GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The quantum of deduction allowed under section 80D shall be limited to:
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Rs. 5,000
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Rs. 15,000
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Rs. 25,000
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Rs. 35,000
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Explanation:
Detailed explanation-1: -3, 000 only (as the overall limit of deduction under section 80D in respect of assessee and his family cannot exceed Rs. 25, 000). Thus, total deduction under section 80D will amount to Rs. 22, 000 on account of expenditure on premium paid in respect of his own health, health of his spouse and dependent daughter and Rs.
Detailed explanation-2: -According to Section 80D of the Income Tax Act, Senior Citizens may avail a higher deduction of up to ₹ 50, 000 for payment of premium towards medical insurance policy. The limit is ₹ 25, 000 in case of Non-Senior Citizens.
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