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Ask community Community Discussion Question: What are the Tax benefits available on medical insurance premiums?
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Sonia Nehwal (18)

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What are the Tax benefits available on medical insurance premiums?
    
Vishal Bhargwa (0)

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In computing the total income of an individual or HUF, any sum paid by any mode other than cash out of his income chargeable to tax (i) to effect or to keep in force an insurance on the health of the individual, his or her spouse or dependant children or member of HUF, and (ii) to effect or to keep in force an insurance on the health of the parent or parents of the individual upto Rs.15,000 each of (i) and (ii) in the previous year and in case the person is a senior citizen upto Rs.20,000 each of (i) and (ii) in the previous year shall be allowed on a deduction

 

The deduction in any Health Insurance plan are mainly 15000/- u can get the benefits of Rs-15000.

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Radhika Sood (0)

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What are the Tax benefits available on medical insurance premiums?
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Rohan (0)

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 One can avail following tax benefits under a medical insurance policy,
a) Rebate of Rs 15000 for health insurance premium paid for self and family.
b) Rebate of Rs 15000 for health insurance premium paid for parents, Rs 20000 in case the parents are senior citizens.
Thus one can avail maximum tax benefits of upto Rs 35000 on medical insurance in India.
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