Self-employed individuals may deduct 100% of medical insurance premiums from gross income. True or False

Question

Question

Self-employed individuals may deduct 100% of medical insurance premiums from gross income.

True or False

Answer 1

Answer #1

This statement is false.

An individual can deduct medical insurance premium upto the maximum amount of deduction metion u/s 80D i.e. Rs 25000

For Individual

Basic deduction: Medical claim premium paid for Self, Spouse or dependant children. Maximum deduction Rs 25,000 . In case any of the persons specified above is a senior citizen and Mediclaim Insurance premium is paid for such senior citizen, deduction amount is enhanced to Rs. 30,000 (Rs. 50,000/- from A.Y. 2019-20).
Additional deduction: Medcal iiclaim premium paid for parents. Maximum deduction Rs 25,000 . In case any of the parents covered by the Medical claim policy is a senior citizen, deduction amount is enhanced to Rs. 30,000 (50,000 from A.Y. 2019-20).
Hnece self employed individual can't claim 100% medical insurance premium from gross income, there is certain specified limit for claiming mediclaim. Beyond than individual can't deduct from its gross incom

Answer 2

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