The deduction under Sec 80D is also available to
taxpayers who buy health insurance for their parents.
If you include your parents in your family floater plan,
the deduction limit goes up to Rs. 50,000 (Rs. 25,000 + Rs. 25,000) in FY
2015-16.
If even one of them is a senior citizen, the deduction
limit will be Rs. 55,000 (Rs 25,000 + Rs. 30,000).
Senior citizen taxpayers can maximize the income tax
deduction when they buy a floater cover.
A cover for a senior citizen couple is about.Rs. 35,000
to Rs.40,000 a year.
In case premium is very high & both spouses have
income, it will be wise to buy separate covers. This will not only give them
better coverage but will help them save more income tax as the deduction limit
will go up to Rs. 60,000.
"Under tax laws, the proposer, or / the person who
pays the premium, of the policy gets the deduction. So, unless you buy separate
covers for yourself & spouse the deduction limit stays at Rs. 30,000,"
says Mr. Sudhir Kaushik, CFO and Co-founder, Taxspanner.com. But, this should
be done only if both spouses have taxable income. Otherwise, a simple floater
cover might be more beneficial.
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