6/24/2023 0 Comments Taxact start free downloadWhat are the deductions eligible under Section 80D? Individuals (including Non-Resident Indians) and any member of HUFs are the only taxpayer categories eligible for deduction on the health insurance premium and medical expenditures for a senior citizen person.Ī business enterprise or a firm cannot claim a deduction under this clause. Who is eligible for deduction under Section 80D? This deduction is also available for top-up plans and critical illness plans.Īpart from availing deduction on purchasing a health insurance plan for yourself, you can also avail of deductions on purchasing a health insurance plan for your spouse, dependent children or parents. Section 80D of the Income Tax Act allows any individual or Hindu Undivided Family (HUF) to claim a deduction on health insurance premiums paid from their total income chargeable to tax. What should you know about Section 80D of the Income Tax Act? Individuals who buy health insurance policies can avail of tax benefits under Sec.80D of the Income tax act. One of the major advantages of health insurance is the tax benefit. When an unforeseen medical emergency arises, it will allow you to get the required medical treatment without having to pay for it out of your pocket or savings. Health Insurance not only secures your savings during a medical emergency but also gives you peace of mind. Health insurance is without a doubt beneficial. Section 80D of the Income Tax Act - Everything You Need to Know
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