Are you paying the insurance premiums for your parents? If they aren't working then it becomes tax efficient if you pay for them.
According to Section 80D, you are allowed to deduct up to ₹25,000 in health insurance premiums for yourself, spouse and kids. But you can deduct a further ₹50,000 for your senior citizen parents (₹25,000 if less than 60 years old). This brings to a grand total of INR 75,000 in deductions which can save you up to INR 22,500 in taxes.
But what if you're unable to utilise this entire ₹75,000. In that case you're allowed to claim a further deduction of up to ₹5,000 on preventive health check ups, diagnostics etc. For next year’s tax planning don’t forget to do this
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