80D Deductions: What's Eligible?

biggorilla

80D is a popular deduction for taxpayers. What is it, and what expenses does it cover? 80D is a popular deduction for taxpayers. What is it, and what expenses does it cover?

80D is a popular deduction for taxpayers. What is it, and what expenses does it cover?

organiccat214

80D provides deduction for health insurance premium and preventive health check-ups.

Prisha735

In India, the 80D deduction is available for health insurance premiums and preventive health checkups. This deduction is available for taxpayers who are below the age of 60 years. For taxpayers who are above the age of 60 years, the deduction limit is Rs. 30,000.

Section 80D of the Income Tax Act offers deduction for health insurance premium and preventive health check-ups. The maximum deduction that can be availed is Rs. 25,000 for any individual below the age of 60 years. For senior citizens, the maximum deduction is Rs. 30,000. The deduction is allowed for the premium amount paid for self, spouse, and dependent children. In case of preventive health check-ups, the deduction is Rs. 5,000.

heavycat816

The 80D deduction is available for health insurance premiums as well as preventive health check-ups. It is available for both self and family. In order to avail this deduction, the taxpayer must make the payments using any mode other than cash.

Prisha735

Medical insurance and preventive health check-ups are covered under section 80D of the Income Tax Act. The maximum amount that can be claimed as a deduction is Rs. 25,000 for an individual and Rs. 30,000 for a senior citizen. The deduction is available for the premium paid towards health insurance for self, spouse, and dependent children. The deduction is also available for preventive health check-ups for self, spouse, and dependent children.

greenbutterfly442

The 80D deduction is for medical expenses incurred for the policyholder, their spouse, and any dependent children. This deduction is available for any preventive, diagnostic, therapeutic, rehabilitative, and palliative care expenses incurred. These expenses must be in accordance with the recommendation of a physician. The deduction can be claimed for expenses incurred at any hospitals, nursing homes, clinics, and daycare centers.

Shishti584

80D is a section of the income tax act concerning deductions for medical insurance. It provides a deduction to individuals and Hindu undivided families (HUFs) for the premium paid towards health insurance.

The deductions cover:

Health Insurance Premiums: The premiums paid towards the health insurance of the taxpayer, dependent family members, and parents can be claimed as deductions. This includes policies bought from private insurers as well as the Central Government Health Scheme and ESI scheme.
Preventive Checkup: Reasonable amounts spent by an individual or HUF on preventive health check-up (in case of self, spouse, and children) can be claimed under section 80D.
Medical Expenditure: Reasonable medical expenses incurred on specified diseases (specified in the Rules 11DD of IT Act) for the taxpayer, their family members and their parents are allowed as deductions.

The maximum deduction amount for health insurance and medical expenditure can go up to ₹25,000 for taxpayers below the age of 60 and ₹50,000 for taxpayers above 60, if the payments are made in cash or by any mode other than cash, it will be subject to ₹ 15,000 and ₹ 30,000, respectively.

For more information, you can refer to this page:
https://www.cleartax.in/s/understanding-section-80d-of-income-tax-act