Section 80D of Income Tax - Deduction under Mediclaim

SECTION 80D - DEDUCTION ON MEDICAL HEALTH PREMIUM [MEDICLAIM]

A deduction is allowable in Income Tax Act for the amount paid as mediclaim or health insurance to any Individual or Hindu undivided family.

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However, there are different provisions for different categories of persons.

1 In respect of the amount paid as mediclaim to insure the health of an individual or his family, the deduction is restricted to Rs.25000/- per year or the actual amount paid whichever is lower.

2. In respect of the amount paid to insure the health of senior citizens, the amount of deduction is allowed up to Rs.50000 or the actual sum paid whichever is lower.

3. The deduction is also allowed for preventive health checks up of an individual or his family subject to a maximum amount of Rs.5000/-.

4. There is also a deduction allowed for medical treatment of an individual or his family during the year to an extent of Rs.50000/- per year.

5.The deduction is also allowed for medical expenditure incurred for any parents of the assessee to the extent of Rs.50000/- per year.

However, the total deduction in respect of Mediclaim and medical expenditure should not exceed Rs.50000/-.

The deduction in respect of Mediclaim is allowed subject to the condition that the payment should not be made in cash.

In respect of preventive health check-ups, the payment can be in cash also.

Similarly, in the case of a Hindu undivided Family, the deduction is available in respect of mediclaim paid for any member or the family of HUF. Also the expenditure in respect of medical treatment is available in respect of any member or family of HUF subject to the condition that the total amount should not exceed Rs.50000/- (mediclaim & medical expenditure)

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