Tax Benefits: Even after the completion of the 80C limit, you can take a rebate of up to one lakh, know what is the way

Tax Benefits: Even after the completion of the 80C limit, you can take a rebate of up to one lakh, know what is the way

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new Delhi. One and a half months is left for the end of the current financial year 2021-22. If till now you have not adopted all the ways to save tax, then it is better to get this work done as soon as possible. If you have fully utilized the maximum limit of Rs 1.5 lakh under section 80C of the Income Tax Act to save tax, then you can also take advantage of tax exemption under section 80D.

Additional tax benefit is available on the premium paid for a health insurance plan under section 80D of Income Tax. Through the provisions of this section, you can claim tax exemption up to Rs.1 lakh on health insurance premium for you and your parents.

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One chance even after the limit is over
Insurance and investment advisor Manoj Sweety Jain says that even if you have used the full limit of 80C, you still have a chance of saving tax up to one lakh rupees. She says that a person below 60 years of age gets a tax exemption of up to Rs 25,000 on health insurance premium. The limit is Rs 50,000 for people of age 60 years or more.

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Understand the math of savings
They say that if the taxpayer is below 60 years of age and buys a health insurance policy for himself and his parents who are above 60 years of age, then one can save up to Rs 75,000 on premiums. If the taxpayer is above 60 years of age, then he can save tax up to Rs 1 lakh on health insurance premium for himself and his parents.

Don’t buy policy just for tax saving
Individual policies or mediclaims under section 80D, family floater plans, critical illness policies, health riders of life insurance plans and other variants of health insurance can avail tax benefits on health cover plans. However, experts believe that health insurance plans should not be bought just because of the tax benefits, but the benefits of these policies are even bigger.

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Take a health policy for the whole family
Experts say that the expenditure on health is increasing continuously. Hospitalization can prove to be very costly. In such a situation, it is necessary that adequate cover is taken for this through health insurance policy. This will not end your money saved on such critical occasions. No need to take loan. In this way, take adequate health coverage for your entire family.

Tags: health insurance, income tax, Personal finance, Taxpayer

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