Mr. Akash (aged 47 years) is a CEO of BAC Enterprises (P) Ltd. During the P.Y.2023-24, he has earned the following income - Salary of…

Mr. Akash (aged 47 years) is a CEO of BAC Enterprises (P) Ltd. During the P.Y.2023-24, he has earned the following income - Salary of 45lakhslong-term capital gain on sale of listed equity shares (STT paid) amounting to 6,54,000dividend of 12,00,000 from shares of Indian companiesinterest on saving bank account with SBI of 16,000interest on fixed deposits with BOB of 45,000 Mr. Akash has made the following payments towards medical insurance premium for health policies taken for his family members: Medical premium for his spouse aged 43 years:13,500 (by cheque)Medical premium for his mother aged 65 years:26,670 (by cheque)Preventive health check-up of 5,500 each for his wife and mother in cash. Mr. Akash also incurred medical expenses, by credit card, of 17,000 for the treatment of his mother and of 27,000 for his father who is 67 years old. He has multiple life insurance policies. The details of such policies are given hereunder: Particulars X Y Z A B (Term insurance policy) Date of issue 1.4.2017 1.4.2024 1.4.2025 1.4.2024 1.3.2023 Annual premium (excluding GST) 40,000 3,00,000 2,00,000 2,50,000 80,000 GST@18% 7,200 54,000 36,000 45,000 14,400 Total premium 47,200 3,54,000 2,36,000 2,95,000 94,400 Date of maturity 31.3.2026 31.3.2033 31.3.2034 31.3.2033 28.3.2056 Consideration received on maturity (including bonus) 7,00,000 36,00,000 28,00,000 30,00,000 Sum assured 5,00,000 33,00,000 25,00,000 27,00,000 2,00,00,000 On the basis of the facts given above, choose the most appropriate answer to Q.1 to Q.5 below, based on the provisions of the Income-tax Act, 1961 -