How do I claim health insurance tax benefit on 80D?

Hi Sushmita Sinha,

After your health insurance is successfully issued, you can claim the premium amount for deduction under section 80D. There's is option when you file your ITR under deductions options

Maximum limit is upto Rs 75000/- under the section, if you are below 60 years, upto Rs. 25000/- can be availed for deduction

You can avail for your parents too, if they are below 60 years, Rs. 25,000/- and beyond 60, Rs. 50,000/- is the upper limit, it is inclusive of health check up benefits as well

You can claim a tax benefit for your health insurance premiums under Section 80(80D) of the Income Tax Act. To do so, follow these steps:

Purchase a health insurance policy: First off, to claim the tax benefit, you must have a valid health insurance policy. The policy can be for your spouse, children, or any of your dependents.

Keep all relevant documents: You must provide proof of payment of premiums and policy details when filing your tax return. Keep all receipts, invoices, and policy documents handy.

Calculate the tax benefit: The tax benefit under Section 80D is calculated based on the premiums paid and the policyholder's age. For individuals below 60, the tax benefit is up to INR 25,000 for self, spouse, and children and an additional INR 25,000 for parents (whether dependent or not). For individuals aged 60 years or older, the tax benefit is up to INR 50,000 for self, spouse, and parents.

Claim the tax benefit: When filing your tax return, include the tax benefit under Section 80D in your deductions. You can claim the benefit using the online or offline tax filing process.

You don't need to be a certified chartered accountant (CA) to claim a tax benefit for your health insurance premiums. As long as you have a valid health insurance policy and the necessary documentation, you can claim the tax benefit yourself when filing your tax return. However, if you are unsure about the process or have complex tax circumstances, you may seek assistance from a CA or other tax professional.