Exemption under Section 80D:
26-04-2022 10:15:03
A maximum deduction of INR 40000 is allowed on medical insurance as per the rules stated in this section of the Income Tax Act. The limits and division of deduction is illustrated below –
1.Deduction for self, spouse and dependent children – INR 15000 (INR 20000 for senior citizens)
2.Deduction for parents (individual or both) – INR 5000 (INR 20000 for senior citizens)
3.Deduction for preventive health check-up (within the INR 40000 limit) – INR 5000
