Tax eligibility in the case of insurance premium paid for Parents

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 … Read More » "Tax eligibility in the case of insurance premium paid for Parents"

Tax benefits on Medical Insurance Premium – section 80D

Medical or health insurance plan of general insurance companies works on the principle of reimbursement of your hospitalization expenses. If you have invested in any of such health insurance policy then you can claim tax deduction under section 80D of income tax act, 1961. Eligibility to claim tax deduction under section 80D An individual like … Read More » "Tax benefits on Medical Insurance Premium – section 80D"