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Section 80D of the Income Tax Act - Everything You Need to Know Health insurance is without a doubt beneficial. Health Insurance not only secures your savings during a medical emergency but also gives you peace of mind. When an unforeseen medical emergency arises, it will allow you to get the required medical treatment without having to pay for it out of your pocket or savings. One of the major advantages of health insurance is the tax benefit. Individuals who buy health insurance policies can avail of tax benefits under Sec.80D of the Income tax act. What is Section 80D in Health Insurance? Section 80D of the Income Tax Act allows any individual or Hindu Undivided Family (HUF) to claim a deduction on health insurance premiums paid from their total income chargeable to tax. This 80d deduction is also available for top-up plans and critical illness plans. Apart from availing 80d deduction on purchasing a health insurance plan for yourself, you can also avail of 80 d...

🔸Tax Planning in your 40s and 50s ▪️ This may be the time when your household responsibilities may considerably increase with added expenses involving your children like higher education, marriage, and so on. ▪️ You or your spouse may even have some health expenses. ▪️ At this stage, most individuals do not wish to invest in instruments that are riskier.  ▪️ Also, your retirement is right around the corner, and it is important to think seriously about how you want to ensure an income post-retirement. 🔸Here are some of the Tax Saving Instruments you should consider in your 40s and 5os⤵️ 🔹Child’s Education Loan ▪️ If you take up a loan for your child’s higher education, you can get a deduction under section 80E of The IT Act. ▪️ Interest amount paid during the financial year is allowable as a deduction from taxable income. ▪️ No Limit on the deduction amount.  ▪️ Benefit of the deduction is available for a maximum of 8 years or till the interest is paid- whichever is earlier....