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What is the tax benefit available on purchase of Health Insurance?

23

Dec, 2010

What is the tax benefit available on purchase of Health Insurance?

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It’s common knowledge that buying health insurance helps you to save tax. Under Section 80D of the Income Tax Act 1961, you can get a maximum tax benefit of Rs.15000 on health insurance premium paid. The exemption limits are as follows: An individual can avail an annual deduction of Rs. 15000 from taxable income for health insurance premium paid for self and dependents. ‘Dependents,’ in this case, refers to spouse and children. In the case of senior citizens (aged 56 years and above), the annual deduction from taxable income goes […]

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