Income Tax Deduction for life insurance premium is available under section 80C of IT Act, 1961. Under this section premium paid to ensure your life, life of your spouse and any of your child is eligible for income tax deduction up to a maximum of Rs. 1, 00, 000. As no specific deduction is available for parents under section 80C, the taxpayer will not be eligible for income … [Read more...] about Tax eligibility in the case of insurance premium paid for Parents
medical insurance premium
Tax benefits on Medical Insurance Premium – section 80D
Medical or health insurance plans of general insurance companies work on the principle of reimbursement of your hospitalization expenses. If you have invested in any of such health insurance policies then you can claim tax deduction under section 80D of income tax act, 1961. An individual like a salaried person, or a self-employed person, or any other individual is … [Read more...] about Tax benefits on Medical Insurance Premium – section 80D