Section 80D ITA 1961 allows DEDUCTION for HEALTH INSURANCE PREMIUMS up to a maximum of:
ANo cap (cf. Income Tax Act 1961, Section 80D) (cf. Income Tax Act 1961, Section 80D) (cf. Income Tax Act 1961, Section 80D)
BRs 50,000 universally (cf. Income Tax Act 1961, Section 80D) (cf. Income Tax Act 1961, Section 80D) (cf. Income Tax Act 1961, Section 80D)
CRs 1,00,000 (cf. Income Tax Act 1961, Section 80D) (cf. Income Tax Act 1961, Section 80D) (cf. Income Tax Act 1961, Section 80D)
DRs 25,000 for self/family + additional Rs 25,000 for parents (Rs 50,000 if parents are senior citizens); preventive health checkup up to Rs 5,000 within the limits
Answer & Solution
Correct answer: D. Rs 25,000 for self/family + additional Rs 25,000 for parents (Rs 50,000 if parents are senior citizens); preventive health checkup up to Rs 5,000 within the limits
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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