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What is the maximum limit of deduction under Section 80D for health insurance pr

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Question: What is the maximum limit of deduction under Section 80D for health insurance premium for senior citizens?

Options:

  1. Rs. 25,000
  2. Rs. 50,000
  3. Rs. 75,000
  4. Rs. 1,00,000

Correct Answer: Rs. 50,000

Solution: 

The maximum limit of deduction under Section 80D for health insurance premium for senior citizens is Rs. 50,000.

What is the maximum limit of deduction under Section 80D for health insurance pr

Practice Questions

Q1
What is the maximum limit of deduction under Section 80D for health insurance premium for senior citizens?
  1. Rs. 25,000
  2. Rs. 50,000
  3. Rs. 75,000
  4. Rs. 1,00,000

Questions & Step-by-Step Solutions

What is the maximum limit of deduction under Section 80D for health insurance premium for senior citizens?
  • Step 1: Understand that Section 80D is a part of the Income Tax Act in India.
  • Step 2: Know that Section 80D allows taxpayers to claim deductions for health insurance premiums.
  • Step 3: Identify who qualifies as a senior citizen. In India, a senior citizen is someone who is 60 years or older.
  • Step 4: Learn that the maximum deduction limit for health insurance premiums paid for senior citizens is Rs. 50,000.
  • Step 5: Remember that this deduction can be claimed for premiums paid for the senior citizen taxpayer themselves or for their parents.
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