Your hospital cash plan offers attractive tax benefits. The premium you pay towards it is tax deductible under Section 80(D) of Income Tax Act, 1961.
For senior citizens, the limit is Rs. 20000 per financial year. Deductions under section 80(D) is available over and above the deductions under section 80(C) that has a limit of Rs. 1 lakh.
In short, the payments you make towards your hospital cash plan do not just cover hospital expenses for you and your family; it is financial prudent too, allowing you to save a packet on income tax.
Hospital Cash Tax Implications: Basics
Pay health insurance premium, save tax
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Hospital Cash Tax Implications: Opinion
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- GIC asks to keep premiums out of service tax net
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