Section 80D limit increased to Rs 50,000 for senior citizens

Section 80D limit increased to Rs 50,000 for senior citizens by Finance Bill 2018

  • Currently under section 80D, deduction of up to Rs. 30,000 in respect of payment made by him for the medical insurance for himself, his spouse or children is allowed as per income tax Act.
  • Apart form above mentioned deduction an further deduction of Rs. 25,000 is allowed for the payment made for the medical insurance policy for his parents.
  • If insured persons are senior citizen then the deduction of Rs. 25,000 is increased to Rs. 30,000.

This limit under section 80D is proposed to be increased to Rs. 50,000 from Rs. 30,000. In nutshell, an individual taxpayer can claim deduction of up to Rs. 1 lakh under Section 80D if he or his family members and his parents are 60 years or above.

Section 80D limit increased to Rs 50,000 for senior citizens by Finance Bill 2018

Particulars Family Members Parents
Age below 60 Years Age Above 60 Years Age below 60 Years
Maximum Deduction us 80D 25000 50000 50000

Source: https://studycafe.in/

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