An assessee pays a medical insurance premium for himself and his family and claims a deduction while…
Section 126 of the Income-tax Act, 2025 (formerly section 80D of the Income-tax Act, 1961) allows a deduction for health-insurance premiums for oneself and family, so…
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An assessee pays a medical insurance premium for himself and his family and claims a deduction while computing total income. What is the correct position under the Income-tax Act, 2025 ?
Answer and explanation
Correct answer B
Section 126 of the Income-tax Act, 2025 (formerly section 80D of the Income-tax Act, 1961) allows a deduction for health-insurance premiums for oneself and family, so "Deduction is allowed subject to prescribed limits and conditions". The deduction depends on age, beneficiary, payment mode and tax-regime eligibility, and is neither unlimited nor restricted to senior citizens.
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