Section 80DDB Deduction for Medical Expenditure on Self or Dependent Relative
a. For individuals and HUFs below age 60
A deduction of Rs.40, 000 is available to a resident individual or a Hindu Undivided Family (HUF). A deduction is available for any expense incurred by the assessee towards the treatment of specified medical diseases or ailments for himself or any of his dependents. For a Hindu Undivided Family (HUF), such a deduction is available concerning medical expenses incurred towards these prescribed ailments for any of the Hindu Undivided Family (HUF) members.
b. For senior citizens and super senior citizens
In case the individual on behalf of whom such expenses are incurred is a senior citizen, the individual or Hindu Undivided Family (HUF) assessee can claim a deduction of Rs 1,00,000.
c. For reimbursement claims
Any reimbursement of medical expenses by an insurer or employer shall be reduced from the quantum of deduction the assessee can claim under this section.
It should be noted that an assessee needs to get a prescription for such medical treatment from the concerned specialist in order to claim such a deduction.
Section 80U Deduction for Person suffering from Physical Disability
Deduction of Rs.75, 000 is available to a resident individual who suffers from a physical disability (including blindness) or mental retardation. In case of severe disability, an assessee can claim a deduction of Rs 1, 25,000.
Section 80RRB Deduction with respect to any Income by way of Royalty of a Patent
Deduction for any income by way of royalty for a patent, registered on or after 1 April 2003 under the Patents Act 1970, shall be available under section 80RRB for up to Rs.3, 00,000 or the income received, whichever is less. The assessee must be an individual and an Indian resident. The assessee is required to furnish a certificate in the prescribed form duly signed by the prescribed authority.
Section 80 TTB Deduction of Interest on Deposits for Senior Citizens
Under Section 80TTB, deductions with respect to interest income from deposits held by senior citizens will be allowed. The limit for this deduction is Rs.50, 000.
It should be noted that no further deduction under section 80TTA shall be allowed. In addition to section 80 TTB.
