GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Deduction u/s 80D is allowed if the premium is paid to :
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Life insurance Corporation
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Life insurance or General insurance corporation
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General insurance Corporation or any other insurer approved by IRDA
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None of these
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Explanation:
Detailed explanation-1: -The taxpayer (being individual/HUF) can claim deduction under section 80D in respect of medical insurance premium paid by him in any mode other than cash. However, payment on account of preventive health check-up can be made in cash.
Detailed explanation-2: -If a taxpayer below the age of 60 years has paid health insurance premium for self, spouse and dependent children, then he/she can claim deduction of Rs 25, 000 for the financial year using section 80D.
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