Tax deduction is a topic which covers a number of issues. Some of these issues are related to a person’s medical conditions. For example, if you or one of your family members is receiving treatment, then taxing you as much as a regular person will burden you financially. So, to ease the burden on your, the Income Tax Act has several sections that can help you in this regard. Today, we bring you a compilation of all those sections and tell you how you can avail medical tax deductions. Keep reading.
Medical Tax Deductions – Applicable Sections
The Section 80D is a crucial section for you as it helps you avail medical tax deductions when you buy health insurance for you or your family. In case you buy medical insurance for you parents who are over 60 years old, the premium for which you can claim deduction is higher. Recently, this section was amended to include parents who are over 80 years old. For them , the applicable bit is the same as in the case of parents over 60 years old.
In case you have a handicapped dependent who is receiving treatment, this is the section under which you can claim medical tax deductions. This section also covers the payments you make towards a scheme that pays for handicapped dependent’s treatment. However, the amount for which you can claim deduction has two conditions and varies accordingly. The amount is lower for those whose disability is between 40-80 per cent while the amount is higher for those disabled beyond 80 per cent.
In case you are spending money on yourself or a dependent’s medical treatment, this section can help you. Certain diseases have been mentioned in Rule 11DD of the Income Tax Act. If you or your family member has those diseases, this section will help you claim deductions.
This section is relevant for you if you are the one suffering from a disability. To claim medical tax deductions, you must either be suffering physical disability or server disability. In case of physical disability or sever disability, you can claim deductions.
Claiming medical tax deductions is not an easy task. There are a number of rules put in place to ensure the benefit of only the needy folk. If you are one such person or know any such person, do share this piece with them. It can help them reduce their financial burden, which is just what they may need.