Section 80 D deduction: Policy should be in whose name?

Section 80 D deduction: Policy should be in whose name?

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Under Section 80D, an individual or a HUF can claim deduction for payments related to medical insurance. But in whose name should the policy be? Let’s understand*

Under Section 80D, an individual or a HUF can claim deduction for payments related to medical insurance. But in whose name should the policy be? Let’s understand*

*Source: Income Tax Dept

But first, let’s look at payments that qualify for deduction under Section 80D

But first, let’s look at payments that qualify for deduction under Section 80D

1. Medical insurance premium paid by an assessee, being individual/HUF by any mode other than cash.

1. Medical insurance premium paid by an assessee, being individual/HUF by any mode other than cash.

2.  Any contribution made by assessee, being individual to CGHS or such other Scheme as may be notified by the Central Government.

2.  Any contribution made by assessee, being individual to CGHS or such other Scheme as may be notified by the Central Government.

3. Sum paid by assessee, being individual on account of preventive health check-up.

3. Sum paid by assessee, being individual on account of preventive health check-up.

4. Medical expenditure incurred by assessee, being individual/HUF on the health of a senior citizen person provided that no amount has for his/her health insurance

4. Medical expenditure incurred by assessee, being individual/HUF on the health of a senior citizen person provided that no amount has for his/her health insurance

As per Income Tax Depr, in case of an individual, deduction is available in respect of health insurance taken in his own name, or in the name his/her spouse, his/her parents and his/her dependent children.

As per Income Tax Depr, in case of an individual, deduction is available in respect of health insurance taken in his own name, or in the name his/her spouse, his/her parents and his/her dependent children. 

This means, you can claim deduction against payments made for health policy taken in your name, or spouse,  dependent children or parents..

This means, you can claim deduction against payments made for health policy taken in your name, or spouse,  dependent children or parents..

In case of HUF, the policy can be taken on the health of any member of such HUF.

In case of HUF, the policy can be taken on the health of any member of such HUF.

Deduction on account of medical expenditure is allowed only when it is incurred on the health of the aforementioned persons who are senior citizens (aged 60 or more during relevant previous year).

Deduction on account of medical expenditure is allowed only when it is incurred on the health of the aforementioned persons who are senior citizens (aged 60 or more during relevant previous year). 

The due date to file ITR for individuals, whose accounts don’t need to be audited, is July 31, 2023.

The due date to file ITR for individuals, whose accounts don’t need to be audited, is July 31, 2023.

Next: Online Filing of Income Tax Return: All Due Dates 2023