I am a senior citizen. Can I claim tax exemption from both premium for medical insurance (Rs 50000) and medical (treatment) expenses for self (Rs 50000) cumulatively ?
Ans: Yes, as a senior citizen, you can claim tax exemption from both the premium paid for medical insurance under section 80D (up to Rs 50,000) and medical expenses incurred for self under section 80DDB (up to Rs 50,000) cumulatively. However, you need to ensure that you have valid bills and receipts for the medical expenses incurred, and the treatment for which you are claiming the deduction falls within the specified diseases/ailments mentioned in section 80DDB.