Deduction in Respect of Medical Insurance .

Deduction in Respect of medical insurance premium [ sec 80 D]

Eligible assessee: Individual and HUF

Deductible amount: 

The maximum deductible amount is Rs. 10,000, or actual amount paid whichever is less (in case of senior citizen it is Rs. 15000).

Certain conditions:

i. Premium must be paid by cheque (cash not allowed)
ii.The medical insurance scheme of GIC or any other scheme approved by the central government or IRDA.
iii. Insurance on his health or on the health of his spouse or parents of dependent children .

Deduction in respect of maintenance including medical treatment of a handicapped dependent (sec. 80DD)

Eligible assessee : Resident Individual and HUF.

Quantum of Deduction : 

For disability fixed sum of 50,000 irrespective of the amount incurred or depositsd further in case of a dependent with severe disability (80% disability or more) the deduction shall be 75,000.
Deduction in respect of medical treatment, etc. (Sec. 80 DDB)
Eligible assessee : Individual and HUF

Deductible amount: 

i. Amount paid or Rs. 40,000, whichever is less .
ii. Where the payment is in relation to a senior citizen the deduction shall be amount paid or Rs. 60,000, whichever is less.

Specified diseases: 

Neurological diseases, cancer, AIDS, chronic renal failure, Hemophilia etc.