Income tax benefit under section 80 D for those who buy health insurance

Posted by Hannah Punitha on Thu, Feb 11, 2010  
No of Views(3563)

 

We can divide this into 3 major divisions

Income tax benefit for those who buy health insurance 1. When you buy a family health policy- maximum amount can be Rs 15000 under section 80 D of IT act.

2.Health insurance for your parents who are below 65 years; Maximum amount is Rs 15000. This amount is over and above the limit under 80D.

 

3.  For health insurance of your parents who are above 65 years; Maximum amount is Rs 20000. This amount is over and above the limit under 80D

 

It means that if you are getting a family health cover as well as a health cover for your parents who are above 65 years then you are getting income tax rebate on totally Rs 35000.

 

If you are in higher tax category then it is 30% of Rs 35000 .

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