Deduction under chapter 6A

80C: Maximum limit Rs.1.50 Lacs ( 2 Lacs with 80CCD)

• Life insurance premium for self, spouse, children– premium amount can’t more than 10% of sum assured, suffering from disability = 15% of sum assured
• Sukanya Deposit
• PPF -Interest is also tax free
• NSC – first 5 years accrued interest also exempt
• ULIP
• 5 year time deposit in post office
• Senior Citizens Saving Scheme (Interest is taxable)
• Notified units of Mutual Fund of UTI
• Tuition fees for two children – donation, capital fees, admission fees, annual charges,  development charges are not exempt
• Fdr-5 years or above – first four years accrued interest also exempt
• Post office time deposits
• Specified Infrastructures bonds
• Repayment of principal amount of housing loan
• EPF or GPF
• NPS
• Registry Amount

Notes:

• Post office R.d. (No Rebate)
• Kisan vikas patar (No Rebate)
• Company deposit (No Rebate)
• GOI bond (No Rebate)

80CCD

• National Pension Scheme (NPS) = Rs.50000/-

80D 

• Deduction u/s 80D Self & family = Rs 25000
• Deduction u/s 80D Self & Family + Parents = Rs 50,000 (25000+25000)
• Deduction u/s 80D Self & Family + Sr. Citizen Parents = Rs 75,000 (25000+50000)
• Deduction u/s 80D Self Sr. Citizen & Family + Sr. Citizen Parents = Rs 1,00,000 (50000+50000)
• Payment for Preventive Health Check-up (Max limit Rs 5000)
• Amount paid on account of medical expenditure incurred on the health of the assessee or any member of his family, who ia a senior citizen and no amount has been paid to effect or to keep in force insurance on the health of such person (Max Limit Rs 50000)

80DD

• Maintenance including medical treatment of a handicapped dependent or deposit for maintenance of handicapped dependent who is person with disability (Max Rs 75000/- for disability and Rs. 125000 for serve disability 80% and above)

80DDB

• Medical treatment expenses upto 100K – for some special treatments

80E

• Payment of interest of loan taken for higher education max 8 years – no Limit

80G

• Donation (50% to 100%) (Limited to Total income after deduction x 10%), National Children Fund = 100%

80GG

• If you do not get HRA, but have rented a house, an exemption is available. This will be calculated as minimum of (25% of total income or rent paid – 10% of total income or Rs.60,000/- per year)

Conditions for 80GG

• He not received HRA
• He, His wife, Children or HUF should not own any residential Accommodation

• Physical disability (Max Rs 75000 for disability and Rs 125000 for severe disability

• Interest on Housing Loan up to Rs 200000 (Rs 300000 for senior citizen)

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