As regards the health insurance, a person who is senior citizen (Just 60 years) has bought it (for Rs.5 lakhs) along with for his wife who is around 52-53 years. What will be the eligibility for claiming under Sec.80D?

Ans: Yes, you can claim exemption under Section 80D for medical expenses incurred on family members aged 60 years or more, who do not have health insurance coverage.

Family members include self, spouse, dependent parents. One can claim a maximum deduction of Rs 50,000 in a financial year.

To claim the deduction, all the medical expenses need to be paid in any valid payment mode like net banking, digital channels, etc, except cash.

Ans: Individual, being resident of India, who is of the age of 60 years or more but less than 80 years at any time during the year, is considered as senior citizen. Thus, you will be considered as Senior Citizen for FY 2022-23.

With reference to mediclaim, nothing is specified for family floter policy in which one person is senior citizen and other one is non-senior citizen. However, logically, in such policies share of senior citizen is higher and accordingly, deduction of Rs.50,000 can be claimed

Ans: Income tax allow deduction for amount paid to "parents" and "father in law" does not fall in the category of parents so deduction will not be allowed.

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.

Ans: You are getting exemption up to Rs.5.00 (L) under old tax regime. Under old tax regime 87A exemption is available when your income is up to Rs.5.00 (L) only.
You may file your ITR under New Tax Regime (F/Y 2025-26) & you won't have to pay any tax up to Rs.12.00 (L) income.
Most welcome for any further clarifications. Thanks.