Mediclaim insurance Rs 75000. Should divide equally between couple?
Ans: Hello Dinesh,
Yes, you and your spouse can certainly divide the Mediclaim insurance premium of Rs 75,000 between yourselves. This is a common practice and is perfectly acceptable. It allows both of you to claim tax benefits under Section 80D of the Income Tax Act.
Just to give you a bit more context, under Section 80D, you can claim a deduction for health insurance premiums paid. This includes the premium for your Mediclaim policy. The maximum amount you can claim is Rs 25,000 each, which means together as a couple, you can claim up to Rs 50,000.
However, if either of you is a senior citizen (60 years or older), the maximum deduction amount increases to Rs 50,000. So, if one of you is a senior citizen, the total deduction you can claim as a couple goes up to Rs 75,000.
Please remember to keep all your insurance premium receipts as you might need them while filing your tax returns. Also, it's always a good idea to consult with a tax advisor or chartered accountant to understand the nuances of these deductions.
I hope this helps!