income tax

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  1. chengaiah

    chengaiah New Member

    i myself paying health insurance and also included my parents under it. The annual amount paid is as follows:



    is the total amount of 10056 gets reduced as tax benefit or some percent of it gets reduced, if it get reduced by the percent how much is it?

    please reply...
  2. Neha Sharma

    Neha Sharma Active Member

    Dear Sir

    In your case, you would be allowed a full deduction of Rs. 10,056 as the amount paid by you for health insurance (incl. that of your parents) is lower than the maximum amount allowed by the Govt.

    VAIBHAV DILIP RANE Active Member

    Sec 80D, of the Income Tax Act,

    Deduction for Health Insurance premia paid by Individual or HUF,
    Where such insurance premia is paid by the Assessee, and,
    Where Insured Person is not a Senior Citizen, than Max = Rs. 15,000 /-
    Where Insured Person is a Senior Citizen, than Max = Rs. 20,000 /-

    Just keep in mind amount under section 80 D, can't exceed Rs. 20,000 /-
  4. chengaiah

    chengaiah New Member

    thankyou...:) :)
  5. chengaiah

    chengaiah New Member

    Thankyou Neha...:) :)
  6. Shankar Guru

    Shankar Guru New Member

    However, if the premium amount paid by you (Rs.10,056) includes any Service Tax, that would not get considered. Only the premium amount excluding any service tax is considered.

    VAIBHAV DILIP RANE Active Member

    As per me, and as cases undergone via me,

    We have claim Insurance in Total Amt, that is Incl. ST on it,..

    And Assessee do allow it.
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