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Asked by namish on :Jul. 11, 2018

I paid a medical insurance premium for my parents…

I paid a medical insurance premium for my parents who are not dependent on me and lives separately.…

I paid a medical insurance premium for my parents who are not dependent on me and lives separately. Can I claim a deduction for premium paid?

0

Jeeba Jul. 11, 2018

Yes. parents need not be dependent on you to claim the deduction.
You can deduct the insurance premium paid for your parents from your income while calculating total income.

As per section 80D, a deduction of up to twenty-five rupees can be availed for the medical insurance paid for the parents. Thirty thousand for senior parents. The budget for Fy 2018-19 has increased to fifty thousand for the senior citizen.

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