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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
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
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.
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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