Which of the following deductions is available under Section 80D?

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Question: Which of the following deductions is available under Section 80D?

Options:

Correct Answer: Medical insurance premium

Solution:

Medical insurance premium is eligible for deduction under Section 80D.

Which of the following deductions is available under Section 80D?

Which of the following deductions is available under Section 80D?

Step 1: Understand what Section 80D is. It is a part of the Income Tax Act in India that allows taxpayers to claim deductions for premiums paid on health insurance.
Step 2: Identify the type of expenses that qualify for deductions under Section 80D. These include premiums paid for medical insurance for yourself, your spouse, children, and parents.
Step 3: Check if the premium is paid in cash or through other modes. Deductions are generally available for payments made through banking channels.
Step 4: Remember that there are limits on the amount you can claim as a deduction under Section 80D based on the age of the insured individuals.
Step 5: Conclude that medical insurance premium is eligible for deduction under Section 80D.

No concepts available.