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Every year at this time, people start talking about taxes and investments that can reduce their taxable income. And it’s crucial that you only use legal ways while trying to lessen your tax burden. Elephant.in can help with that.

In this article, we have outlined a legal strategy you may use to not only reduce your tax burden but also create a sizeable fund for you and your family’s health emergencies.

One of the legal tax-saving avenues is Section 80D of the Income Tax Act, which allow you to get tax benefits on health insurance premium(s) paid from your income up to a limit of ₹ 1,00,000. Let us understand this Section in detail.

Health Insurance Tax Benefit in India

Under Section 80D, you can avail income tax deductions against healthcare-related expenses and payment of health insurance premium. The amount of tax deductions that you can claim under Section 80D depends on the number of people included under the health insurance coverage as follows:

  • A policy that covers individual, spouse, and children (no member is a senior citizen) – a maximum of ₹ 25,000
  • A policy that covers individual, spouse, and children + parents who are not senior citizens – a maximum of ₹ 50,000
  • A policy that covers individual, spouse, and children + parents who are senior citizens – a maximum of ₹ 75,000
  • A policy that covers individual, spouse, and children where you or your spouse is a senior citizen + parents who are senior citizens – a maximum of ₹ 1,00,000
  • Section 80D also covers payment made for preventive health check-ups, critical illness life insurance plan and other health-related riders provided under a life insurance policy.

It’s almost the end of the third quarter of the current financial year and is the right time to start planning your investments for the year and save some of your hard-earned tax money.

You can visit Elephant.in to choose your preferred insurance company, compare various plans and buy the one that best fits your requirements.

Tax Disclaimer: Tax benefits are defined by the Income Tax Act of 1961 and are subject to any future changes. It is suggested that you consult with a tax consultant.

Source: https://incometaxindia.gov.in/

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