Deduction in respect of medical insurance premia(sec. 8OD)
With effect from assessment year 2013-2014 onwards, any payment made by an assessee whether in cash or in any other mode, on account of preventive health check up of self, spouse, children or parents –a deduction shall be allowed to a maximum of rs 5,000 or actual payment made, whichever is less.
Deduction is allowed on an amount made in any mode other than cash in order to effect or keep in force an insurance on the health of
- Assessee,his wife,children or any contribution made to the central government health scheme –up to rs 15,000
- Parents of the assessee –up to rs 15,000
- Members of HUF,-up to rs 15,000
If payment is made to effect or to keep in force on the health of a senior citizen(above 60),then the amount of deduction allowed under this section will be rs 20,000.