Deduction 80D A Y 2021-22

Posted onAuthorCA Kumar

 

Deduction 80D A Y 2021-22

Recent days people face many health problem and hospital also rise bills in rupee lakhs

So Government promote health safety to society introduce deduction in Income Tax Act, 1961

According to Income Tax Act 1961 Section 80D also popular section among assesse

Section 80 D also claim by mostly assesse

Deduction in respect of Medical insurance premia (Section 80D)

Essential conditions for claiming deduction under this section:

  1. Deduction is permissible, under this section, only to an individual or HUF
  2. Deduction is allowed for the following purpose-
  3. As per section 80D (2), in case of an individual, it is allowed for such sum as referred to below by the aggregate of the following-
  4. (i) the whole of the amount paid to effect or to keep in force an insurance on the health of the individual or any member of his/her family,

(ii) any contribution made to the central government health scheme or such other scheme as may be notified by the central government in his behalf,

(iii) any payment made on account of preventive health check-up of the individual or any member of his/her family,

health insurance: How health insurance has changed during the year 2019 - The Economic Times

As does not exceed in the aggregate Rs. 25,000 (Rs. 50K in case if any such person specified in this clause (a) is a senior citizen), and

  1. The amount paid to effect or to keep in force an insurance on the health of the his/her parents or parents, or any amount paid on account of preventive health check-up of his parent or parents as does not exceed in the aggregate Rs 25K (Rs 50K in such case if any such person specified in the clause B is a senior citizen)
  2. The whole of the amount paid on account of medical expenditure incurred on the health of the individual or any member of his/her family who is a senior citizen as does not exceed in the aggregate Rs. 50K provided no amount has been paid to effect of keep in force an insurance of the health of such person, and
  3. The whole of the amount paid on account of medical expenditure incurred on the health of his parent who is a senior citizen as does not exceed in the aggregate Rs. 50K provided no amount has been paid to effect of keep in force an insurance on the health of such person.

Provide that the aggregate of the sum specified under clause A and clause C or the aggregate of the sum specified under clause B and D above shall not exceed Rs. 50K

  1. As per section 80D (3), in case if a HUF, it is allowed for such seen as referred to below by the aggregate of following-

(a) whole of the amount paid to effect or to keep in force an insurance on the health of any member of the Hindu undivided family as does not exceed in the aggregate Rs. 25K (additional Rs. 25K if any member for whom the amount is paid is a senior citizen); and

(b) whole of the amount paid on account of medical expenditure incurred on the health of any member of the Hindu undivided family who is a senior citizen as does not exceed in the aggregate Rs. 50K provided that no amount has been paid to effect or to keep in force an insurance on the health of such person.

However, the aggregate of the sum specified under clauses (a) and (b) above shall not exceed Rs. 50K

(3) Such insurance should be in accordance with a scheme framed in this behalf by (a) GIC and approved by the Central Government or (b) any other insurer and approved by the insurance regulatory and development authority.

(4) The amount is paid out of his income chargeable to tax.