nhanced deduction u/s 80D
Earlier, an individual was allowed a maximum deduction of up to Rs 30,000 in respect of expenditure incurred by him for the medical insurance for himself, his spouse or children. He was also allowed additional deduction of up to Rs 30,000 for the expense incurred for the medical insurance policy for his parents. The deduction of Rs 30,000 was restricted to max Rs 25,000 if the insured persons were less than 60 years of age.
“In case the assessee himself or his/her spouse or any of his/her parent was 80 years or more and was not covered under any insurance policy, then the deduction u/s 80D he/she was allowed to claim for the medical expenditure incurred on the health of such a person was Rs 30,000. The Budget 2018 extended this benefit to all senior citizens (i.e. 60 years and above),” says Chandak.
Also, this limit has now been increased to Rs 50,000 from the existing Rs 30,000 in case of all senior citizens (i.e. above 60 years). In a nutshell, an individual taxpayer can claim a maximum deduction of up to Rs 1 lakh under Section 80D if he or his family members and his parents are 60 years or above.
Further, in case of single premium health insurance policies which cover more than one year, the deduction shall be allowed on a proportionate basis for all those years for which health insurance coverage is provided, subject to the specified monetary limit.
3. Deduction limit under section 80DDB raised to Rs 1,00,000
This deduction u/s 80DDB is allowed to an individual or HUF taxpayer who pays for the medical treatment of critical illness for himself or any other family member. At present, this deduction is allowed up to Rs 80,000 for the very senior citizen, up to Rs 60,000 for the senior citizen, and Rs 40,000 in any other case.
The Budget 2018 has raised the limit of deduction under this section to Rs 1,00,000 for all senior citizens (i.e. any one above 60 years in age). There is no change in the deduction allowed for expenditure incurred in any other case. i.e. for person who is below 60 years of age
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