In my previous articles I have written about the medical insurance and the tax exemption for paying the insurance premium. In this article I just want to present the table format which explains the amount of eligibility for the tax exemption. Many people not clear how much one can claim under the medical insurance premium. Read the article and post your comments. If you like the article, get free email updates to your mail.
Section 80D
The below table illustrate the amount you can claim as the tax exemption. The maximum amount could be Rs.35ooo (If your parents are above 65 years). Also I have mentioned the amount of tax saved for the premium. The calculation done by including the education cess of 3%. If you have any doubts, please post it in the comments section.
Summary
I hope this article will be useful for those who are planning for the health insurance and want to claim that in the tax deductions. Many companies, deduct the medical insurance premium in their salary itself. Please check your salary slip for the details. It is advisable to take the health insurance for your entire family.
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January 25, 2011 at 12:42 pm
I would like to thank you for your valuable suggestion
January 25, 2011 at 12:46 pm
Sir,
I need all tax exemption act, i.e. 80C, 80CCF, 80D & 80D, which are related with salary (Payroll) part.
I am working in HR (Payroll), so if you can send me the above details, I will be highly thankful to you.
Thanks,
Madan Kumar
February 11, 2011 at 4:24 am
SIR/MADAM,
I HAVE PAID 25000/- PER ANNAM FOR LIC MEDICAL INSURENCE.IS IT POSSIBLE TO CLAIM 15000/-UNDER 80 D &REMAINING 10000/-IN 80C SAVINGS (1 LAKH)
February 24, 2011 at 2:54 am
I need all tax exemption act, i.e. 80C, 80CCF, 80D & 80D, which are related with salary (Payroll) part.
June 10, 2011 at 10:06 pm
Dear sir
I paid medical insurance for my parents rs.15000/- it is exemption for income tax 80Dsec?
July 10, 2011 at 9:34 am
You have shown the table for tax exemption for Medical Insurance u/s 80D and in the table you have expalined about the 30% 20% & 10% which is not clear please explain in detail
July 27, 2011 at 2:16 am
thanks for your valuable information. you are requested clarify my doubt about that iam paying maximum 27000/-per annum medical insurance premiums including royalsundaram,icicilombard and lic etc. But when ever a situation occurs can i claim all the insurance for which i am paying regulrly?
October 31, 2011 at 12:58 am
Our organisation deducts the Medical Insurance Premium paid for our parents from our salaries which is shown as a Deduction from our
Monthly Salaries in the Pay Slip.
Please advise whether the amount deducted is allowable u/s 80 D and whether any documents other than the Pay Slip is required to claim the deduction.
Thanks & Regards
February 20, 2012 at 7:59 am
Plz let me know about the rebate on Max bhupa family first purchased for myself and spouse. our age is 50+ and premium paid is 20,000/- aprox. under the section 80D. How much amount of premium is allowed to deduct from gross salary.
February 20, 2012 at 7:59 am
Plz let me know about the rebate on Max bhupa family first purchased for myself and spouse. our age is 50+ and premium paid is 20,000/- aprox. under the section 80D. How much amount of premium is allowed to deduct from gross salary. Wherther whole 20,000/- or 15,000/- only.
July 10, 2012 at 11:07 pm
Dear Sir,
Can the service tax like components of health insurance premium be deducted from incometax?
July 11, 2012 at 5:57 am
Hello Srinivas,
It can not be deducted from income tax exemption.
Thanks,
Krishna