Deduction Under Section 80C and 80U: Know more about income tax deduction under section 80c, section 80ccc, section 80ccd, section 80ccf, section 80ccg. Section 80U. Deduction for Person suffering from Physical Disability. A deduction of Rs. By reducing the chargeable income, these provisions reduce the tax liability, increase The aggregate amount of deductions under sections 80C to 80U cannot.

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Such deduction, for an individual, is available in respect of any expenses incurred towards treatment of certain specified medical diseases or ailments for himself or any of his dependents. The government of India has provided such deductions to inculcate the habit of saving and investing in the individual and institutional tax payers. You can go ahead claiming the stamp duty for purchase of a house in the year in which the payment is made towards stamp duty under Section 80C.

Any reimbursement of medical expenses by an insurer or employer shall be reduced from the quantum of deduction the taxpayer can claim under this section. The maximum deduction that can be claimed under this section is Rs 3 lakh. Income tax deduction can be claimed on home loan interest. There is no maximum limit on the deduction amount but can only be claimed if the donation is made using any mode other than cash.

However, the minimum period of employment is relaxed to days in the case of apparel industry. In this case, the maximum deduction Rohan can claim under section 80D is Rs. Zero coupon bonds are bonds that don’t offer interest, but can be purchased at a discount on the face value. If you claim deduction under this section, then any other individual cannot claim deduction on your behalf under section 80DDB as mentioned above, adds Wadhwa.

Section 80EE along with section 80C can help you minimise your tax liabilities.


If you plan your taxes carefully, you can easily maximise your ijcome savings. Section 80EE allows tax benefits for first time home buyers. Partial NPS withdrawals will be tax free – Budget Dedyction to eligible funds, charitable funds etc.

For claiming this deduction the gross total income of producer companies should include income from:. This amendment will take effect from 1st April, and will, accordingly, apply in relation to the assessment year and subsequent assessment years.

Download and prepare rent receipts from parents. Nature of amount spent Family Member Parents Age below 60 years Age 60 years or more Age below 60 years Age 60 years or more Medical Insurance 25, 50, 25, 50, CGHS 25, 50, — — Health Check-up 5, 5, 5, 5, Medical Expenditure — 50, — 50, Maximum deduction 25, 50, 25, 50, Section ID Assessees who have undwr profits from hotels and convention centres provided their establishments located in certain specified areas, can claim deduction under this section.

A deduction of Rs. I have made an 80C investment on 30 April Find this comment offensive? Deductions under Section 80C Tax deductions under section 80C allow you to claim a deduction of maximum Rs 1.

The maximum limit being Rs 3 lakhs. Find out how undder can do this.

Deductions under Section 80D This section provides a deduction for expenses incurred towards medical insurance, preventive health checkup, and other medical expenses.

Read this article to know about medical insurance under Section 80D, its applicability, quantum of deductions, preventive health check up and other health insurance policies. Get CA Assisted Plan.

Deduction of either 50 percent or percent with no maximum ceiling. Deduction of either 50 deruction or percent can be claimed with the ceiling of 10 percent of the gross adjusted income. The book written by you should not be textbooks for school and college. Rent Paid You can claim this deduction only if you have paid rent in FY but hax have not received house rent allowance Taxx from your employer.


This deduction can only be claimed when the contribution has been made via cheque or draft or in cash.

Deductions on Section 80C, 80CCC & 80CCD

Expenditure incurred on medical treatment including nursingtraining and rehabilitation of handicapped dependent relative b. Knowledge Center Income Tax Guides Guides that jncome you file your taxes and help understand everything about tax calculations U. In ULIP, a part of the money goes towards insurance and the rest towards investments.

The taxpayer should not have self-occupied residential property in any other place. I have been paying life insurance premium to a private insurance company. Payment or deposit to specified scheme for maintenance of dependent handicapped relative. Read on to find out more! I want an expert to help me file. Deductions under Section 80J ]. Discussed in this article are some of the important deductions under Section 80C a taxpayer is eligible to claim.

Here’s how to get a certificate for claiming deduction under section 80DDB in your income tax uner.

You are eligible to claim deduction for both new policy and renewal of existing health insurance policy, adds Wadhwa. Fill in your details: This benefit has been discontinued From A. Read this article to know more about EPF withdrawal.

Tax Deduction | Section 80C: How to claim deductions under section 80C to 80U while filing ITR1

Tax deductions help you save your tax liabilities. If your parents are above 60 years, then maximum deduction will be of Rs 30, Hence, you can claim both premiums paid as a deduction under Section incomd. The Post Office Saving Schemes come under central government run savings portfolio that offer a high amount of reliability.