Section 80D:- Deduction of Medical Insurance Premium
In this article we discuss about the concept of deduction u/s 80D which is available to Individual or HUF. In computing the total income of an assessee, being an individual or HUF (Hindu Undivided Family), their shall be deducted such sum, as insurance premium paid u/s 80D in the previous year out of his total income chargeable to tax.
Section 80D of Income Tax Act, 1961
Firstly we discuss about the case in which insurance premium paid by an individual for the health of assessee or his family. Family means spouse and dependent children of the assesse.
| S. No. | Individual | Amount of Deduction |
| 1. | Insurance premium paid for Health or Preventive health check of Self, Spouse and dependent children. | Rs. 25,000.00 |
| 2. | Insurance premium paid for Health or Preventive health check of Parents. | Additional Rs. 25,000.00 |
| 3. | Insurance premium paid for Health or Preventive health check of Senior Citizen (Age above 60 years.) | Deduction is increased from Rs. 25,000.00 to Rs. 50,000.00 |
| 4. | Medical expenditure incurred and no amount paid for the health insurance. (Applicable only for Senior Citizen) | Rs. 50,000.00 |
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Secondly we discuss about the case in which insurance premium paid by an HUF (Hindu Undivided Family) for the health of the any member.
| S. No. | HUF (Hindu Undivided Family) | Amount of Deduction |
| 1. | Insurance premium paid for Health of any member of HUF | Rs. 25,000.00 |
| 3. | Medical expenditure incurred and no amount paid for the health insurance. (Applicable only for Senior Citizen) | Rs. 50,000.00 |
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Note:-
Where the amount is paid in lump sum in the previous year to effect or to keep in force an insurance on the health of any person specified therein for more than a year then shall be allowed for each of the relevant previous year, a deduction equal to the appropriate fraction of the amount.
