Chat Transcript
12 Jan - 03:00 hrs
Vikas Mehra | VP - Secretarial & Taxation, ICICI Lombard General Insurance Co. Ltd.
Know how you can Save Tax u/s 80D
Chat Transcript
| moderator: Hi everyone! Welcome to the moneycontrol.com chat with Vikas Mehra, VP - Secretarial & Taxation, ICICI Lombard General Insurance Co. Ltd. |
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| Vikas Mehra: Welcome all. Please feel free to ask any questions related to Saving Tax under Section 80D on this forum. |
| rnp_111: Hello sir, under section 80 which are the products available which will provide me a good return with a short term hold. Thanks. |
| Vikas Mehra: There exist two sections Sections 80C & Section 80D. Both the Sections have different tax saving options. Under Section 80D you can save tax by purchasing a Health Insurance Policy. |
| 2222: Hi Sir, Can you please tell me which is the best car insurance policy I should go for? |
| Vikas Mehra: There are many Insurance Companies providing Insurance for your Car. A good Car Insurance is a one which can provides Comprehensive Cover for your Car. Note that Car Insurance cannot help you Save Tax. However you can Save Money on your Car Insurance. You Can know more about Car Insurance on the below mentioned link. https://www.icicilombard.com/motor-insurance/car.cms?utm_source=MoneyControl&utm_medium=DisplayCPC&utm_campaign=Chat |
| vr102: How much Tax Can I save under Section 80D? |
| Vikas Mehra: You Can save tax Depending on your income slab. You can buy Health Insurance for yourself your spouse, your children and your parents. Premium paid towards health insurance will be Deducted from your Taxable Income. Maximum deduction available for Self and Family is 15000 & for Parents (Senior Citizen) Rs. 20000. Tax Saving amount will be as per Income Tax Laws applicable. Also find below a tax calculator where you can calculate the exact amount of Tax you can Save Depending on your Health Insurance Premium. https://www.icicilombard.com/content/ilom-en/PersonalProducts/Health/tax_calculator/tax-calculator.htm |
| ashok4ps: Which medical insurance will give more benefits for aged persons |
| Vikas Mehra: Some Specific Plans are available for Senior Citizens. The Deduction on Taxable income available for Senior Citizen Under Section 80D is up to Rs. 20,000. |
| sameer2708: Hi, can i pay for my parents and earn tax benefit under section 80D? |
| Vikas Mehra: Yes. You Can Avail tax benefit under Section 80D by purchasing Health Insurance for your Parents. |
| mithunk83: Is the premium paid for the insurance purchased for one |
| Vikas Mehra: Yes. One Can Avail tax benefit under Section 80D by purchasing Health Insurance for his/her Parents |
| jayanti28: Can an individual hold more than 1 mediclaim policy ? |
| Vikas Mehra: Yes. An individual Can hold more than one policy. However the Maximum deduction from his taxable income under Section 80D is restricted to Rs. 15,000 (for Self/Family) and Rs. 20,000 for Resident parents (Senior Citizen) |
| moderator: Thank you, Mr Mehra for giving us your expert views, we hope to see you more often with us at moneycontrol.com. This chat has now ended. Thank you everyone for participating. |
| moderator: The transcript of today`s chat will be available on moneycontrol.com soon! Bye everyone. If you have any suggestions on this chat you can send e-mail to feedback@moneycontrol.com |
Section 80E
Deduction in respect of payment in the previous year of interest on loan taken from a financial institution or approved charitable institution for higher studies.
