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As per Union Budget 2018-19, senior citizens will now be able to claim the benefit of deduction of what amount in case of critical illnesses?
  • a)
    Rs 125000
  • b)
    Rs 120000
  • c)
    Rs 110000
  • d)
    Rs 100000
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
As per Union Budget 2018-19, senior citizens will now be able to clai...
This year's budget proposes a standard deduction of Rs 40000 for transport and medical reimbursements. All senior citizens will now be able to claim the benefit of a deduction of Rs 50000 for any medical expenditure and can claim deduction of Rs 100000 for critical illnesses.
Community Answer
As per Union Budget 2018-19, senior citizens will now be able to clai...
Deduction for Critical Illness in Union Budget 2018-19

Background:
The Union Budget 2018-19 introduced various measures to benefit senior citizens in India. One such measure was the increase in the deduction limit for critical illness under Section 80DDB of the Income Tax Act.

Explanation:
Section 80DDB of the Income Tax Act allows for a deduction of expenses incurred on the treatment of certain specified diseases. The Budget 2018-19 increased the deduction limit for senior citizens from Rs 60,000 to Rs 1 lakh for critical illnesses.

Impact:
This increase in the deduction limit will benefit senior citizens who require expensive medical treatment for critical illnesses. It will help them to reduce their tax liability and ease the financial burden of treatment.

Conclusion:
The Union Budget 2018-19 has taken several measures to benefit senior citizens in India. The increase in the deduction limit for critical illness is one such measure that will go a long way in providing relief to senior citizens who are suffering from critical illnesses.
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As per Union Budget 2018-19, senior citizens will now be able to claim the benefit of deduction of what amount in case of critical illnesses?a)Rs 125000b)Rs 120000c)Rs 110000d)Rs 100000Correct answer is option 'D'. Can you explain this answer?
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