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71. Deduction for health insurance.
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71. Deduction for health insurance.—(1) A person, being an individual or a Hindu undivided family, shall be allowed a deduction in respect of any sum paid during the financial year to effect, or to keep in force, an insurance on the health of persons specified in sub-section (2) and in addition, in the case of an individual, any contribution made to the Central Government Health Scheme.
(2) The person referred to in sub-section (1) shall be—
(a) the individual, spouse, or any dependant child or parents of such individual ; and
(b) in case of a Hindu undivided family, any member of such family.
(3) The insurance under this section refers to a Health Insurance Scheme framed by any insurer which is approved by the Insurance Regulatory and Development Authority.
Clause 71 seeks to provide that a person, being an individual or a Hindu undivided family, shall be allowed a deduction in respect of any sum paid during a financial year to effect, or to keep in force, an insurance on the health of certain specified persons. The persons specified are the individual, his spouse, dependant children and parents, and the members of a Hindu undivided family.
The said clause further provides that in the case of an individual, an additional deduction shall be allowed in respect of any contribution made to the Central Government Health Scheme.
The said clause also provides that the health insurance scheme should be framed by an insurer which is approved by the Insurance Regulatory and Development Authority.
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