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Medical Expenses / medical premium for senior citizen
- Higher Exemption Limit
- Qualifying age for Senior Citizens has been reduced from 65 years to 60 years From F.Y. 2011-12
- From A.Y. 2015-16 exemption limit for Senior Citizens has been enhanced from Rs. 2,50,000 to Rs. 3,00,000.
- Further, those who are 80 years and above will be eligible for a higher exemption limit of Rs. 5,00,000 from A.Y. 2012-13. They are called as Super Senior citizen.
- Section 80D Tax benefits onmedical insurance
2.1. A senior citizen can avail of higher deduction of Rs 20,000 (Rs. 30,000/- from A.Y. 2016-17).
2.2. With effect from A.Y. 2016-17 Any payment made on account of medical expenditure in respect of a very senior citizen as does not exceed thirty thousand rupees shall be allowed as deduction under section 80D. There is one condition that expenses of medical is available only if no payment has been made to keep in force an insurance on the health of such person,
- Section 80DDB for Senior Citizens and Super Senior Citizens
4.1. Section 80DDB provides deduction up to Rs 40,000 (deduction of Rs 60,000 if the patient is a senior citizen) to an assessee in case of expense on medical treatment of specified ailments.
4.2. From A.Y. 2016-17 higher limit of deduction of upto eighty thousand rupees is allowable, for the expenditure incurred in respect of the medical treatment of a “very senior citizen”.