MANAGEMENT

Detailed explanation-1: -As per section 80D, a taxpayer can deduct tax on premium paid towards medical insurance for self, spouse, parents, and dependent children. Individuals and HUF can claim this deduction. The limit of the deduction varies with age. A deduction of Rs 25, 000 is available for self, spouse, and dependent children.

Detailed explanation-2: -Section 80D of the Indian Income Tax Act, 1961 enables income tax rebate for senior citizens on the medical expenses that they may have incurred. Even adults can claim a rebate for medical expenditure for senior citizen parents. All individuals above the age of 60 are considered senior citizens.

Detailed explanation-3: -Individuals: In case of an individual, the medical expense can be incurred on the medical treatment of the assessee or any of his dependents. The ‘dependents’ in respect of this section would include spouse, his children, his parents, brothers and sisters of the individual or any of them.

Detailed explanation-4: -Tax exemption under section80D: You can also avail tax benefits on medical expenses of your in-laws through your spouse if your parents-in-law are senior citizens (above 60 years of age). To avail tax benefits under section 80D, you parents-in-law must not be covered under any health insurance plan.