Which of the following is covered under Section 80 D of the Income Tax Act, 1961?

The correct answer is option 2

Key Points

• The Section 80D deduction in the Income Tax Act, of 1961 allows a deduction of up to Rs.25,000 per year for medical insurance premium installments.
• The policy can be for you, your spouse, or your children.
• If you or your spouse are senior citizens (60 years or more), the deduction limit will go up to Rs.50,000.

Additional Information

• ​Reduction of preventive health care check-ups -
  • If you are getting an annual health checkup done then you will be eligible for a tax deduction.
  • The cost of the checkup will be included in the limit to which you are eligible under the Section 80D deduction.
  • The limit for check-up expenses for each budgetary year is up to Rs.5000 for persons below 60 years of age and Rs.7000 for senior citizens.