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

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

Options:

Correct Answer: ₹50,000

Solution:

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

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

What is the maximum limit for deduction under Section 80D for health insurance 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 is included in the family for this deduction: yourself, your spouse, and your children.
Step 4: Include your parents in the deduction if they are also covered by the health insurance.
Step 5: Check the maximum limit for the deduction: it is ₹25,000 for your family and an additional ₹25,000 for your parents.
Step 6: Add these two amounts together: ₹25,000 + ₹25,000 = ₹50,000.
Step 7: Conclude that the maximum limit for deduction under Section 80D for health insurance for a family including parents is ₹50,000.

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