What is the maximum limit for claiming deduction under Section 80D for health in

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Question: What is the maximum limit for claiming deduction under Section 80D for health insurance premium for a family including parents?

Options:

Correct Answer: ₹50,000

Solution:

The maximum limit for claiming deduction under Section 80D for health insurance premium for a family including parents is ₹50,000.

What is the maximum limit for claiming deduction under Section 80D for health insurance premium for a family including parents?

What is the maximum limit for claiming deduction under Section 80D for health insurance premium for a family including parents?

Step 1: Understand that Section 80D is a part of the Income Tax Act in India.
Step 2: Know that this section allows you to claim deductions for health insurance premiums.
Step 3: Identify who can be included in the family for this deduction: yourself, your spouse, and your children.
Step 4: Also include your parents in this deduction if they are covered under the health insurance policy.
Step 5: Check the age of your parents: If they are below 60 years, the maximum deduction limit is ₹25,000.
Step 6: If your parents are 60 years or older, the maximum deduction limit increases to ₹50,000.
Step 7: Combine the limits: If you are paying for your family and your parents (both above 60), the total maximum deduction you can claim is ₹50,000.

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