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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