Can I claim tax deductions for medical expenses?
Curious about tax savings
Yes, in India, you can claim tax deductions for medical expenses under certain conditions. According to the Income Tax Act, 1961, you can claim a deduction for medical expenses incurred on yourself or your family members. The deduction is available up to a maximum of INR 1 lakh under section 80DDB of the Income Tax Act, 1961 for specific medical treatments or ailments.
You can also claim deductions on the premium paid for medical insurance policies for yourself and your family members under section 80D of the Income Tax Act, 1961. The maximum deduction available under this section is INR 25,000 for individuals under the age of 60 years and INR 50,000 for senior citizens aged 60 years or above.