Get TDS till Rs 1 lakh under section 80D, but conditions apply
New Delhi: Availing health insurance is now effortless, and hassle free, as the people don’t have to stand in long queues of government hospital any more. With the aim of promoting health insurance, the government is offering benefits under Section 80D of the income tax act, making treatments from private hospitals affordable, the Financial Express reported.
The report states ,under section 80D one now can avail health insurance premium till Rs 25,000 as tax deductible on source (TDS) if the policy is for self, spouse, and kids. Also, Rs 50000 can be claimed as TDS if the premium paid on the policies is for the parents aged 60 plus. Hence, the permissible deduction of Rs 1 lakh can be availed, if the investors including his parents are senior citizens.
U/S 80D also includes the full amount paid to the union government health scheme by the government staff on any medical check up till Rs 5,000, though it’s within the specified range of Rs 25,000 and 50,000.
Therefore, from u/s 80D one can claim taxable income till Rs 1 lakh on the below mentioned conditions.