I have 2 questions. a) I have attained 60 yrs of age in Feb'23, so shall I be considered as Senior Citizen when filing return for FY 2022-23 and can avail all benefits of Senior Citizen ? b) I am having single Health Insurance Policy of single premium of more than Rs 50000/- for me and my 54 yrs old wife paid by me, so can I avail Rs 50000/- claim under Section 80D for Senior citizen. An early reply will be highly appreciated.......VK

Ans: Under Section 80D of the Income Tax Act, a person can claim a deduction for the amount paid towards health insurance premium for themselves, their spouse, and dependent children. The maximum deduction allowed is up to Rs. 25,000 for self, spouse, and dependent children, and an additional deduction of up to Rs. 25,000 is allowed if the policyholder pays the health insurance premium for their parents who are senior citizens.

In this case, the person can claim a deduction of up to Rs. 25,000 for the health insurance premium paid for themselves and their spouse. Additionally, since the spouse is not a senior citizen, the policyholder cannot claim the additional deduction of up to Rs. 25,000 for paying their spouse's health insurance premium. However, if the policyholder pays for the health insurance premium for their parents who are senior citizens, they can claim an additional deduction of up to Rs. 25,000.

Therefore, in this case, the person can claim a deduction of up to Rs. 25,000 for the health insurance premium paid for themselves and an additional deduction of up to Rs. 25,000 if they pay for the health insurance premium for their parents who are senior citizens.

Ans: The age of an individual is calculated from 01 April of the financial year. Hence you will not be treated as a senior citizen.

Ans: Dear Mr. Mugalur
The slab rate under the old tax regime for super senior citizen has not been changed and remain at 20% for income in the range of Rs. 5 Lakhs above to Rs. 10 Lakhs.

In case you are opting for the old tax regime all deductions that were available earlier are still available to you but that would not be the case if you opt for the new tax regime, where the deductions stated by you will not be available

Ans: let me break down your queries about Section 80DDB in a simple and understandable manner:

• Section 80DDB provides deductions for medical expenses incurred by individuals, including senior citizens, for specified diseases.

• For senior citizens (those aged 60 years or above), the deduction allowed under Section 80DDB is up to INR 1 lakh.

• The diseases for which this deduction can be claimed include specified illnesses such as cancer, chronic renal failure, Parkinson's disease, etc.

• The deduction is available for the expenses incurred on the treatment of these diseases for self or dependent family members.

• To avail the deduction, a prescription from a specialist doctor is required, specifying the disease and the treatment.

• The deduction can be claimed for expenses incurred for the treatment of the specified diseases either for the individual or a dependent family member.

• The benefit under Section 80DDB can be availed for each financial year in which the expenses are incurred.

• There is no limit on the number of years this benefit can be availed, as long as the individual continues to incur medical expenses for the specified diseases.

In conclusion, Section 80DDB provides valuable tax benefits for senior citizens facing medical challenges, offering relief from the financial burden of treatment expenses. It's essential to keep records of medical bills and prescriptions to claim the deduction accurately.