Tax Glossary Definition
Deduction under Section 80D – This deduction is allowed for premiums paid towards health insurance policies for yourself, your spouse, children, and parents. The purpose is to encourage individuals to secure medical insurance coverage, reducing financial burden from health-related expenses.
Example: Premium paid for self, spouse, and children: ₹25,000 Premium paid for parents: ₹25,000 Total deduction claimed under Section 80D: ₹50,000
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