How You Can Claim Tax Deductions on Your Health Insurance Policy

• At the time of purchasing a medical insurance policy, the insurance provider shares an 80D certificate or tax certificate which you can submit while filing an income tax return in order to avail tax benefits on your health insurance.
• However, you must keep in mind that the policy premium must not be paid in cash (to claim a deduction in Income Tax Return).
• In addition, for claiming a tax deduction, the receipt of the paid premium along with A copy of the health insurance policy could be required to be submitted.

It is worth mentioning in this context that tax benefits under Section 80D are in addition to Section 80C tax breaks of up to ₹1.5 lakh. One may choose to spend the available amount for senior citizens’ deduction on medical expenses. In addition, if you pay the health insurance premium at one go, it allows tax benefits for the number of years you are covered under a health insurance policy. know more Click Here

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Created on Jun 13th 2020 02:16. Viewed 340 times.

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