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Questions and Answers
What is the maximum deduction allowed under Section 80D(i) for medical insurance premiums paid for self and family members?
What is the maximum deduction allowed under Section 80D(i) for medical insurance premiums paid for self and family members?
If an individual is a senior citizen, what is the maximum deduction allowed under Section 80DDB(ii) for medical treatment expenses?
If an individual is a senior citizen, what is the maximum deduction allowed under Section 80DDB(ii) for medical treatment expenses?
What is the maximum deduction allowed under Section 80EE for interest on loan taken for higher education?
What is the maximum deduction allowed under Section 80EE for interest on loan taken for higher education?
Which section allows a deduction for rent paid by an individual?
Which section allows a deduction for rent paid by an individual?
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What is the maximum deduction allowed under Section 80CCD(1B) for additional investment in the National Pension System (NPS)?
What is the maximum deduction allowed under Section 80CCD(1B) for additional investment in the National Pension System (NPS)?
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Study Notes
Tax Deductions Under Various Sections
- Section 80D(i) allows a maximum deduction of up to ₹25,000 for medical insurance premiums paid for self and family members, including a spouse and dependent children.
- If an individual or their family members are senior citizens, the maximum deduction under Section 80D(i) increases to ₹50,000.
- Section 80DDB(ii) permits a maximum deduction of ₹1,00,000 for medical treatment expenses incurred for specified diseases, provided the individual is a senior citizen.
- Section 80EE allows a maximum deduction of up to ₹50,000 on interest paid for loans taken specifically for higher education.
- Section 80GG provides a deduction for rent paid by an individual, subject to specific conditions and limits based on income and rent paid.
- Under Section 80CCD(1B), a taxpayer can claim an additional deduction of up to ₹50,000 for investment in the National Pension System (NPS), over and above the limit under Section 80C.
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Description
Test your knowledge on the deductions under Chapter VI-A of the Income Tax Act, including deductions for Medical Insurance premium, Medical treatment, Repayment of Loan Interest, and additional investment opportunities like 80CCD 1(B).
