Īn individual (less than 60 years of age) can claim upto Rs 40,000 for the treatment of specified critical ailments. To claim this deduction, you have to submit Form no 10-IA. The tax deduction limit of upto Rs 1.25 lakh in case of severe disability can be availed. You can claim up to Rs 75,000 for spending on medical treatments of your dependents (spouse, parents, kids or siblings)who have 40% disability. (Family includes: Self, spouse, dependent children and parents). Remember, this is not over and above the individual limits as explained above. Preventive health checkup (Medical checkups) expenses to the extent of Rs 5,000/- per family can be claimed as tax deductions. For very senior citizen above the age of 80 years who are not eligible to take health insurance, deduction is allowed for Rs 30,000 toward medical expenditure. The additional tax deduction of Rs 50,000 u/s 80CCD (1b) is over and above this Rs 1.5 Lakh limit.ĭeduction u/s 80D on health insurance premium is Rs 25,000. Kindly note that the Total Deduction under section 80C, 80CCC and 80CCD(1) together cannot exceed Rs 1,50,000 for the financial year 2016-17. The definition of Salary is only ‘Dearness Allowance.’ If your employer also contributes to Pension Scheme, the whole contribution amount (10% of salary) can be claimed as tax deduction under Section 80CCD (2). The 10% of salary limit is applicable for salaried individuals and Gross income is applicable for non-salaried. To claim this deduction, the employee has to contribute to Govt recognized Pension schemes like NPS. The contributions can be upto 10% of the salary (or) Gross Income and Rs 50,000 additional tax benefit u/s 80CCD (1b) was proposed in Budget 2015. The maximum allowable Tax deduction under this section is Rs 1.5 Lakh.Įmployee can contribute to Government notified Pension Schemes (like National Pension Scheme – NPS). Sukanya Samriddhi Account Deposit SchemeĬontribution to annuity plan of LIC (Life Insurance Corporation of India) or any other Life Insurance Company for receiving pension from the fund is considered for tax benefit.SCSS (Post office Senior Citizen Savings Scheme).ELSS Mutual Funds (Equity Linked Saving Schemes).Five year Bank or Post office Tax saving Deposits.
The various investment avenues or expenses that can be claimed as tax deductions under section 80c are as below The maximum tax exemption limit under Section 80C has been retained as Rs 1.5 Lakh only.
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