Tax benefits available on health insurance?

[NamitaS]

Hi,

So now Health insurance has become a necessary one for employees and everyone. Are there additional tax benefits available on health insurance for all?

[SantoshK]

Basically as per section 80D, a taxpayer can avail tax deduction on premium paid towards medical insurance for self, spouse, dependent parents and dependent children. This deduction can be claimed by Individual and HUF. Limit of the deduction varies with age, for self spouse and dependent children deduction of Rs 25000 is available. Additional deduction of Rs 25000 is available for insurance paid for parents aged less than 60 years and Rs 50,000 if parents are above 60 years of age.

Read more here .

[Arpana]

Hi,

Yes, health insurance exemption is available for all. Nothing additional but I would say its like any other year benefit.

Please click on the below link to get complete understanding:

Regards
Arpana