Tax Reliefs other than Sec 80C
Tax Exemption means for many people it is Section 80C only, but in fact
there are many tax exemptions available in the Income Tax. Act other than Sec
80C. Interest paid on housing loan, Education loan, health care taker expanses
on dependents, medical insurance on your family and parents, annual medical
expenses with limitations. Let us study them carefully.
Sec.80D: Applies to –
Premium paid for Health Insurance cover and policies taken on the lives of
wife, children and parents. It should be paid other than cash mode.
Maximum deduction that can be claimed under sec 80D of the Income
tax act as follows
|
Description
|
Medical Insurance Premium paid in
respect of
|
Total Deduction under Sec. 80D
|
|
|
Self, Spouse & Dependent Children
|
Parents (whether dependent or not)
|
||
|
No-one has attained the age of 60 years
|
Rs. 15,000
|
Rs. 15,000
|
Rs. 30,000
|
|
Assessee and his family is less than 60
years & parents are above 60 years of age
|
Rs. 15,000
|
Rs. 20,000
|
Rs. 35,000
|
|
Assessee and his parents have attained
the age of 60 years and above
|
Rs. 20,000
|
Rs. 20,000
|
Rs. 40,000
|
More over you can claim medical
expenses of your family and parents under Preventive
Medical scheme under sec 80D Rs 5000/- within the specified limit
