Correct Answer - Option 4 : 80D
The correct answer is 80D
Section 80D of Income Tax Act, 1961
Section 80D of the Income Tax Act, 1961 explains the deductions applicable for the premium paid for Medical Insurance.
| Eligibility |
An individual or HUF can claim a deduction under section 80D
|
| Conditions |
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Premium paid for Medical Insurance for self, spouse, and dependent children.
- Additional deduction for insurance of parents is available
|
| Amount of Deduction |
- Rs.25,000 (for self, spouse, and dependent children)
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Rs. 25,000 (insurance of parents less than 60 years of age)
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Rs. 50,000 (insurance of parents more than 60 years of age)
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Rs. 1,00,000 (if both taxpayer and parent(s) are 60 years or above)
|
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Section 80DDB: This Section is related to a deduction for Medical Expenditure on Self or Dependent Relative
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Section 80DD: This Section is related to a deduction for Rehabilitation of Handicapped Dependent Relative.
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Section 80E: This Section is related to the deduction of Interest paid on loans taken for pursuing higher education.
