Save tax up to ₹75,000 ~ u/s 80D.
Taxpaying individuals who spend on medical expenses for treatment of specified diseases or ailments for self or dependents are eligible to claim tax deduction under Section 80DDB of the Income Tax Act, 1961. This provision is beneficial for those who have to meet high medical expenditures. One can claim the deduction for dependent family members such as spouse, children, and parents. The benefits are applicable only for the specified diseases under Section 80DDB.
In this article, we will discuss Section 80DDB benefits and the specific diseases it covers.
The following persons are eligible to claim the tax deduction for the expenses, under Section 80DDB medical treatment of specified diseases during the previous year:
Non-resident Indians, corporate or other entities are not eligible to claim the deduction under section 80DDB.
A person is eligible to claim a tax deduction on the medical treatment expenses for the Section 80DDB specified diseases as mentioned below:
The amount of the tax deduction is based on factors such as the patient’s age and amount of medical expenses. One can claim a tax deduction on the actual amount of medical expenditures incurred in the financial year or up to Rs. 40,000, whichever is less. Senior citizens and super-senior citizens are eligible to get a higher amount of deduction up to Rs 1 lakh.
It is essential to have the right knowledge about these tax benefits so that one does not face any hassle.
The right investment decision at the right time can help secure your future in the best possible way. Get a health insurance plan today by Care Health Insurance. You can avail tax deduction on the premium you pay, under Section 80D of the Income Tax Act. Visit our official website to choose your health cover.
Disclaimer: The above information is for reference purposes only. The tax exemptions are subject to the rules and regulations of the Income Tax Act of India 1961.
Published on 13 Dec 2024
Published on 13 Dec 2024
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