Ramargha
Service
SUNEELKMASUR
Salaried

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Hi, Kindly help me out with the list of deductions & rebates which a salaried person can claim. rgds Amita
Dear Amita,
It would appreciate if u could provide the break-up of your salary.
However, i could give u the general information.
Under 80C u can claim rebate by investing in PPF, NSC VIII issue, by paying premium on LIC, by investing in mutal funds, Bank deposits for 5 years. The limit is Rs.100,000/-
Under 80D--Premim on mediclaim is also exempt.
Interest on house loan comes under Income from House property, whereas principal amt. falls under 80C.
I hope this will help!
regards
Argha

List of deductions available for a salaried individual :

Investment Description

U/Sec 80 D

Mediclaim Premium - Maximum Rs. 10,000 (Rs. 15,000 in case of premium on the health of Dependents above 65 years old)

U/Sec 80DD

Expenditure on Handicapped Dependents / Deposits made with LIC, etc. for maintenance of handicapped Dependents - Adhoc Amount of Rs. 50,000 (in case of disability exceeding 80% the deduction will be Rs.75000/-).

U/S 24(1)(vi)

Relief for Housing Loan Interest Payment (Any prescribed financial institution) for self occupied property - for loan taken before 1.4.99 maximum Rs. 30,000 & for loan taken after 1.4.99 - maximum Rs.1,50,000 provided house acquired/constructed within 3 years from date of Loan. (Relief provided against certificate received from Financial Institution / Banks, Occupation Certificate, Declaration Form)

U/Sec 80DDB

Exp. incurred on specified disease or ailment (Cancer/AIDS etc.) - Maximum Rs.40000/- (Rs. 60,000/- in case of exps. on or by senior citizen aged above 65 years)

U/Sec 80 U

Permanent Disability benefit (self) - adhoc amount of Rs. 50,000 (in case of disability exceeding 80% the deduction will be Rs.75000/-)

U/Sec 80E

Interest on Education Loan (for self education) from Charitiable or Financial Institution. (No Limit)

Sections 80C & 80CCC

Investments under Sections 80C & 80CCC qualifying for deductions upto Rs.1 Lac

- U/Sec 80 CCC - Investment in Pension Scheme

- U/Sec 80C - Housing Loan Principal Repayment

- U/Sec 80C - Public Provident Fund (PPF) limit Rs. 70,000 per annum

- U/Sec 80C - Life Insurance Premium Directly Paid By Employee

- U/Sec 80C - ULIP 1971-Unit Linked Insurance Plan From UTI

- U/Sec 80C - NSC-National Saving Certificate (To Be Purchased During The Year)

- U/Sec 80C - Deposit In National Saving Scheme (NSS)

- U/Sec 80C - Infrastructure Investment in Approved Shares, Debentures & Bonds

- U/Sec 80C - Equity Linked Saving Schemes (ELSS), Mutual Funds notified Under Section 10(23D)

- U/Sec 80C - Term Deposit with a Scheduled Bank in a notified Scheme for a term not less than 5 years.

- U/Sec 80C - Tution Fees Paid (Only full time education tution fees paid to any Indian Univ, College, School. Fees exclude payment towards development fees, donation or any payment of similar nature)

U/Sec 10(13A)

House Rent Exemption, lowest of the following :

- Rent Paid less 10% of Basic,

- Actual HRA Received,

- 40% of Basic (50% if residing in specified Cities/Metro)

Regards,

Manish

Hi
Apart from what Manish provided, you can add the following also.
Child education allowance - Max. 100/month/child to the max. of 2
80G - Donations given (10% of the basic can be given as donation for relief funds, Cry etc)
Madical insurance amount has been raised to 15K for this year.
regards
suneel.

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