In order to claim the deduction under Section 80D, the expenditure needs to be made in any means other than cash. Although the expenditure on preventive health check-ups is allowed to be incurred in cash. The deduction for the following expenses are available under section 80D:
A. Medical insurance premium paid for yourself & your family. Rs. 25,000 Rs. 50,000 (in case of senior citizen)
B. Medical insurance premium paid for your parents. Rs. 25,000 Rs. 50,000 (in case of senior citizen)
C. Expenditure on preventive health check-up. Rs.5,000
D. Medical expenditure of senior citizens or super senior citizens. Rs.50,000
E. Contribution to CGHS/notified scheme. Rs.25,000 Rs.50,000(in case of senior citizen)
Maximum amount of deduction (A+ B+C+D+E) Non-senior citizens(Self & family and Parents) Senior Citizens (Self & family and Parents) Self & family (Non-senior citizens)Parents(Senior Citizens) Rs.25000+Rs.25000= Rs.50,000
Rs.50000+Rs.50000=Rs.1,00,000
Rs.25000+Rs.50000=Rs.75,000
Hence, the deduction available is his total paid minus expected paid which is Rs. 40000 + Rs. 60000 = Rs. 100000 - (A+ B+C+D+E) = Rs. 150000
<h3>What is Section 80D?</h3>
Section 80D permits the deduction for money spent on taking care of one's health and health insurance. Section 80D claims great significance in one's tax planning and personal finance.
Therefore, the correct answer is as given above
learn more about Section 80D: brainly.com/question/14585764
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