Taken Medical Insurance Policy? Know how you can claim income tax deduction for the premium paid? Min deduction is Rs. Rs.15,000. Maximum Deduction - Rs.40,000.

1. Medical Insurance Premium
AY 2012-13
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2. Health Insurance Premium
• Who is eligible to claim this deduction?
• If you are assessed as an,
– Individual or
– HUF,
then you can claim this deduction.
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3. Health Insurance Premium
• Is there any conditions?
• The insurance scheme should be framed by,
– General Insurance Corporation of India approved
by the Central Government, or
– Any other insurer and approved by the Insurance
Regulatory and Development Authority (IRDA)
• Your premium should not be paid by Cash.
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4. Health Insurance Premium
• In whose name the policy should be taken?
– If you are Individual, the health insurance policy
can be taken for,
• You,
• Your spouse,
• Your Dependent Parents, and
• Your children.
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5. Health Insurance Premium
• In whose name the policy should be taken?
– If you are assessed as HUF, insurance taken on the
health of any member of the family is eligible for
deduction.
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6. Health Insurance Premium
• How much deduction can be claimed?
– Least of the following can be claimed as
deduction.
• Actual Contribution, or
• Rs.15,000.
– However, if it includes policy on senior citizen, the
total ceiling is raised to Rs.20,000.
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7. Health Insurance Premium
• In case if you are assessed as an Individual,
– the deduction can be availed for two separate
insurance policies.
• One policy for yourself, your spouse and your
dependant children, and
• Another one policy for your dependant Parents.
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8. Have Questions related to Income tax
deductions?
• Ask Us @ Accounting-n-Taxation.Com
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