Buying health insurance for your family can help you in saving a certain amount of tax under various sections. One can save tax up to a certain amount per financial year if you, your family members and your parents all are above the age of 60 years. If you are unable to afford to buy health insurance premiums due to pre-existing conditions, then also you can save tax via medical expenditures.
Deductions are allowed under the income tax act to help you reduce your taxable income. One can avail of deductions only if they have made tax-saving investments. There are several deductions available under various sections such as 80C, 80D, 80DD, 80DDB, 80U and so on that will bring down your asses sable income. Whereas, the most popular-priced one is section is 80C.
Section 80C of the Income Tax Act allows you to save tax by claiming medical expenditures acquired as a deduction from income before the tax is charged. In simple words, one can reduce up to Rs 1.5 Lakhs from your total payable income under Section 80C.
This Section of the Income-tax act allows us to save tax up to Rs.50,000 by claiming medical expenditures. An individual is eligible to claim the deduction only if these conditions are satisfied.
- The medical expenses must be contracted either on self, spouse, dependent children, and parents who are aged above 60 years.
- The person should not be covered under any health insurance policy.
One can claim a maximum of Rs 50,000 Deduction in a financial year for the expenditure incurred if these above conditions are satisfied.
Section 80DD of the Income-Tax allows us to save tax up to Rs 40,000 for the individuals below age of 60 & Rs.80,000 for Senior Citizens. The deduction can be claimed for the expenditure incited on the medical treatment, training, and rehabilitation of an individual with a disability.
This Section of the Income-tax act provides an opportunity to claim a deduction from Rs 75,000 to 1.5 lakhs if the individual is suffering from a serious disability such as mental retardation, blindness.
There are many more sections to claim your Income-tax via medical, educational, house expenditure.
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