med insurance


I have the following deductions from my salary 1. Medical Insurance scheme 2. Group Insurance 3. I also have taken a annual Mediclaim-cashless insurance policy in my father's name (so as the whole family gets covered and my father is not a earning member) 4. I also have a medical allowance, for which can i submit the medical bills

Kindly advise how do I treat the above as I.T. exemption

asked Feb 28 '13 at 15:19 by dhatchayanim 12711

  1. Amount deducted towards medical insurance scheme can be deducted u/s 80D upto Rs 15,000.
  2. There is no exemption/deduction available for group insurance payment.
  3. Amount paid for your father's medical insurance can be claimed for deduction u/s 80D upto Rs 15,000. This amount is separate from policy for self and family (as mentioned above in point 1). This deduction amount goes upto Rs 20,000 If your father is senior citizen (above 60 years age).
  4. Medical allowances are exempted from income tax upto Rs 15,000 (Rs 1250 per month) if you submit original medical bills to your employer.

answered Mar 01 '13 at 02:09 by Pankaj Batra 5.2k320


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Asked: Feb 28 '13 at 15:19

Seen: 1,618 times

Last updated: Mar 01 '13 at 02:09