Section 80D Bare Act Analysis | Deduction For Health Insurance Explained | Income Tax Act

Namaskar Dosto, Aaj is video me hum log Section 80D Of Income Tax Act, 1961 as amended by Finance Act 2017 ko pure detail me discuss karenge. Aur Section 80D ki summary and limits ko bhi summarize karenge.
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Section 80D Income Tax Act, 1961: Section 80D is amended by the Finance Act, 2015. From assessment year 2016-17 onwards the deduction under Section 80D will be available as per the limit specified below:

Individual:
~For self, spouse and dependent children : Rs. 25,000 (Rs. 30,000 if person insured is a senior citizen* or very senior citizen**);
~For parents of the assessee : (Additional) Rs. 25,000 (Rs. 30,000 if person insured is a senior citizen or very senior citizen)
~Medical expenditure if no amount is paid in respect of health insurance-Rs.30,000 (only in case of very senior citizen)
~Aggregate amount of deduction cannot exceed Rs.60,000 in any case

HUF:
~Premium up to Rs. 25,000 (Rs. 30,000 if member insured is a senior citizen or very senior citizen) paid to insure any member of the family.
~Medical expenditure if no amount is paid in respect of health insurance-Rs.30,000 (only in case of very senior citizen)
~Aggregate amount of deduction cannot exceed Rs.30,000 in any case.

*‘Senior citizen’ means an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year.
**‘Very senior citizen’ means an individual resident in India who is of the age of eighty years or more at any time during the relevant previous year.

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