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    Question

    What is the limit amount for deduction in respect of

    Medical/Health Insurance Premium under Section 80D of the Income Tax Act, 1961?
    A ₹10,000 for individuals below 60 years of age and ₹15,000 for senior citizens. Correct Answer Incorrect Answer
    B ₹15,000 for individuals below 60 years of age and ₹20,000 for senior citizens. Correct Answer Incorrect Answer
    C ₹20,000 for individuals below 60 years of age and ₹30,000 for senior citizens. Correct Answer Incorrect Answer
    D ₹25,000 for individuals below 60 years of age and ₹50,000 for senior citizens. Correct Answer Incorrect Answer
    E ₹25,000 for individuals below 60 years of age and ₹1,00,000 for senior citizens. Correct Answer Incorrect Answer

    Solution

    Explanation: Under Section 80D, the deduction limit for Medical/Health Insurance Premium is ₹25,000 for individuals below 60 years of age and ₹50,000 for senior citizens.

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