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Transcript

Treatment of Medical Insurance Particular Case 1 Case 2 Person earns Medical Insurance Income from Salary Income from Other Sources Gross Total Income Deduction under Chapter VIA Less Section 80D Net Total Income Note: Medical Insurance is not an Income, So it is not covered in Income from Other Sources Deduction under Section 80D Max 25000 for Self 20000 600000 0 600000 20000 580000 40000 600000 0 600000 25000 575000 Self Self + Wife Family (Self + Wife + Children) Self + Wife + Children + Parents (Less than 60) Self + Wife + Children + Parents (60 or More) Self more than 60 + Parents more than 60 Note: Deduction Under Section 80D Deduction for Medical insurance Premium paid of Max 25000 for Family(Self, Wife and Children)+25000 for Parents If Senior Citizen, then 50000 deduction is available 25000 25000 25000 25000 + 25000 25000 + 50000 50000 + 50000 teachoo.com

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.