By making use of the provisions of Section 80D of the Income Tax Act, you can save money on taxes in
India with a cancer care policy. How you can profit from tax savings is explained in full below:
Tax Deduction for Premiums
You are entitled to a tax deduction for the premiums you have paid for your cancer insurance
policy. If you are under 60 years old, you are eligible for a deduction of up to Rs. 25,000, and
if you are over 60, you are eligible for a deduction of up to Rs. 50,000. This deduction is
available for you, your spouse, your children, and your parents.
Additional Deduction for Senior Citizens
You are eligible for an additional deduction of up to Rs. 50,000 if you are a senior citizen and
you are paying premiums for your parents, who are also senior citizens. This means you can claim
a total deduction of up to Rs. 1,000,000 for senior citizen parents' health insurance.
Aggregate Deduction
There are some restrictions on the overall deduction allowed by Section 80D. The maximum
deduction for individuals under the age of 60 is Rs. 25,000 (Rs. 50,000 if both parents are
senior citizens). The maximum deduction for seniors is Rs. 1,000,000 (Rs. 1,000,000 if both
parents are seniors).
Family Coverage
You can utilize the tax benefit to provide coverage for any member of your family, including your
spouse, kids, and parents who are dependent on you. To qualify for the deductions, make sure the
premiums were paid out of your taxable income.
Medical Exam
In accordance with Section 80D, you may additionally deduct up to an additional Rs. 5,000 for
routine medical exams for you, your loved ones, and your parents.
Keep in mind that you will need these records to prove your deductions, including premium payment
receipts and policy information. For correct information and to ensure compliance with the current
tax laws, it is always advised to speak with a tax expert or check the most recent tax regulations.
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