Hi, I am a married man with 2 dependent children with parents of age 69 & 64. what will be the maximum amount i can claim under 80 D for AY2023-24

Ans: Allowances specified under old tax regime can be availed if it is part of salary structure (like House rent allowance, Transportation allowance, Uniform Allowance, Telephone Allowance etc)

Ans: Under Section 80D of the Income Tax Act, a person can claim a deduction for the amount paid towards health insurance premium for themselves, their spouse, and dependent children. The maximum deduction allowed is up to Rs. 25,000 for self, spouse, and dependent children, and an additional deduction of up to Rs. 25,000 is allowed if the policyholder pays the health insurance premium for their parents who are senior citizens.

In this case, the person can claim a deduction of up to Rs. 25,000 for the health insurance premium paid for themselves and their spouse. Additionally, since the spouse is not a senior citizen, the policyholder cannot claim the additional deduction of up to Rs. 25,000 for paying their spouse's health insurance premium. However, if the policyholder pays for the health insurance premium for their parents who are senior citizens, they can claim an additional deduction of up to Rs. 25,000.

Therefore, in this case, the person can claim a deduction of up to Rs. 25,000 for the health insurance premium paid for themselves and an additional deduction of up to Rs. 25,000 if they pay for the health insurance premium for their parents who are senior citizens.

Ans: For Senior Citizens,
- minimum exemption limit is 3 lakhs
- For mediclaim limit is Rs.50000
- Deduction limit for interest on deposits is Rs.50000.

Ans: Individual, being resident of India, who is of the age of 60 years or more but less than 80 years at any time during the year, is considered as senior citizen. Thus, you will be considered as Senior Citizen for FY 2022-23.

With reference to mediclaim, nothing is specified for family floter policy in which one person is senior citizen and other one is non-senior citizen. However, logically, in such policies share of senior citizen is higher and accordingly, deduction of Rs.50,000 can be claimed

Ans: Deduction under section 80DDB is allowed for medical treatment of a DEPENDANT who is suffering from a specified disease.
Dependant shall mean spouse, children, parents and siblings.
To claim the deduction, it is mandatory to obtain a certificate. The certificate can be obtained from various specialists depending on the type of disease, such as a neurologist, oncologist, urologist, haematologist, immunologist, or any other relevant specialist

It is strongly advisable to consult CA to understand various scenarios

Vipul Bhavsar
Chartered Accountant
www.capitalca.in