New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Corona Kavach is a health insurance policy designed to

    cover the hospitalisation and medical expenses arising out of COVID-19 treatment. The premium paid on this policy is eligible for tax benefits under which if the following sections of the Income Tax Act?
    A 80 C Correct Answer Incorrect Answer
    B 80 CCD Correct Answer Incorrect Answer
    C 80 D Correct Answer Incorrect Answer
    D 80 E Correct Answer Incorrect Answer
    E 80 G Correct Answer Incorrect Answer

    Solution

    Section 80 D of Income Tax Act, 1961 deals with tax deductions on medical insurance premiums paid for medical insurance taken for self, spouse, dependent children or parents. An individual can claim a deduction of up to Rs 25,000 for the insurance of self, spouse, and dependent children. An additional/separate deduction for parents’ insurance is available to the extent of Rs 25,000 if they are less than 60 years of age, or Rs 50,000 if your parents are aged above 60. Section 80D includes a deduction of Rs 5,000 for any payments made towards preventive health check-ups . This deduction will be within the overall limit of Rs 25,000/Rs 50,000, as the case may be.

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