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I have two mediclaim policy for my parents whose age is not above 65 years, & i paid for this Rs.17500/-totally. In this case how much Tax benefit i get….?
As per Income Tax guidelines, you will be eligible for an additional deduction of Rs. 15,000 if you have taken a mediclaim policy on your parents (in case your parents are senior citizens then the Tax benefit will extend to Rs. 20000). In your case, since your parents are not senior citizens, you will be eligible for tax exemption of Rs.15000 u/s section 80D.On remaining amount i.e. Rs. 2,500 (17500-15000), you cannot claim any tax benefit
For more information on Tax Deductions Click here
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