Section 80D ITA 1961 allows DEDUCTION for HEALTH INSURANCE PREMIUMS up to a maximum of:
Answer & Solution
Correct answer: D.
1. Section 80D Income Tax Act 1961 deductions for health insurance and preventive health checkup:
2. (a) Self, spouse, dependent children: up to Rs 25,000;
3. (b) Additional for parents: up to Rs 25,000;
4. (c) If parents are SENIOR CITIZENS (60+ years): up to Rs 50,000;
5. (d) If self/family are SENIOR CITIZENS: up to Rs 50,000 (then 80D(2)(c));
6. (e) Preventive health checkup expense up to Rs 5,000 INCLUDED within above limits.
7. MAXIMUM possible deduction: Rs 50,000 (self/family senior) + Rs 50,000 (parents senior) = Rs 1,00,000.
8. Hence option A is correct.
_Source: CS Executive Paper 4 Tax Laws (ICSI BoS) + Income Tax Act 1961 + CGST Act 2017 — Income Tax Act 1961, Section 80D_
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