Tax Exemption for Medical Insurance u/s 80D
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Introduction
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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