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Useful articles for your finance management by our team of experts

tax deduction with health insurance

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Question:

I want to take Health Insurance for my family, Can it will eligible for Tax deduction above 1 lakh?

Answer:

Payment of health insurance premium for self, spouse and dependent parents and children is allowed as income tax deduction under Section 80D of IT Act. This is over the INR 1 lakh limit  under Section 80C.

You can get the details here: http://www.investmentyogi.com/oi_taxes/tax-benefits-under-section-80d-80dd-and-80ddb.aspx

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