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Section 80D in Respect to Health Insurance Premiums, Plus Automatic Form 16 Part B and Part A&B for FY 2014-15

Download Automated Form 16 Part A&B and Part B for the Financial Year 2014-15 [ This Excel Utility can prepare One by One Form 16 ]


Deduction under Section 80D is available as per the provisions of the Income tax Act, 1961.

Que 1 ) How is eligible for medical Insurance Premium?
Individuals and Hindu Un-divided Family (HUF) only

Que 2 What  is Mode of Payment allowed for Medical Insurance Premium?
Ans : The Medical Insurance premium can be paid by any mode of payment other than cash.

Que 3) What is maxmium  Deduction available under section 80D of Income tax Act? –
Ans: For individuals less than 60 years of age, amount of health insurance premium paid or Rs. 15,000, whichever is lesser.
For senior citizens above 60 years, amount of health insurance premium paid or Rs. 20,000, whichever is lesser.

Que 4) : Who can be covered under section 80D? 
Ans: For an individual: Premium paid for insuring the health of the individual, his or her spouse, parents and children.

For a HUF: Premium paid for insuring the health of any member of the family.
Que 5): Are parent and parent in law covered under section 80D?
Ans: No, parents and parents in Law are not covered under section 80D .

Que 6) : Is premium paid for dependent children allowed?
Ans: Children above 18 years, if employed, can not be covered.
Male children, if not employed, but a bonafide student can be covered upto age of 25 years.
Female children, if not employed, can be covered until the time she is married.

Que 7) :  I have already contributed under section 80C, Can i still claim 80D benefit?
Ans: Yes , you can claim full benefit of  section 80 C (Rs 100,000/- ) as well as of section 80D.
Que 8 ) :  We have one mediclaim policy and me and my father both are paying 50% payment. Can we both claim 80D benefit?
Ans: Part payment of premium is allowed. Both of , you can avail the deduction for the amount contributed by you and your parents too could avail deduction for their contribution.

Que 8 ) :  What is the limit for Preventive Health Check-up ?
Ans: Limit of  Preventive Health Check-up is Rs 5000/-. 
Payment  for Preventive Health Check-up can made by an assessee for self, spouse, dependent children or parents(s) during the year

Preventive Health Check-up payment can be made by any mode including cash.
Please note this limit of Preventive Health Check-up of Rs 5000 is within total limit of Rs 15000/- allowed under medical insurance under section 80D.
It means that if assessee pays medical insurance of Rs 11000 and Preventive Health Check-up of Rs 5000/- for self/ spouse/ or childre then he will be allowed Rs 15000/- only.

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