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

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

Options:

Correct Answer: 1,00,000

Solution:

The maximum limit of deduction under Section 80D for health insurance for a family including parents is Rs. 1,00,000.

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

What is the maximum limit of 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 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 limit for health insurance premiums paid for yourself, your spouse, and children is Rs. 25,000.
Step 4: If your parents are senior citizens (aged 60 years or above), the maximum deduction for their health insurance is Rs. 50,000.
Step 5: Add the two amounts together: Rs. 25,000 (for your family) + Rs. 50,000 (for senior citizen parents) = Rs. 75,000.
Step 6: 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 7: The maximum limit of deduction under Section 80D for health insurance for a family including parents can go up to Rs. 1,00,000 if both parents are senior citizens.

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