What is the maximum deduction available under Section 80D for health insurance premiums for a family including parents?

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Q: What is the maximum deduction available under Section 80D for health insurance premiums for a family including parents?

Solution: The maximum deduction available under Section 80D for health insurance premiums for a family including parents is 50,000.

Steps: 8

Step 1: Understand that Section 80D is a part of the Income Tax Act in India that allows deductions for health insurance premiums.
Step 2: Identify the types of family members for whom you can claim the deduction: yourself, your spouse, children, and parents.
Step 3: Know that the maximum deduction for health insurance premiums for your family (self, spouse, children) is 25,000.
Step 4: If your parents are senior citizens (aged 60 or above), you can claim an additional deduction of 50,000 for their health insurance premiums.
Step 5: If your parents are not senior citizens, the additional deduction for them is 25,000.
Step 6: Combine the deductions: If your parents are senior citizens, the total maximum deduction is 25,000 (for your family) + 50,000 (for parents) = 75,000.
Step 7: If your parents are not senior citizens, the total maximum deduction is 25,000 (for your family) + 25,000 (for parents) = 50,000.
Step 8: Conclude that the maximum deduction available under Section 80D for health insurance premiums for a family including parents is 50,000 if parents are not senior citizens.