Tax Benefits - Revision history

Abha Khetarpal at 06:39, 12 February 2011

2011-02-12T06:39:46Z

Abha Khetarpal at 14:08, 7 November 2010

2010-11-07T14:08:05Z

Abha Khetarpal at 14:01, 7 November 2010

2010-11-07T14:01:56Z

Abha Khetarpal: Created page with 'One can claim deductions in respect of expenses incurred for medical treatment, rehabilitation or training of a child with special needs or for paying for life insurance in order…'

2010-11-07T11:26:43Z

Created page with 'One can claim deductions in respect of expenses incurred for medical treatment, rehabilitation or training of a child with special needs or for paying for life insurance in order…'

New page

One can claim deductions in respect of expenses incurred for medical treatment, rehabilitation or training of a child with special needs or for paying for life insurance in order to provide for maintenance of a child with special needs. The deduction available is for Rs 50,000. However, if the child is suffering from severe disability, the claim can go up to Rs 1,00,000.

In addition to the cost of purchasing medical health insurance and treatment of a child with special needs, the income-tax laws also allow the person a deduction in respect of amounts spent for medical treatment of your child for specified diseases. Deduction is available for up to Rs 40,000 under Section 80DDB

The Income Tax Act also allows deduction in respect of any expenditure incurred on medical treatment, training and rehabilitation of parents with disability. Deduction is available for up to Rs 50,000. If a parent suffers from severe disability, the deduction claimed can be up to Rs 1 lakh.

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-One can claim deductions in respect of expenses incurred for medical treatment, rehabilitation or training of a child with special needs or for paying for life insurance in order to provide for maintenance of a child with special needs. The deduction available is for Rs 50,000. However, if the child is suffering from severe disability, the claim can go up to Rs 1,00,000.
+One can claim deduction under Section 80DD for medical expenses of a physically challenged dependent for amount from Rs 50,000 to Rs 1 lakh. The deduction is available to An individual or a Hindu Undivided Family (HUF)  can avail this deduction, who has during the previous year incurred any expenditure for the medical treatment (including nursing), training and rehabilitation of a physically-challenged dependent or deposited any sum under a scheme framed in this behalf by an insurer or the UTI and which is approved.
-In addition to the cost of purchasing medical health insurance and treatment of a child with special needs, the income-tax laws also allow the person a deduction in respect of amounts spent for medical treatment of your child for specified diseases. Deduction is available for up to Rs 40,000 under Section 80DDB
+The deduction can be claimed by producing of a certificate from a medical authority according to a  prescribed form. The facility of deduction of Rs 50,000 is available in general cases. If the severity of the case is high a deduction of Rs 1 lakh is allowed (assessment year 2009-10). It includes autism, cerebral palsy and multiple disabilities. A person with 80% or more disability is regarded as having severe disability.
-The Income Tax Act also allows deduction in respect of any expenditure incurred on medical treatment, training and rehabilitation of parents with disability. Deduction is available for up to Rs 50,000. If a parent suffers from severe disability, the deduction claimed can be up to Rs 1 lakh.
+Here the word "dependent" means parents, spouse, children and siblings who are dependent on an individual for maintenance and other basic needs.  Claim for deduction  for their ailment must not have been made by any of them..

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	One can claim deductions in respect of expenses incurred for medical treatment, rehabilitation or training of a child with special needs or for paying for life insurance in order to provide for maintenance of a child with special needs. The deduction available is for Rs 50,000. However, if the child is suffering from severe disability, the claim can go up to Rs 1,00,000.		One can claim deductions in respect of expenses incurred for medical treatment, rehabilitation or training of a child with special needs or for paying for life insurance in order to provide for maintenance of a child with special needs. The deduction available is for Rs 50,000. However, if the child is suffering from severe disability, the claim can go up to Rs 1,00,000.

← Older revision		Revision as of 14:01, 7 November 2010
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		+	'''Tax benefits provided to the people with special needs in our country'''
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	One can claim deductions in respect of expenses incurred for medical treatment, rehabilitation or training of a child with special needs or for paying for life insurance in order to provide for maintenance of a child with special needs. The deduction available is for Rs 50,000. However, if the child is suffering from severe disability, the claim can go up to Rs 1,00,000.		One can claim deductions in respect of expenses incurred for medical treatment, rehabilitation or training of a child with special needs or for paying for life insurance in order to provide for maintenance of a child with special needs. The deduction available is for Rs 50,000. However, if the child is suffering from severe disability, the claim can go up to Rs 1,00,000.