Deduction in respect of medical treatment, etc

128. (1) An assessee who is resident in India, shall be allowed a deduction of the amount actually paid during the tax year or a sum of ` 40000, whichever is less, from income chargeable to tax of that tax year, for the medical treatment of such disease or ailment as may be prescribed— ( a) for himself or a dependant, in case the assessee is an individual; or ( b) for any member of a Hindu undivided family, in case the assessee is a Hindu undivided family. (2) A deduction shall be allowed under this section only if the assessee obtains the prescription for the medical treatment from a neurologist, oncologist, urologist, haematologist, immunologist, or any other specialist, as may be prescribed. (3) The deduction under this section shall be reduced by any amount received un- der an insurance from an insurer, or reimbursed by an employer, for the medical treatment of the person as referred to in sub-section (1)(a) or (b). (4) If the amount actually paid is in respect of the assessee or his dependant or any member of a Hindu undivided family of the assessee and who is senior citizen, the amount of deduction as referred to in sub-section (1) shall be substituted with “` 100000” for “` 40000”. (5) For the purposes of this section,— ( a) “dependant” shall have the meaning as assigned to it in section 127(9); ( b) “insurer” shall have the meaning assigned to it in section 2( 9) of the Insurance Act, 1938 (4 of 1938). Deduction in respect of interest on loan taken for higher education.