TaxTMI 
TaxTMI 
Deduction in respect of health insurance
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....f the parent or parents of the 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 c....
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....r of which is one and the denominator of which is the total number of relevant previous 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....
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.... him by cheque" 3. Substituted vide Section 26 of the Finance Act, 2007 w.e.f. 01-04-2008 before it was read as, "ten" 4. 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" 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-....
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....t parents or dependent children of the assessee; (b) where the assessee is a Hindu undivided family, any sum paid to effect or to keep in force an insurance on the health of any member of the family : (c) ^10[****] ^11[Provided that such insurance shall be in accordance with a scheme framed 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).]] ^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 Financ....