Ever wonder what 80D deductions could save you? We've put together this handy tool that gives you an estimate of what your deductions could be. Find out what percentage of your income is tax-deductible. Compute 80D tax deductions now!
Section 80D allows individuals and Hindu Undivided Families (HUF) to claim deductions on certain expenses from their taxable income. A person can claim deductions on the cost of health insurance and the cost of a preventative health examination for themselves, their spouse, their dependent children, and their parents. This is subject to the limitations and circumstances set out in Section 80D of the Income Tax Act of 1961.
| Persons Covered | Exemption Limit | Health check-up exemptions | Total |
|---|---|---|---|
| Self and family | ₹25,000 | ₹5,000 | ₹25,000 |
| Self and family + parents | ₹(25,000 + 25,000) = ₹50000 | ₹5,000 | ₹55,000 |
| Self and family + senior citizen parents | ₹(25,000 + 50,000) = ₹75,000 | ₹5,000 | ₹80,000 |
| Self (senior citizen) and family + senoir citizen parents | ₹(25,000 + 50,000) = ₹75,000 | ₹5,000 | ₹80,000 |
Assume you're 60 years old and paying Rs.32,000 yearly premium for your and your family’s health insurance. Aside from that, you're paying Rs.35,000 health premium for your parents' coverage, who are 80 years old. In such a scenario, you can obtain the following deductions under Section 80D:
Tax2win Section 80D calculator helps you calculate the deductions that you can avail on the insurance policies for which 80D deductions are applicable.
To use the calculator, follow these steps:
In order to help you handle the complicated process of tax time, we have created an 80D deduction calculator that can help you save money on taxes. The 80D deduction calculator will automatically calculate tax deductions that you can claim based on your investment.
Individuals and HUF taxpayers are the only ones who can claim deductions under section 80D; therefore, only those individuals and HUFs who have purchased insurance for Self, Spouse, Dependant children, and/or Parents can use this calculator for calculating the deductions they are entitled to.
Section 80D allows you to claim deductions on the cost of health insurance premiums as well as the cost of a preventative health examination.
The deduction limit under Section 80D for a person under the age of 60 is up to INR 25,000. The '25,000 limit includes a Rs 5,000 preventive health examination. If the insured is above 60 years old, the deduction limit is increased to INR 50,000.
Yes, tax2win 80D deduction calculator is totally safe to use. The data you enter here is not stored and not shared with anyone.
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