Section 80D limit increased to Rs 50,000 for senior citizens

Deepak Gupta | Feb 2, 2018 |

Section 80D limit increased to Rs 50,000 for senior citizens

Section 80D limit increased to Rs 50,000 for senior citizens

1.) Currently, an individual taxpayer can claim deduction of up to Rs. 30,000 in respect of payment made by him for the medical insurance for himself, his spouse or children.

2,) He is allowed to claim additional deduction of Rs. 25,000 for the payment made for the medical insurance policy for his parents.

3.) The deduction of Rs. 25,000 is increased to Rs. 30,000 each if the insured persons are senior citizen.

This limit is proposed to be increased to Rs. 50,000 from Rs. 30,000. In nutshell, an individual taxpayer can claim deduction of up to Rs. 1 lakh under Section 80D if he or his family members and his parents are 60 years or above.

The bare text of the memorandum is mentioned below:

Deductions available to senior citizens in respect of health insurance premium and medical treatment Section 80D, inter-alia, provides that a deduction upto Rs 30,000/- shall be allowed to an assessee, being an individual or a Hindu undivided family, in respect of payments towards annual premium on health insurance policy, or preventive health check-up, of a senior citizen, or medical expenditure in respect of very senior citzen.

It is proposed to amend section 80D so as to raise this monetary limit of deduction from Rs 30,000/- to Rs 50,000/-.

In case of single premium health insurance policies having cover of more than one year, it is proposed that the deduction shall be allowed on proportionate basis for the number of years for which health insurance cover is provided, subject to the specified monetary limit.

These amendments will take effect, from 1st April, 2019 and will, accordingly, apply in relation to the assessment year 2019-20 and subsequent assessment years.

You may also refer:


Refer Below link for filing Income Tax return Through Studycafe:

 

File Your Tax Return Online

Tags: deduction under section 80d for ay 2017-18, section 80d of income tax act, section 80dd , deduction under section 80d for ay 2018-19, deduction under section 80d for ay 2016-17, Section 80D limit increased to Rs 50,000 for senior citizens, Budget 2018,income tax slab rates for senior citizen for ay 2018-19 income tax slab rates for senior citizen for ay 2018-19, income tax slab rates for senior citizen for FY 2018-19income tax slab rates for senior citizen for FY 2018-19,income tax slab rates for super senior citizen for ay 2018-19 income tax slab rates for super senior citizen for ay 2018-19, income tax slab rates for super senior citizen for FY 2018-19income tax slab rates for super senior citizen for FY 2018-19,Non Senior Citizen Non Senior Citizen, NRI NRI, NRI or HUF or AOP or BOI or AJP NRI or HUF or AOP or BOI or AJP, Rebate Rebate, Residential Individual Residential Individual, secondary and higher education cess secondary and higher education cess, section 87A section 87A, Senior Citizen Senior Citizen, Super Senior Citizen Super Senior Citizen, Surcharge Surcharge, Turnover above Rs. 50 crores Turnover above Rs. 50 crores, Turnover upto Rs. 50 crores Turnover upto Rs. 50 crores

StudyCafe Membership

Join StudyCafe Membership. For More details about Membership Click Join Membership Button
Join Membership

In case of any Doubt regarding Membership you can mail us at [email protected]

Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"




Author Bio
My Recent Articles
UGC NET June 2024 Exam cancelled after Exam Integrity Compromised Manabadi AP Board Class 10th Results 2024 Live: BSEAP SSC Class10 Result is coming soon at bse.ap.gov.in JEE (Main) – 2024 Session 2 Admit Card Released: NTA Released Admit Card for JEE (Main) – 2024 Session 2 NTA Invites Online Applications for Common Management Admission Test-2024 CBSE Class 12 History Paper Analysis 2024: CBSE Class 12 History Answer Key 2024View All Posts