Tax Exemption on Health Insurance Premium for Parents

As per the domestic tax law, an individual can avail the benefits of tax deduction up to Rs. 15000, if he/she is paying medical insurance premium for his/her parents. In case of parents who are 60 years or more i.e. senior citizen, the deduction is up to Rs. 20000. And in such cases, the payer of last premiums is not considered for any process. So, even if your parents are pensioner, you can pay their medical insurance and get tax rebate.

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    According to the norms stated under the “income from other sources”, a person is liable to pay tax on the money he receives from any individual for any fiscal, if the aggregate value exceeds Rs.50, 000. But in case of relatives, especially for blood relations like mother, the money received is not counted taxable.

    In case of gift transactions, even your relative will not be liable to pay the taxes till you are not a minor assess. You need to inspect other formalities like stamp duty and documentation process in this transaction.

    If you have availed any home loan for a residential property then you can even claim tax benefit in such a case. The quantum of tax rebate depends on property type i.e. self-occupied property (SOP), let out property (LOP) or deemed to be let out (DLOP).

    Deduction in case of SOP is Rs. 1.5lakh per financial year and for LOP/DLOP you can claim the entire rental value/deemed rental value for deduction. If borrowed from specified lenders, you can claim for deduction under section 80C subjected to overall cap if Rs. 1lakh for any of the property type i.e. SOP/LOP/DLOP

    Written By: PolicyBazaar - Updated: 23 July 2021

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