5.5.6 Deduction in respect of for health insurance premia paid, etc. (Section 80D)
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Sl. No.
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Persons for whom payment made
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Nature of payment
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Mode of payment
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Allowable Deduction (in Rs.)
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1
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Employee or his family
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♦ the whole of the amount paid to effect
or to keep in force an insurance on the health of the employee or his family or
♦ any contribution made to theCGHS
or
♦ any payment on account of preventive
health check-up of the employee or family, [restricted to Rs. 5000/-; cash payment allowed here] |
any mode other than cash
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Aggregate allowable is Rs. 15,000/{For Senior Citizens it
is Rs. 20000/-}. |
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2
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Parent or Parents of employee
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♦ the whole of the amount paid to effect
or keep in force an insurance on the health of the parent or parents of the employee or
♦ any payment made on account of
preventive health check-up of the parent or parents of the employee [restricted to Rs. 5000/-; cash payment allowed here] |
any mode other than cash
|
Aggregate allowable is Rs. 15,000/ than {For Senior
cash Citizens it is Rs. 20000/-} |
Here
(i) “family” means the spouse and dependent children of the employee.
(ii) Senior citizen” means an individual resident in India who is of the age of sixty years {For AY 2013-14 onwards] or more at any time during the relevant previous year.
(a) the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalization) Act, 1972 (57 of 1972) and approved by the Central Government in this behalf; or
(b) any other insurer and approved by the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999(41 of 1999).
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