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80D – Health Insurance Premium (Tax deduction)

80D – Health Insurance Premium (Tax deduction)

The article deals with deduction under Section 80D of the Income Tax Act and explains deduction available for Health Insurance Premium paid. 

Deduction up to Rs. 25,000 per year can be claimed for medical insurance premium paid for the individual, his/her spouse, and dependent children. However, the limit goes up to Rs. 30,000, if age of the individual or his/her spouse is 60 years or above (i.e. senior citizen).
An additional deduction for insurance of parents (father or mother or both, whether dependent or not) is available to the extent of Rs. 25,000 if less than 60 years old and Rs 30,000 if parents are 60 years old or more.
Watch the recorded explanation of 80D – Health Insurance Premium by clicking CS Professional Course.

Learn complete health insurance premium here...

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