Dear consultatn, Good morning, I have a dependant parent , can I claim money for their expense as tax exemption ? if yes 1 . under which section can I claim it ? 2. what is the maximum limit ? 3. which documents should I submit to claim this tax benefit ?
Deductions are allowed in respect of expenses for disabled dependents. I hope that's not your case.
Also, the premium paid for a health insurance policy that belongs to your dependent parents is eligible for tax deductible up to Rs 25,000 under Section 80D
Hi,
Money given to parent or expenses incurred for gem can't be claimed as deduction under income tax.
However, if you have paid any mediclaim premium for your parents that you can claim the deduction under section 80D.
If I am staying with my mother and paying rent I think is tax exemption claimable but if I stay in another owner's house is paying money to parent still tax exemption claimable ?
you can close this question once you have answered this..
I am asking the second scenario because 10 days I stay in parent's house and rest 21 days in another house
Hello,
No money paid to parents cannot be claimed as an expense, as the amount paid/ transferred is personal expense in nature and has nothing to do with your business.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, FCA, LLB, CERT. FAFP
What is the nature of your business? Do you work from home?
Hi,
Any amount paid to your parents for their well being cannot be claimed as an expense.
Though if you are paying them rent, that can be claimed as an expense but make sure that your parents also show it as an income in their return.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
.