Complete Guide to Medical Insurance Deductions under Section 80D
Section 80D offers substantial tax relief to individuals and HUFs paying medical insurance premiums for themselves and their parents. It is over and above the ₹1.5 Lakh limit under Section 80C.
Frequently Asked Questions (FAQs)
What is the maximum limit under Section 80D?
The maximum deduction under Section 80D is ₹1,00,000 per financial year (₹50,000 for self/family if senior citizen + ₹50,000 for senior citizen parents). If both individual and parents are below 60 years, the limit is ₹50,000 (₹25,000 + ₹25,000).
Can I claim preventive health check-up expenses under Section 80D?
Yes, expenses up to ₹5,000 for preventive health check-ups of self, spouse, dependent children, or parents can be claimed under Section 80D (even if paid in cash), within the overall category limits.
