Medical Insurance tax relief: The last date to save tax in 2021-22 is 31 March 2022. To save Income tax by taking Health Insurance, if you have taken the maximum tax savings of up to one lakh 50 thousand rupees by taking advantage of section 80C of income tax, then you can still save income tax in other legal ways. For this, you have to use Section 80D of Income Tax. In which you can save maximum tax of one lakh rupees. Let’s know about it.
How to get Medical Insurance tax relief in 80D
Under section 80D of Income Tax, the additional tax benefit is available on premium by choosing a health insurance plan. According to this section, you can save a lot of tax on health insurance premiums for the entire family, including parents.
According to Pankaj Arora, CEO of Raheja QBE General Insurance Company, people below 60 years of age get a tax benefit of up to 25 thousand rupees on health insurance premiums. At the same time, people above 60 years of age get a tax benefit of up to Rs 50,000.
It means, if your age is less than 60 and the age of parents is more than 60, then you can get a tax benefit of up to 75 thousand rupees. Apart from this, if the taxpayer is above 60 years of age and buys health insurance for his parents, then a tax benefit of up to Rs 1 lakh can be available on the premium.
Medical Insurance tax Benefits available on these health policies
According to experts, health insurance should not be bought only for tax benefits. At present, everyone is troubled by a worldwide pandemic like Corona. Apart from this, many other serious diseases also make people sick with age. Keeping this in mind, you should buy health insurance.
On the other hand, under Section 80D of Income Tax, you can avail tax benefits on health cover plans such as individual plans or medical claims, family floater plans, critical illness plans, health riders of life insurance plans, and other variants of health insurance.
Medical Insurance tax relief
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