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Are Senior Care Expenses Tax Deductible? A Customer’s Guide to Savings
Caring for elderly parents often comes with emotional and financial responsibilities. Fortunately, in India, senior care expenses may be tax-deductible, offering some financial relief while ensuring your loved ones receive the care they deserve. Here’s how you can benefit as a customer availing elderly care services.
1. Section 80D: Health and Preventive Care
If the care services include health-related support for your parents aged 60+, you can claim up to ₹50,000 annually under Section 80D. This includes medical expenses, preventive health check-ups, or insurance premiums for senior citizens.
2. Section 80DD: Expenses for Disabled Parents
If your parent is a dependent with a disability (40% or more), you can claim deductions for caregiving expenses.
- ₹75,000 for disabilities between 40%-80%.
- ₹1,25,000 for severe disabilities (80% or more).
3. Section 80U: For Disabled Individuals
If you are personally availing caregiving services and have a disability, you can claim tax benefits under Section 80U. The limits are the same as Section 80DD.
4. Section 80DDB: Costs for Specific Medical Treatments
Senior care expenses for specific medical treatments, like cancer or Parkinson’s disease, can help you claim up to ₹1,00,000 annually for parents aged 60+.
What You Need to Claim Deductions
Maintain proper documentation like bills, medical certificates, and receipts for services. Ensuring all records align with the tax deduction criteria is key to maximizing savings.
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Fun Fact: Did you know that caregiving expenses for your elderly parents can help reduce your tax burden? Taking care of loved ones not only brings emotional satisfaction but also allows you to claim deductions under sections like 80D and 80DDB, giving you financial relief while ensuring their well-being.
When you opt for Driyati Services, you’re not just choosing exceptional care for your parents but also opening doors to financial benefits like tax savings. Let us help you care for your loved ones while easing your financial burden.