This is how you lose tax benefits on health policies4 min read 19 Oct 2022, 11:22 PM IST
There are some scenarios where you can lose the tax deduction benefits even after following all the I-T rules.
Health insurance policies have become the need of the hour, especially in view of the rise in lifestyle diseases. These policies, which help meet any planned or unforeseen expenditure on hospitalization and medicines, have tax benefits as well. As per section 80D of the income tax (I-T) act, you can avail deductions on payments of up to ₹50,000 for premium on policies for senior citizens and ₹25,000 for others in your family in a year. Yet, there are some scenarios where you can still lose the tax deduction benefits even after following all the I-T rules.
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