TaxTMI 
TaxTMI 
Deduction in respect of health insurance
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.... assessee 17[or any payment made on account of preventive health check-up of the parent or parents of the assessee] as does not exceed in the aggregate 20[twenty-five thousand rupees]. 22[(c) the whole of the amount paid on account of medical expenditure incurred on the health of the assessee or any member of his family as does not exceed in the aggregate 28[fifty thousand rupees]; and (d) the whole of the amount paid on account of medical expenditure incurred on the health of any parent of the assessee, as does not exceed in the aggregate 28[fifty thousand rupees]: Provided that the amount referred to in clause (c) or clause (d) is paid in respect of a 29[****] senior citizen and no amount has been paid to effect or to keep in force an insurance on the health of such person: Provided further that the aggregate of the sum specified under clause (a) and clause (c) or the aggregate of the sum specified under clause (b) and clause (d) shall not exceed 28[fifty thousand rupees].] Explanation.-For the purposes of clause (a), "family" means the spouse and dependant children of the assessee. 17[(2A) Where the amounts referred to in clauses (a) and (b) of sub-section (2) are paid on ....
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....s years; (ii) "relevant previous year" means the previous year beginning with the previous year in which such amount is paid and the subsequent previous year or years during which the insurance shall have effect or be in force. (5) The insurance referred to in this section shall be in accordance with a scheme made in this behalf by- (a) the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) and approved by the Central Government in this behalf; or (b) any other insurer and approved by the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).] 27[Explanation.-For the purposes of this section,- (i) "senior citizen" means an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year; (ii) 35[****] **************** NOTES:- 1. Inserted vide Section 3 of the Income-tax (Amendment) Act, 1986 w.e.f. 01-04-1987 Earlier, Inserted vide Third Schedule of the Finance (No. 2) Act, 196....
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....o. 2) Act, 1996 w.e.f. 01-04-1997 before it was read as, "six" Earlier, Substituted vide Section 44 of the Finance Act, 1992 w.e.f. 01-04-1993 before it was read as, "three" 5. Substituted vide Section 26 of the Finance Act, 2007 w.e.f. 01-04-2008 before it was read as, "ten" 6. Substituted vide Section 24 of the Finance (No. 2) Act, 1996 w.e.f. 01-04-1997 before it was read as, "six" Earlier, Substituted vide Section 44 of the Finance Act, 1992 w.e.f. 01-04-1993 before it was read as, "three" 7. Inserted vide Section 40 of the Finance Act, 1999 w.e.f. 01-04-2000 8. Substituted vide Section 26 of the Finance Act, 2007 w.e.f. 01-04-2008 before it was read as, "ten" 9. Substituted vide Section 26 of the Finance Act, 2007 w.e.f. 01-04-2008 before it was read as, "fifteen" 10. Omitted vide Section 50 of the Finance Act, 1994 w.e.f. 01-04-1987 before it was read as, "(c) where the assessee is an association of persons or a body of individuals consisting, in either case, only of husband and wife governed by the system of community of property in force in the U....
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....the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) and approved by the Central Government in this behalf; or (b) any other insurer and approved by the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).]] 12[Explanation.-For the purpose of this section, "senior citizen" shall have the meaning assigned to it in the Explanation to section 80DDB.] 14. Inserted vide Section 25 of the Finance Act, 2010 w.e.f. 01-04-2011 15. Substituted vide Section 26 of the Finance Act, 2012 w.e.f. 01-04-2013 before it was read as, "other than cash," 16. Inserted vide Section 26 of the Finance Act, 2012 w.e.f. 01-04-2013 17. Inserted vide Section 26 of the Finance Act, 2012 w.e.f. 01-04-2013 18. Substituted vide Section 26 of the Finance Act, 2012 w.e.f. 01-04-2013 before it was read as, "sixty-five years" 19. Inserted vide Section 14 of the Finance Act, 2013 w.e.f. 01-04-2014 20. Substituted vide Section 19 of the Finance Act,....