Section 80D of the income tax allows individuals and HUFs (Hindu Undivided Family) to claim a deduction for the amount paid towards medical expenditures (Medical Insurance premium, Medical Expenditure, Preventive Health Checkup).
An Individual or HUF can claim a deduction of ₹25,000, and claim an additional deduction of ₹25,000 if the parents are <60yrs. If the parents are >60yrs, then the additional deduction increases to ₹50,000.
Adding deductions under Section 80D,
If you had to pay expensive medical bills for you or your parents, then its time to claim some deductions on it,
- Navigate to Save > Begin/Edit > Deductions > Add/Proceed.
- Select Section 80D and click on Proceed.
- Add the medical insurance premium paid for Self and Parents.
- Once you have added the amounts correctly, click on Save.
You can add Health Expenditure incurred in case of Senior Citizens(>60yrs).
Want to see the deductions that you just added? Go to the summary view under, Tax Situation > Deductions.