IT exemption of the insurance premium for parents? [Sitemap]

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gokulr

07-12-2010, 06:48 PM

I am working in a leading MNC. I pay for my parents life and medical insurance premium. Can I claim exemption of the insurance premium paid my me for my parents? Kindly advise.

Taxman

07-12-2010, 06:53 PM

It all depends, whether they are dependent on you or not. If they are then deduction you would get under Section 80D is Actual premium paid or Rs.20,000 whichever is less. Otherwise NIL.