Oh ok. For paying my father’s insurance also I can claim a deduction right. Say I pay my father’s insurance from my credit card and he pays the credit card bill. The receipt will be in his name. In this case, can I claim a deduction?
Your thoughts? @Sakshi_Shah1
Yes. If the premium receipt is in his name, you can claim the the deduction in his ITR.
@Sakshi_Shah1 I think you got confused. I asked whether I can claim a deduction for my father’s premium in my ITR as the premium was paid with my card but the receipt is in my father’s name.
Hey @pushpasooraj
As per Section 80D of the Income Tax Act, to claim the deduction it is mandatory to make the payment. Further, the section also specifies “In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted such sum, payment of which is made, in the previous year out of his income chargeable to tax”.
Based on the above interpretation, here are the conditions:
Your mediclaim premium - You can claim the deduction in your ITR if you have directly made the payment from your account or indirectly from another account by transferring money to that account.
Your father’s mediclaim premium - You can claim the deduction in your ITR as per the limit specified in Section 80D if you have directly/indirectly made the payment from your income. If he is making the payment using his funds, he should be claiming the deduction in his ITR.
You can read more about it here - Section 80D : Deduction for Medical Insurance Premium
Thanks for the inputs
While filing the tax return, where in Quicko must one specify and claim 1/5th of the pre-possession interest paid on home loan?
Hello,
Can a central govt pensioner claim any rent related deductions when staying in a rental accommodation? If yes, please let me know the limit for residing in Noida. They do not own any property.
Thanks,
Regards
If HRA is zero, this tool says no benefit can be claimed. Please note, HRA is not a component of the pension. The structure of pension is simple payout - no heads. So can he claim any renet related benefit under section 80GG?
Hey @sxgupta
You can claim rent related deduction under section 80GG, if not received HRA from your employer.
Hope, it helps!
What was the last date for making payment under section 80d to claim deduction? Last year it had been extended to beyond 31 march. It is the same this year?
Hi @ranjit, for FY 2020-21 the last date to make tax-saving investments was 31st March 2021. It has not been extended for FY 2020-21 (AY 2021-22).
I am salaried, are there any documents required to claim standard deduction?
Hey Disha,
If you are a salaried individual you can claim the standard deduction up to INR 50,000 while filing your Income Tax Return - you do not need to submit any proof.
My father is having loco motor disability and he is dependant on me. Disability percentage is 80%. How much amount can be deducted under sec 80 dd and what are the documents required in case of intimation notice from IT department? Also is it a flat deductions or actual expense deduction?
Form 16 does not show all the Chapter VIA deductions
Hi Manav,
In case if Form 16 does not reflect the deductions, you will be required to manually add the deductions while preparing your ITR and claim the deductions.
This usually happens if you did not submit Form 12BB i.e. investment declaration form to your employer
I have taken my 1st HL for Rs 35 Lakh for the construction of my home during the FY 21-22. Whether I can claim relaxation u/s 80EEA.Please note that this is the only one home I have.
Hey @dinugokul
Under Budget 2021, it was announced that the deduction under section 80EEA is to be extended to loans taken up to 31st March 2022.
You can claim a deduction u/s 80EEA if you meet the following conditions:
Since you’re meeting all the conditions above, you can claim the deduction under Section 80EEA.
Read more about Section 80EEA and its eligibility criteria here