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What is the maximum deduction available under section 80d of income tax act?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 usha asked about 3 years ago

What is the maximum deduction available under section 80d of income tax act? Who can covered under section 80D?

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9 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered almost 3 years ago

As per section 80D - Deduction of Health insurance premium or any contribution to Govt. for Family Member. Maximum Limit - 25000/- rupees In the case of Senior citizen Maximum Limit - 30000/- rupees Deduction allowed in case of cash payment upto 5000/- rupees for prevention health checkup of family member (Include in limit of 15000/20000 Rupees) Family member in case of individual - self, spouse, dependent children and parents. Family member In case of HUF - Any member of family.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 sairam answered about 3 years ago

1.In case the payment of medical insurance premium is paid by the assesse for himself, spouse, dependent children – Rs. 15000. In case, the person insured is a Senior Citizen, the deduction allowed should be Rs. 20,000. 2.In case the payment of medical insurance premium is paid by the assesse for parents, whether dependent or not – Rs. 15000. In case the parents of the Assessee are Senior Citizens the deduction allowed under Section 80D should be Rs. 20,000.

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Data?1494421738 samkit kothari answered about 3 years ago

Amount exempted under Section 80D Least of the following is allowed to be deducted from Gross Total Income of the Taxpayer for 80D: a. Actual Mediclaim Insurance Premium paid b. Rs. 15,000 In case the Mediclaim Insurance Premium paid is for a Senior Citizen (person above 65 years), least of the following is allowed as deduction : a. Actual Mediclaim Insurance Premium paid b. Rs. 20,000

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Open uri20170510 32134 tcchcu?1494421832 Jitendra Suthar answered about 3 years ago

Hiiii friend..... Deduction under section 80D of Income Tax Act. The deduction is available for Individual and HUF. The amount available for deduction is Rs.25000 for Non senior citizens. And the senior citizens can claim deduction of Rs.30000. The amount paid for family members mediclaim is also added to above amount. This amount includes the Preventive health check up available upto Rs.5000. The parties can be seen in Tushar Sampat answer. Thanks & Regards,

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Data?1494421636 Deep answered about 3 years ago

I agree with the answer of Rohit Awasthi.

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Data?1494421730 rohit awasthi answered about 3 years ago

Dear Usha Section 80D of Income Tax Act 1961 As per section 80D - Deduction of Health insurance premium or any contribution to Govt. for Family Member. Maximum Limit - 15000/- rupees In the case of Senior citizen Maximum Limit - 20000/- rupees Deduction allowed in case of cash payment upto 5000/- rupees for prevention health checkup of family member (Include in limit of 15000/20000 Rupees) Family member in case of individual - self, spouse, dependent children and parents. Family member In case of HUF - Any member of family. Govt has increased these limit to 25000/- and 30000/- for senior citizen announced in budget 2015 Thanks

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 lochan answered about 3 years ago

** DEDUCTION UNDER SECTION 80 D ** For financial year 2014-15 - Deduction is available up to Rs. 15,000/- to an assessee for insurance of self, spouse and dependent children. If individual or spouse is more than 60 years old the deduction available is Rs 20,000. An additional deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 15,000/- if less than 60 years old and Rs 20,000 if parents are more than 60 years old. Therefore, the maximum deduction available under this section is to the extent of Rs. 40,000/-. (From AY 2013-14, within the existing limit a deduction of up to Rs. 5,000 for preventive health check-up is available). For financial year 2015-16 – Deduction is raised from Rs 15,000 to Rs 25,000. The deduction for senior citizens is raised from Rs 20,000 to Rs 30,000. For uninsured super senior citizens (more than 80 years old) medical expenditure incurred up to Rs 30,000 shall be allowed as a deduction under section 80D. However, total deduction for health insurance premium and medical expenses for parents shall be limited to Rs 30,000. Thanks

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Open uri20170510 32134 6sj6lc?1494421796 Tushar Sampat answered about 3 years ago

**Maximum Deduction Available under sec 80D & list of persons covered in section 80D :** **For Individual** ------------------ Basic deduction: Mediclaim premium paid for Self, Spouse or dependant children. Maximum deduction Rs 15,000. In case any of the persons specified above is a senior citizen (i.e. 65 years or more as of end of the year up to F.Y. 2010-11 and 60 years from F.Y. 2011-12) and Mediclaim Insurance premium is paid for such senior citizen, deduction amount is enhanced to Rs. 20,000. Additional deduction -------------------- : Mediclaim premium paid for parents. Maximum deduction Rs 15,000. In case any of the parents covered by the Mediclaim policy is a senior citizen, deduction amount is enhanced to Rs. 20,000. **For HUF* ---------- * Mediclaim premium paid for any member of the HUF. Maximum deduction Rs 15,000. In case any member of the HUF covered by the Mediclaim policy is a senior citizen, deduction amount is enhanced to Rs. 20,000. List of Person covered in sec 80D. ---------------------------------- Individual (resident or non resident, Indian Citizen or foreign citizen):- In case an individual is taking the deduction, the medical insurance policy can be taken in the name of any of the following: the taxpayer or the spouse, parents or dependent children* of the taxpayer. HUF (Hindu undivided Family may be resident or non resident) :- In case a HUF is taking the deduction, the medical insurance policy can be taken in the name of any member of the family. Note Dependent Children (i.e. legitimate or legally adopted children). Children above 18 years, if employed, can not be covered. Male children, if not employed, but a bonafide student can be covered upto age of 25 years. Female children, if not employed, can be covered until the time she is married. parents of Individual – parents need bot be dependent on the Assessee. Entry Age: This insurance is available to a person between the age of 18 to 59 years. However, the Policy can be renewed upto the age of 80 years. a) Children above the age of 3 months can be covered provided parents are covered concurrently and suitable premium is paid. If the child above 18 years is employed or if the girl child is married, he or she shall cease to be covered under the policy. However male child can be covered upto the age of 25 years if he is a bonafide regular student and fully dependent on primary insured. Female child can be covered upto the time, she is unmarried. b) If the insured has taken continuous Mediclaim insurance policy with us for at least 5 years prior to attaining the age of 80 years the policy can be renewed beyond the age of 80 upto the age of 90 years as a special case with the approval of Regional Incharge on case to case basis. The premium chargeable shall be 10% of the premium for 75-80 years age slabs for proposers above 85 and 20% of the premium for 75-80 age slabs for proposers above 90. c) No inclusion of family member during currency of policy is permissible except for a new born child between the ages of 3 months to 6 months and newly married spouse within 60 days of marriage. Otherwise inclusion of family member shall be allowed only at the time of renewal. Prorata premium shall be charged for such inclusion during the currency of the policy for the unexpired period. Regards, Tushar Sampat M.com, CS, CA-Finalist, Practicing -Numerologist & Handwriting & Signature Analyst

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Santhosh Kumar J answered about 3 years ago

The Deduction allowed under Section 80D is Rs. 15,000 and Rs. 20,000 (for Senior Citizens). Keeping into account the rising cost of Medical Expenses, Budget 2015 has increased the deduction allowed to Rs. 25,000 & Rs. 30,000 (for Senior Citizens).

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