up of Rs 5,000 included). This deduction is allowed for both dependent and non-dependent parents.
  • In case your parents are super senior citizens (more than 80 years old) and are uninsured you can claim a maximum of Rs 30,000 as deduction in your income towards their medical expenses.
Therefore you stand to claim a total deduction of Rs 55,000 when you buy health insurance for yourself and your parents and save significant tax.The amount to be considered for this deduction is the pure premium amount exclusive of service tax.
The insurance purchased by you should be approved by IRDA (Insurance Regulatory & Development Authority). Beginning Assessment Year 2014-15 this deduction will also be allowed on contribution towards health schemes of Central & State Governments.

Comments

Post a Comment

Popular posts from this blog

Indian Tax Souce Wishes You a happy " Sankranthi "
Post a Comment
Read more
Need Rent Receipts for HRA exemption? ClearSave is here To claim HRA exemption, you have to submit rent receipts to your employer. Usually employers need this proof of rent in January or February, before the financial year ends. It helps your employer give you exemption on HRA and adjust your TDS. Now you can prepare and print your rent receipts at  ClearSave . 1) Enter to clearsave .https://cleartax.in/save/rent and by Entering your rent and your door no. the below page will appear                  and now you should enter your name and your mail address and your owners name and owners pan number,from which date to till you would ike to take the receipt.      Just enter a couple of details to print these receipts and submit to your payroll department. You can even save & use them later. Remember to tell all your friends about it!           ...
Post a Comment
Read more
Govt extends last date for filing I.T. returns to  5th August The last date for filing income-tax returns has been extended to 5 August. Tax returns for 2015-16 (assessment year 2016-17) were originally to be filed by 31 July. But in view of the day-long strike at public sector banks, the deadline has been extended to 5 August. For assessees across India liable to file I-T returns by 31 July, the deadline is extended up to 5 August,  “For assessees in Jammu & Kashmir, this date has been extended to 31 August,” 
Post a Comment
Read more