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Income Tax Deduction for Health Insurance Premium





1 Investments made towards payment of health insurance premiums qualify for a tax deduction under Section 80D of the Income Tax Act. The limits have been increased for FY 2015-16.

2 Individual assessees can claim deduction for premiums paid towards health insurance of self, spouse, parents and children. HUF can claim deduction for insuring the health of any member of the HUF.

3 The deduction that can be claimed by an assessee is up to `25,000 for health insurance premium paid for self, spouse and dependent children if under the age of 65 and `30,000 if above the age of 65 years.

4 A further deduction of `25,000 could be claimed, for buying health insurance policy for parents of the assessee. It is `30,000 if either of the parents is a senior citizen.

5 The service tax paid on the medical insurance premium is not allowed as a deduction.

Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015

1.ICICI Prudential Tax Plan

2.Reliance Tax Saver (ELSS) Fund

3.HDFC TaxSaver

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.IDFC Tax Advantage (ELSS) Fund

9.Axis Tax Saver Fund

10.BNP Paribas Long Term Equity Fund

You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds

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