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of <h1>Income Tax Bill 2025: Clause 126 Offers Tax Deductions for Health Insurance, Medical Expenses, and Senior Citizens' Benefits</h1> Clause 126 of the Income Tax Bill, 2025, allows individuals and Hindu undivided families to deduct certain health insurance and medical expenses from their taxable income. Individuals can deduct up to INR 25,000 for health insurance and preventive check-ups for themselves and their family, and an additional INR 25,000 for their parents. Medical expenses for family members and parents can be deducted up to INR 50,000 each. For senior citizens, the deduction limit increases to INR 50,000. Payments must be made by specified modes, with cash allowed only for preventive check-ups. Health insurance must be approved by designated authorities.
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