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Change in Tax Deductions on Health Insurance
Tax

Section 80D: Deduction for Medical / Health Insurance

Even the government wants us to buy more health Insurance which is very evident from the fact that health insurance tax deduction limits have been increased from the financial year 2015-16. This is also done keeping in mind the ever rising cost of medical treatments.

Health Insurance tax exemption changes are as follows

For the financial year 2014-15 - Deduction was available up to Rs. 15,000/- to an Individual for health insurance for self, spouse and dependent children. An additional deduction for insurance of parents (father or mother or both) was available to the extent of Rs. 20,000, if parents are more than 60 years old. Therefore, the maximum deduction available under this section was to the extent of Rs. 35000.

For the financial year 2015-16 – Deduction for immediate family was raised from Rs 15,000 to Rs 25,000. The deduction for senior citizens was raised from Rs. 20,000 to Rs. 30,000.

This essentially means that the earlier limit of Rs. 35000 is now Rs. 55000, under section 80D.

More security and more tax savings.

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