Section 80DDB tax benefits for specified illnesses: 5 things to know
1.Section 80DDB offers a beneficial tax deduction for medical expenses for treatment of specified diseases.2.Cancer, dementia, motor neuron diseases, Parkinson’s disease, AIDS, and chronic renal failure are among the specified ailments.
3.This deduction can be claimed by resident Indians for themselves, spouse, dependent children, dependent parents or dependent siblings.
4.The deduction is up to Rs.40,000 or the actual amount paid (whichever is less) for patients under 60 and Rs.1 lakh or actual amount (whichever is less) for patients 60 and above.
5.If the patient is insured, the amount that is paid by the insurer or reimbursed by an employer has to be reduced from the actual payments for calculating the amount for eligible deduction.
Content on this page is courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.
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This story originally appeared on: India Times - Author:Faqs of Insurances
