Medical expenses could sometimes take a toll on our finances. But what if you could claim tax benefits on these expenditures? In this video, we’ll explore how health-related expenses can help you save on taxes at the end of a financial year.
Join us as we walk you through various sections of the Indian Income Tax Act that could provide valuable tax benefits to ease this impact. For example, Section 80D allows deductions for health insurance premiums paid for yourself, your spouse, children, and parents. For individuals under 60, the deduction limit is ₹25,000, and if covering senior citizen parents, this extends to ₹50,000.
We’ll also explore Section 80DD, which covers deductions for the treatment and rehabilitation of dependents with disabilities, with maximums of ₹75,000 (or ₹1,25,000 for severe disabilities). Next, you’ll understand the nuances of Section 80DDB. This applies to treatment expenses for specific diseases such as cancer and chronic renal failure, with a maximum deduction of ₹40,000 (₹1,00,000 for senior citizens).
Lastly, we'll also discuss ways to optimise these tax benefits. Common steps include regular health check-ups, maintaining documentation of medical expenses, etc.
By planning your health expenses, you can secure your financial and physical well-being. Stay tuned for more insights on financial wellness!
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