2.Cancer, dementia, motor neuron diseases, Parkinson’s disease, AIDS, and chronic renal failure are among the specified ailments.
3.This deduction can be claimed by resident Indians for themselves, spouse, dependent children, dependent parents or dependent siblings.
4.The deduction is up to Rs.40,000 or the actual amount paid (whichever is less) for patients under 60 and Rs.1 lakh or actual amount (whichever is less) for patients 60 and above.
5.If the patient is insured, the amount that is paid by the insurer or reimbursed by an employer has to be reduced from the actual payments for calculating the amount for eligible deduction.
Content on this page is courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.
5 things you should know about Section 80DDB tax benefits for specified illnesses
Section 80DDB provides a valuable tax deduction for medical expenses related to the treatment of specific diseases.
Specified ailments covered under this deduction include cancer, dementia, motor neuron diseases, Parkinson’s disease, AIDS, and chronic renal failure.
This deduction can be claimed by resident Indians for themselves, their spouse, dependent children, dependent parents, or dependent siblings.
The deduction amount is up to Rs.40,000 or the actual amount paid (whichever is less) for patients under the age of 60, and up to Rs.1 lakh or the actual amount paid (whichever is less) for patients aged 60 and above.
If the patient is insured, any amount paid by the insurer or reimbursed by an employer must be subtracted from the actual payments to calculate the eligible deduction amount.
Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava, and Labdhi Mehta.
