Query Regarding Medical Insurance Preimium U/s 80D (Income Tax)

[pawan]

Shall I Give Medical Premium Deduction to our employee for Self/ and Dependants parents Separately.
(i.e 15000+15000)=Total Deduction is 30000/-

Can Any One Confirm whether it is correct or Not.

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[Investorboy]

No. It is not 15000 + 15000.

You can claim only 20000 if any family member is above 65 years of age. Otherwise you can claim 15000.

[Taxman]

From the assessment year 2008-2009 The general deduction u/s 80D is Rs 15000 and additional deduction upto Rs 5000/ is available if the medical insurance premium is paid for the the assessee or his/ her spouse or dependants parents who is senior citizens (65 years or more)

[GoyalAbhey]

Deductions available to Individuals under Section 80D:

• Deduction on Medical insurance premium paid for himself,spouse,dependent children =Rs 15000 maximum.
• Deduction on Medical insurance premium paid for parents ,whether dependent on assesee or not =Rs 15000 maximum
• Deduction to HUF: Deduction to HUF is available on insurance premium paid for policy taken for of any member of the HUF

Addition deduction for Resident Senior Citizen:In addition to two point above, additional deduction of Rs 5000 is available where assessee or his spouse (wife or husband) or dependent parents or any member of the family in case one and father or mother is a resident in India and a senior citizen in case two.And same in the case of HUF assessee if policy has been taken on member which is senior citizen than additional Rs 5000/- deduction is available also to HUF.

Senior citizen means who is at least of 65 year of age or more at any time during the previous year.