What is the maximum amount of deduction available under Section 80D for health i

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Question: What is the maximum amount of deduction available under Section 80D for health insurance for a family including parents?

Options:

Correct Answer: 50,000

Solution:

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

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

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

Step 1: Understand that Section 80D is a tax deduction in India for health insurance premiums.
Step 2: Identify the types of family members covered under this deduction: self, spouse, children, and parents.
Step 3: Know that the maximum deduction for health insurance for your family (self, spouse, children) is 25,000.
Step 4: If you are paying for your parents' health insurance, you can claim an additional deduction of 25,000 if they are below 60 years old.
Step 5: If your parents are above 60 years old, the additional deduction for their health insurance is 50,000.
Step 6: Combine the deductions: 25,000 (for your family) + 25,000 (for parents below 60) = 50,000, or 25,000 + 50,000 (for parents above 60) = 75,000.
Step 7: The maximum deduction available under Section 80D for health insurance for a family including parents is 50,000 if parents are below 60, or 75,000 if parents are above 60.

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