Additional deduction for health insurance premium paid for parents
According to the new proposed budget (2008-2009), an individual can now claim an additional deduction of upto Rs 20,000, under section 80D of Income Tax Act, for medical insurance premium paid for his/ her parent(s). (This deduction is over and above the existing Rs 15,000 for premium paid on medical insurance for self and dependent family.)
Also, the parent(s) need not be a dependent. (If the parent(s) is not a senior citizen, he gets a deduction of Rs 15,000).
In short, an individual assessee can now avail a total deduction of up to Rs 35,000 under Section 80D!
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You can now gift a health policy to your parents and qualify for an additional tax benefit on premium of up to Rs 20,000!
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