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80D Health Insurance Premium Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on 80D Health Insurance Premium Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the 80D health insurance premium taxation? |  |
Ans. The 80D health insurance premium taxation refers to the tax benefits one can avail under section 80D of the Income Tax Act in India. It allows individuals to claim deductions on the premium paid for health insurance policies for themselves, their spouse, children, and parents.
| 2. How much tax deduction can I claim under 80D for health insurance premiums? | |
Ans. The tax deduction amount that can be claimed under section 80D for health insurance premiums depends on the age of the insured and the type of policy. For individuals below 60 years of age, they can claim a deduction of up to Rs. 25,000 for themselves, spouse, and children. Additionally, they can claim a deduction of up to Rs. 25,000 for their parents (Rs. 50,000 if parents are senior citizens).
| 3. Can I claim tax deduction if I pay health insurance premiums for my siblings? | |
Ans. No, you cannot claim a tax deduction under section 80D for health insurance premiums paid for siblings. The tax deduction is only available for self, spouse, children, and parents. Siblings are not included in the eligible category for claiming tax benefits on health insurance premiums.
| 4. Are the tax deductions under 80D available for all types of health insurance policies? | |
Ans. Yes, tax deductions under section 80D are available for various types of health insurance policies, including individual health insurance, family floater policies, and critical illness policies. The only requirement is that the policy must be issued by an insurer registered with the Insurance Regulatory and Development Authority of India (IRDAI).
| 5. Can I claim tax deductions for health insurance premiums paid for my in-laws? | |
Ans. Yes, you can claim tax deductions for health insurance premiums paid for your in-laws. Under section 80D, you can claim a deduction of up to Rs. 25,000 for health insurance premiums paid for your parents (Rs. 50,000 if they are senior citizens). The term "parents" includes both biological and legal parents, as well as parents-in-law.
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Nov 16, 2024 Last updated |
Video Description: 80D Health Insurance Premium for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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