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Introduction From supporting the maternal duties to establishing the sacred emotional bond with the child, maternity leave in workplaces is necessary for every soon-to-be mother. The Maternity...

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Introduction From supporting the maternal duties to establishing the sacred emotional bond with the child, maternity leave in workplaces is necessary for every soon-to-be mother. The Maternity...

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Can I Get Health Insurance for a New Born Baby

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Can I Get Health Insurance for a New Born Baby

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When was the last time you went for a preventive health check-up? If you cannot recall, you are not alone. Many of us neglect our health until...

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When was the last time you went for a preventive health check-up? If you cannot recall, you are not alone. Many of us neglect our health until...

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GST on Health Insurance: Key Changes Every Policyholder Must Know | Generali Central

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GST on Health Insurance: Key Changes Every Policyholder Must Know | Generali Central

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Who is eligible to claim tax deductions?

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Eligibility for Tax Deductions

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NOTE: An HUF (Hindu Undivided Family) is eligible for a deduction under Section 80D if they have taken medical insurance for any of their members. The amount of the deduction depends on the age of the insured member. If the member is below 60 years, the deduction is INR 25,000. If the insured member is 60 years or older, the deduction is INR 50,000.

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· Hindu undivided families (HUFs): HUFs can claim a tax deduction on the premium paid for health insurance policies covering any family member. The maximum limit for tax deduction is Rs. 25,000 per annum for HUFs with members below the age of 60 years and Rs. 50,000 per annum for HUFs with members above the age of 60 years.

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Section 80D of Income Tax is an important provision for claiming health insurance tax benefits for individuals and families (including Hindu Undivided families, i.e., HUF). It provides premium tax benefits on the amount an individual or a family spends on medical expenses and health insurance premiums. Whether buying an individual plan or a family floater plan , you can take advantage of tax benefits. This article will help you understand how to claim the tax benefits under Section 80D of Income Tax and how to maximise your savings. For ease of understanding, the article has been classified under the following:

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Under Section 80D of the Income Tax Act, individuals and Hindu Undivided Families (HUFs) are eligible for tax deductions for health insurance premiums. The eligibility criteria vary based on the taxpayer's age and the policy type. Here's a breakdown of the eligibility criteria:

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Under section 80D, you can claim tax deductions on any medical insurance premiums you've paid for yourself, your spouse, your parents, and your dependent children. Both individuals and Hindu Undivided Families (HUFs) can claim this deduction. The limit varies depending on the age of the insured. If the insured are under the age of 60, you're entitled to a deduction of INR 25,000 for yourself (spouse and children included). With an additional INR 25,000 available for insurance premiums paid for your parents. If any of the insured is over 60 age, you can claim a deduction of INR 50,000 instead of INR 25,000.

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· Individual taxpayers: Individuals can claim a tax deduction on the premium paid towards health insurance policies for themselves, their spouse, and dependent children. The maximum limit for tax deduction is Rs. 25,000 per annum for taxpayers below 60 years and Rs. 50,000 per annum for taxpayers above 60 years.