Question

30. Mr. Srivastav, aged 72 years, paid medical insurance premium of $ 22,000 by cheque
*1,000 by cash during May, 2018 under a Medical Insurance Scheme of the General Insuran
Corporation. The above sum was paid for insurance of his own health. He would be entitet
deduction under section 80D of a sum of -

(a) 22,000
(c) * 15,000
(b) 20,000
(d) 50,000
donosited with​

Answer 1

Explanation:

a is the answer.........

Answer 2

Answer:

Based on the information provided, Mr. Srivastav would be eligible for a deduction under section 80D of the Income Tax Act. The maximum deduction allowed under this section is Rs. 50,000 for senior citizens like Mr. Srivastav.

However, the deduction amount would depend on the actual amount paid towards medical insurance premiums during the financial year. In this case, Mr. Srivastav has paid a total of $22,000 + $1,000 = $23,000 towards medical insurance premiums.

In order to convert this amount to Indian Rupees, we need to use the exchange rate prevailing in May 2018. Based on historical exchange rates, we can assume an exchange rate of around Rs. 67 per US dollar. Therefore, the total premium paid by Mr. Srivastav would be:

$23,000 x Rs. 67 = Rs. 15,41,000

Since this amount is less than the maximum deduction limit of Rs. 50,000, Mr. Srivastav would be entitled to a deduction of Rs. 15,000 under section 80D. Therefore, the correct answer is option (c) 15,000

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