New Delhi (PTI): Individuals paying for the medical health insurance of their parents would be eligible for increased tax rebate, according to a proposal in Budget 2008-09.
An individual tax payer would be allowed an additional deduction of up to Rs 15,000 on any payment made for the health insurance for his or her parents.
"I propose to allow an additional deduction of Rs 15,000 under Section 80D to an individual who pays medical insurance premium for his/her parent or parents," Chidambaram said.
The amendment in this regard would be effective from April 1.
Under the proposed new section, whether the parents are dependent or not, is not a consideration for deciding the deduction.
Further, the government has proposed that if either of the such individual tax payer's parents is a senior citizen, the deduction would be allowed up to Rs 20,000.
According to the proposed norms, the deduction would be in addition to the existing deduction of Rs 1 lakh available to the individual on medical insurance for himself, his spouse and dependent children.
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