Health insurance premium deduction for individuals and HUFs allows higher limits for senior citizens and parental cover. Deduction is allowed for amounts actually paid by an individual or a Hindu undivided family to effect or maintain health insurance for specified persons, ... Summary
Health insurance premium deduction for individuals and HUFs allows higher limits for senior citizens and parental cover.
Deduction is allowed for amounts actually paid by an individual or a Hindu undivided family to effect or maintain health insurance for specified persons, subject to aggregate limits that are higher for senior citizens. An individual may claim a further deduction for premiums paid for parents' health insurance with similar senior-citizen and other limits. The insurance must conform to a scheme framed by an insurer and approved by the Insurance Regulatory and Development Authority. "Specified person" includes the individual, spouse, dependent child and any member of the Hindu undivided family.
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