Pandemic-induced uncertainties have stoked interest in overseas stocks, and SEBI has played along.
From the popular insurance-related tax benefits to often overlooked ones, there are several sections in the Income Tax Act that provide health and life insurance tax benefits, and more. Not only is life insurance tax deductible, premiums paid towards health plans, annuity plans, and for the benefit of disabled dependents are also allowed as deductions.
Let’s take a look at these insurance tax benefits, along with the taxpayers who can avail of them, and to what extent.
Insurance-related deductions under Section 80C
One of the more well-known insurance deductions is the Section 80C deduction on the premium amount paid for life insurance plans. In the case of an individual assessee, the premium paid for the life insurance cover of the assessee, their spouse, and child are allowed as deduction. In the case of Hindu Undivided Family (HUF), the deduction is available for …