Tax Deductions for Medical Expenses in India 2024
Tax Deductions for Medical Expenses in India: A Comprehensive Guide for 2024
Medical expenses can be a significant financial burden for many individuals. However, the Indian Income Tax Act offers several tax deductions to alleviate this burden. This article provides a comprehensive overview of the tax deductions available for medical expenses in India for the year 2024.
Deductions Under Section 80D
Section 80D of the Income Tax Act provides deductions for medical insurance premiums and expenses incurred for the treatment of specified diseases.
Deductions for Individuals and HUFs:
Medical Insurance Premiums:
Self, Spouse, and Dependent Children: Up to ₹25,000 for self, spouse, and dependent children.
Parents: Up to ₹25,000 for each parent.
Medical Expenses:
Self, Spouse, and Dependent Children: Up to ₹50,000 for treatment of specified diseases.
Parents: Up to ₹50,000 for each parent.
Deductions for Senior Citizens:
Medical Insurance Premiums:
Self and Spouse: Up to ₹50,000 for self and spouse.
Medical Expenses:
Self and Spouse: Up to ₹1 lakh for treatment of specified diseases.
Deductions for Persons with Disabilities:
Medical Insurance Premiums:
Self and Spouse: Up to ₹50,000 for self and spouse.
Medical Expenses:
Self and Spouse: Up to ₹1 lakh for treatment of specified diseases.
Deductions Under Section 80DD
Section 80DD provides deductions for expenses incurred on the treatment and rehabilitation of persons with disabilities.
Deductions for Individuals and HUFs:
Expenses Incurred on Treatment:
Severe Disability: Up to ₹75,000.
Moderate Disability: Up to ₹50,000.
Expenses Incurred on Rehabilitation:
Severe Disability: Up to ₹1.25 lakh.
Moderate Disability: Up to ₹75,000.
Deductions Under Section 80DDB
Section 80DDB provides deductions for expenses incurred on the treatment of specified diseases.
Deductions for Individuals and HUFs:
Expenses Incurred on Treatment:
Specified Diseases: Up to ₹80,000 for self, spouse, and dependent children.
Specified Diseases (Severe Cases): Up to ₹1.25 lakh for self, spouse, and dependent children.
Note: The specified diseases eligible for deductions under Section 80DDB include diseases such as AIDS/HIV, cancer, neurological diseases, and certain rare diseases.
It's essential to consult with a tax professional to ensure that you are claiming the maximum deductions available to you. By understanding the various tax deductions for medical expenses, you can significantly reduce your taxable income and save on taxes.
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