Income tax deduction underneath Section 80 D for senior residents – Explained
I’m a senior citizen coated underneath parental medical insurance achieved by my daughter. I’ve incurred bills in direction of well being check-up, buying medicines from medical outlets. Can I get tax profit underneath 80D for these bills incurred by me inside Rs. 5,000 restrict?
Answer: As per Section 80 D of Income Tax Act, a taxpayer is entitled to a deduction of as much as Rs. 25,000/- for medical insurance premium paid for his household which incorporates the assessee, his/her partner and the dependent youngsters. An extra deduction of as much as Rs. 25,000/- will also be claimed in respect of medical insurance premium paid for fogeys. The deduction for fogeys is accessible whether or not they’re depending on you or not. In case the individual for whom the medical insurance premium is paid is a senior citizen, the next deduction of Rs. 50,000/- in a 12 months in every of the above class is accessible. Within this general restrict of Rs. 25,000/- or Rs. 50,000/- because the case could also be, a deduction of upto Rs. 5,000/- is accessible for quantity spent on preventive well being checkup in every of the above two classes.
Though your daughter is paying medical insurance premium for you, you possibly can nonetheless declare an quantity of as much as Rs. 5,000/- paid on your common well being checkup if the identical could be termed as preventive well being checkup. Please be aware that this deduction is accessible just for well being checkup and never for purchasing medication and so on. The bills in respect of medicines and so on. could be claimed underneath Section 80 D in respect of a senior citizen if he doesn’t have any medical insurance and the bills have been paid for in any other case than in money.
Balwant Jain is a tax and funding professional and could be reached on [email protected] and @jainbalwant on Twitter.
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