I have paid premiums for medical insurance for myself and my family this year. How can I claim the deduction under Section 80D while filing my Income Tax Return in India?
1. What Section 80D Covers?
Section 80D allows you to claim a deduction for premiums paid on health insurance for yourself, your spouse, children, and parents.
The deduction also covers payments for preventive health check-ups (up to ₹5,000 within the existing limit).
2. Deduction Limits:
• For self, spouse, and children: Up to ₹25,000 per financial year.
• For senior citizen parents: Up to ₹50,000 per financial year.
• If both you and your parents are senior citizens, the total deduction can go up to ₹1,00,000 (₹50,000 for you/your family + ₹50,000 for parents).
3. How to Claim in ITR?
• Collect the premium payment receipts and policy details.
• While filing your ITR (ITR-1 or ITR-2, depending on income sources), navigate to “Deductions under Chapter VI-A.”
• Enter the amount paid under Section 80D in the respective fields:
• Self, spouse, children
• Parents (senior or non-senior citizen)
4. Ensure your total deduction does not exceed the prescribed limits:
Important Notes:
• Only paid premiums qualify; unpaid or future premiums are not allowed.
• If your policy covers parents who are senior citizens, it increases the deduction limit.
• Keep the receipts safely in case the Income Tax Department asks for proof.
Official Reference:
For detailed guidance, you can check the Income Tax Department’s official page:
So, in short, by entering your paid premium under Section 80D in your ITR and ensuring you stay within limits, you can reduce your taxable income and claim the tax benefit efficiently.