TMI BlogDeduction in respect of health insuranceX X X X Extracts X X X X X X X X Extracts X X X X ..... to keep in force an insurance on the health of the parent or parents of the assessee 17 [ or any payment made on account of preventive health check-up of the parent or parents of the assessee ] as does not exceed in the aggregate 20 [twenty-five thousand rupees]. 22 [(c) the whole of the amount paid on account of medical expenditure incurred on the health of the assessee or any member of his family as does not exceed in the aggr egate 28 [fifty thousand rupees]; and (d) the whole of the amount paid on account of medical expenditure incurred on the health of any parent of the assessee, as does not exceed in the aggregate 28 [fifty thousand rupees]: Provided that the amount referred to in clause (c) or clause (d) is paid in respect of a 29 [***] senior citizen and no amount has been paid to effect or to keep in force an insurance on the health of such person: Provided further that the aggregate of the sum specified under clause (a) and clause (c) or the aggregate of the sum specified under clause (b) and clause (d) shall not exceed 28 [fifty thousand rupees].] Explanation .- For the purposes of clause (a), family means the spo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion.-For the purposes of this sub-section,- (i) appropriate fraction means the fraction, the numerator of which is one and the denominator of which is the total number of relevant previous years; (ii) relevant previous year means the previous year beginning with the previous year in which such amount is paid and the subsequent previous year or years during which the insurance shall have effect or be in force. 26 [***] (5) The insurance referred to in this section shall be in accordance with a scheme made in this behalf by- (a) the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalisation) Act, 1972 and approved by the Central Government in this behalf; or (b) any other insurer and approved by the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999. ] 27 [ Explanation. -For the purposes of this section,- (i) senior citizen means an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year; 35 [* ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... insurance on the health of any member of such association or body or on the health of the dependent children of the members of such an association or body : 11. Substituted by the Finance Act, 2001, w.e.f. 1-4-2002. Prior to its substitution, proviso read as under : Provided that such insurance shall be in accordance with a scheme framed in this behalf by the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) and approved by the Central Government in this behalf. 12. Inserted by the Finance Act, 1999, w.e.f. 1-4-2000. 13. Subusttuted by Finance Act, 2008, w.e.f. 1.4.2009. Prior to substitution it was read as under: 1 [Deduction in respect of medical insurance premia. 80D. (1) In computing the total income of an assessee, there shall be deducted at the following rates, such sum as is specified in sub-section (2) and 2 [ paid by him by cheque ] in the previous year out of his income chargeable to tax, namely :- ( i ) in a case where such sum d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d vide Finance Act, 2012, w.e.f. 01-04-2013, 18. Substituted vide Finance Act, 2012, w.e.f. 01-04-2013, before it was read as:- sixty-five years 19 . Inserted vide Finance Act, 2013, w.e.f. 1st day of April, 2014 20. Substituted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016, before it was read as, fifteen thousand rupees 21. Substituted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016, before it was read as, twenty thousand rupees 22. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016 23. Substituted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016, before it was read as, (3) Where the assessee is a Hindu undivided family, the sum referred to in subsection (1) shall be the whole of the amount paid to effect or to keep in force an insurance on the health of any member of that Hindu undivided family as does not exceed in the aggregate 20 [twenty-five thousand ..... X X X X Extracts X X X X X X X X Extracts X X X X
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