Section 80D of Income Tax Act
Under Section 80D of the Income Tax, a taxpayer can deduct tax on premiums paid towards medical insurance for self, spouse, dependent children and parents.
This deduction is also available for top-up health plans, critical illness plans and preventive health check-ups.
The deduction of preventive check-up is up to Rs 5,000.
It is applicable only an Old Regime.
The limit of the deduction varies with age.
| Scenario | Premium paid for Self, Spouse, Dependent Children | Premium paid for Parents | Maximum Deduction |
|---|---|---|---|
| For Self / Spouse / Dependent Children (or) Parents below 60 years of age | Rs.25,000 | Rs.25,000 | Rs.25,000 |
| For Self / Spouse / Dependent Children (and) Parents below 60 years of age | Rs.25,000 | Rs.25,000 | Rs.50,000 |
| For Self / Spouse / Dependent Children below 60 years (and) Parents above 60 years of age | Rs.25,000 | Rs.50,000 | Rs.75,000 |
| For Self / Spouse / Dependent Children (or) Parents above 60 years of age | Rs.50,000 | Rs.50,000 | Rs.50,000 |
| For Self / Spouse / Dependent Children (and) Parents above 60 years of age | Rs.50,000 | Rs.50,000 | Rs.l,00,000 |