Tax Savings on Health Insurance

Introduction

In this article I will be writing about the tax savings through health insurance policies. Under section 80 D, one can claim the tax benefits for his medical insurance premium. All the medical insurance premiums applicable under the tax deduction.

Tax Planning for 2009

1. Section 80 D

The deduction will be shown under Section 80 D

2. Who are eligible?

All individuals and HUFs (Hindu Undivided Families) are eligible for this deduction. The amount must have been paid using the taxpayer’s income chargeable to tax.

3. Eligible Deduction

Maximum deduction available is Rs.15000 for self, spouse and the dependent children. For the senior citizen parents it will be added another Rs.5000. If the amount paid is for a senior citizen, then one can claim an additional exemption of Rs.5,000.

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