Tax Reliefs other than SEc 80C

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