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Thread: Tax Saving under Medical Insurance

  1. #1
    NewBie
    Join Date
    Mar 2009
    Posts
    14

    Question Tax Saving under Medical Insurance

    I have a basic doubt,
    I am paying tax RS 2000/- per month. So per anum 24000/-.

    If I pay medical insurance for 15000/-, how much money I could save ?



  2. #2
    Moderator Taxman's Avatar
    Join Date
    Feb 2009
    Location
    Pune
    Posts
    55

    Default

    Dear Dhruv,

    I assume that your income is Rs.250000/- per annum (ignoring 80C deduction) if you pay medical insurance for Rs.15000/- then your taxable income will be

    Gross Total Income : Rs.250000/-

    Less : Deduction u/s 80D : Rs.15000/-

    Taxable Income : Rs.235000

    Tax on Rs.235000/- is Rs.21000/- so you made a tax saving of Rs.3000/-. (ignoring education cess)


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