Wednesday, May 4, 2016
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Indian Real Estate News
Save Tax Get Rich
You can claim tax deductions on expenses on medical treatment of specified ailments such as cancer under Section 80DDB. The maximum amount of deduction allowed from gross total income on condition that no medical reimbursement is received from your insurance company or employer for this amount. In case of reimbursement, the amount paid should be reduced by the amount received under insurance from your insurer or reimbursed by your employer.
Amount of deduction under 80DDB
Amount of deduction will be lower of the following:
a. amount actually paid on medical treatment specified above; or
b. or amount as below:
Individual below 60 years of age R40,000
Any resident individual of age of 60 years or above but less then 80 years R60,000
Resident individual of the age of 80 years or above - R80,000
In order to claim this deduction, however, you will have to submit Form 10-1 from a specialist doctor confirming the treatment of the disease. Earlier, this certificate was required only from a specialist doctor working in a government hospital, but you can get the certificate from any specialist doctor from A.Y. 2016-17.
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