What is the maximum deduction available under Section 80D for health insurance p
Practice Questions
Q1
What is the maximum deduction available under Section 80D for health insurance premium for a family including parents?
Rs. 25,000
Rs. 50,000
Rs. 75,000
Rs. 1 lakh
Questions & Step-by-Step Solutions
What is the maximum deduction available 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 that allows deductions for health insurance premiums.
Step 2: Identify the types of family members covered under this section: yourself, your spouse, children, and parents.
Step 3: Know that the maximum deduction for health insurance premiums for your family (self, spouse, children) is Rs. 25,000.
Step 4: If your parents are senior citizens (aged 60 or above), you can claim an additional deduction of Rs. 50,000 for their health insurance premiums.
Step 5: If your parents are not senior citizens, the additional deduction for them is Rs. 25,000.
Step 6: Combine the deductions: If your parents are senior citizens, the total maximum deduction is Rs. 25,000 (for your family) + Rs. 50,000 (for parents) = Rs. 75,000.
Step 7: If your parents are not senior citizens, the total maximum deduction is Rs. 25,000 (for your family) + Rs. 25,000 (for parents) = Rs. 50,000.
Step 8: Conclude that the maximum deduction available under Section 80D for health insurance premium for a family including parents is Rs. 50,000 if parents are not senior citizens.
