Mediclaim Premium Deduction

[jkdas]

Dear All,

I am a salaried class employee. I have paid Rs. 25000/- towards mediclaim
policy which covers myself, my wife, dependent child, my parents. This is a
composite policy covering all the persons mentioned above in one policy.
(Parents are senior citizen)

Kindly tell me how much deduction I can claim.

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[CA_Amit]

As per the various provisions deduction of Rs. 15000/- is available for the
taxpayer, spouse and dependent and another Rs.15,000 separately for parents.

And if your parents are senior citizens, this limit is Rs.20,000. In your case,
you can claim for Rs.25,000/-.

[Taxman]

If in your family any person is above 65 years of age then you shall claim Rs.
20000/- as Mediclaim Deduction