Sec. 80D: Deduction in respect of Medical Insurance Premium

Eligibility of Tax benefit of Sec. 80D: -
You can avail the deduction, if you have paid any premium on medical policy U/s 80D taken for-

• Self,
• Spouse,
• Dependent Children,
• Parents.

Amount of Deduction:

In case of an individual, amount paid in respect of Medical insurance, Preventive health checkup and Central Govt. Health Scheme for person described below, shall avail deduction, Subject to Limit given below: -

• For Self, spouse and dependent children: Rs. 25000/- ( Rs.30000/-* if person is a senior citizen** for A.Y. 2018-2019..).
• For parents of the assessee: (Additional) of Rs. 25000/- (Rs.30000/-* if person is a senior citizen** for A.Y. 2018-2019).

In case of HUF, amount paid in respect of Medical Insurance, Preventive health checkup and CGHS for any member of family, shall avail deduction, subject to limit:-

• Premium up to Rs. 25000/- (Rs. 30000/-* if any member insured is a senior citizen for A.Y. 2018-2019)

Deduction in respect of Medical Expenditure: -

For A.Y. 2018-2019, If the taxpayer or any of his family member is of 80 years or more and health insurance premium is not paid, a deduction of medical expenses up to Rs.30,000/- can be claimed. From A.Y. 2019-20 this deduction has been increased to Rs.50,000/- and is also available to a person of 60 years or more

Mode of Payments:

Payment should be made by any mode other then cash (however, payment for preventive health checkup can be made in cash.)

NOTE: 

* Rs. 30000/- increased to Rs. 50000/- for A.Y. 2019-2020

** Senior Citizen: Any resident individual of the aged 60 yrs. or above.

*** Deduction for Preventive health checkup shall not exceeds in aggregate of Rs. 5000/-