We have claimed a deduction for our grandmother's medical treatment. You also can claim a tax deduction for medical expenses incurred for yourself or a family member. You can claim a deduction of up to Rs 40,000 under Section 80DDB. If the person on whose behalf such medical expenses are made is a senior citizen, a deduction of up to Rs 1,00,000 per year can be claimed. Let me explain in brief what Section 80DDB of income tax means.
What is 80DDB in income tax?
Section 80DDB allows individuals and Hindu Undivided Families to deduct medical expenses for a certain ailment (HUF). There is a comprehensive list of conditions that can be used to claim a tax deduction. Medical expenses related to the treatment of any person who is suffering from a specific condition can be claimed as a tax deduction under Section 80DDB of Chapter V1-A of the Internal Revenue Code.
What is Section 80DDB in income tax and the criteria to claim it:
1) If you are residing in India, you can claim it for yourself, your children, spouses, siblings, parents and HUF family members.
2) For support and maintenance, the patient must be entirely or partially reliant on the taxpayer.
3) Short- and long-term financial gains, lottery winnings, and other items do not qualify for the deduction.
4) Non-Resident Indians are not eligible to claim under this section (NRIs).
Things to consider before claiming tax deduction:
1) You have to submit a paper copy of a medical certificate. A medical certificate stating the ailment must be issued by the federal or state government medical board.
2) The tax assessor's name must be on the life insurance policy. Also, keep in mind that this is not health insurance coverage.
3) If a tax assessor dies unexpectedly, this pays the pension. The dependent receives this lump sum payment as a death benefit.
4) The policy amount is repaid to the assessor if a disabled dependent passes away before taxation. This sum is considered income and is taxed appropriately.
What is 80DDB deduction in income tax?
You must furnish a certificate of illness, according to a 2015 change to section 80DDB. The certificate must be obtained from a doctor who provided treatment to the assessee. The specialist could work in either a public or private hospital. The method has been greatly simplified as a result of the adjustment, making it much easier to claim the benefit. Prior to the modification, the certificate could only be obtained from doctors who worked in government hospitals. The criteria have now been changed to include patients who receive treatment at a private facility.
This is all you need to know about Section 80DDB of income tax.
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What is 80DDB in income tax?
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2022-04-11T17:55:53+00:00 2022-04-11T17:55:54+00:00Comment
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