GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Deduction under section 80DD shall be allowed:
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To the extent of actual expenditure/deposit orRs.40,000whichever is less
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For a sum ofRs.40,000irrespective of any expenditure incurred or actual deposited
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For a sum ofRs.50,000irrespective of actual expenditure or deposit
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None of these
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Explanation:
Detailed explanation-1: -Fixed amount of deductions are allowed under Section 80DD, irrespective of the actual expenditure. However, the amount of deduction depends on the severity of the disability. Where the disability is more than 40% and less than 80%– Rs 75, 000. Where the disability is more than 80%– Rs 1, 25, 000.
Detailed explanation-2: -Section 80DD of the Income Tax Act allows deductions for medical expenses, rehabilitation, training, or nursing of a disabled dependent. You can even deduct premium payments on certain policies designed for such instances as long as the policy follows the requirements of law.
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