Tax Savings on Health Insurance | Section 80D | #finance #education #knowledge #tax #insurance

Insurance 27-11-2022

The Section 80D of the Income Tax Act, 1961 deals with tax deductions on medical insurance. This section allows you to receive tax deductions on premiums made for medical insurance for yourself and on behalf of your family. The Section 80D offers deductions over and above the exemptions derived from the more popular Section 80C.

➡️ Section 80D Limit Cart is put on the video so you can just take a screenshot of it for better understanding.

Suppose you are 60 years old paying an yearly premium of Rs.32,000 for yourself and your dependents. Apart from this, you are also paying a health premium of Rs.35,000 for your parents’ policy, who are 80 years old. As per Section 80D terms, you are eligible for:
* Tax deduction of Rs.32,000 on Rs.32,000 paid as health insurance premium for you and your dependents.
* Tax deduction of Rs.35,000 for your parents (senior citizens) out of the overall payment of Rs.35,000.
* Total tax deduction that can be claimed is Rs.67,000 out of the overall premium payment of Rs.67,000.
Note: Please note that the maximum tax deduction which can be claimed is subject to the provisions under Section 80D of the Income Tax Act. Always consult an expert to get the most out of the tax saving provisions

#finance #education #knowledge #insurance #health #tax #savings #money

Watch more new videos about Insurance | Synthesized by Mindovermetal English