TAX BENEIFTS FOR HEALTH TESTS
Under Section 80D of the Income Tax Act, you can claim deductions for premiums paid towards health insurance policies for yourself, your spouse, children, and parents.
Here’s a summary of the benefits:
1. Premiums Paid: You can claim a deduction for the premiums paid for health insurance policies for yourself, spouse, children, and parents. The maximum deduction allowed is ₹25,000 per annum if you are below 60 years of age, and ₹50,000 if you are a senior citizen (above 60 years).
2. Preventive Health Check-up: You can also claim a deduction of up to ₹5,000 within the overall limit for preventive health check-up expenses for self, family, and parents.
3. Additional Deduction: An additional deduction of up to ₹25,000 is available for premiums paid towards health insurance policies for your parents if they are less than 60 years old. If your parents are senior citizens, the maximum deduction is ₹50,000.
NOTE : Please note that tax laws can change, so it’s always a good idea to consult with a tax advisor or refer to the latest guidelines from the Income Tax Department for the most accurate and updated information.
