Section 80 C

Section 80 C allows for a tax deduction up to 1,50,000.

  • LIP -Self, Spouse and Children- After Maturity Interest and Maturity Amount Exempt if the premium is up to 10% of sum assured.
  • PPF-Self, Spouse and Children- Minimum Contribution 500 and maximum Contribution is 150000. After Maturity interest and Principal, both are exempt.
  • Own Contribution to RPF/SPF – Deduction through Salary is an exemption.
  • ULIP- Self- After Maturity interest and Principal both are exempt.
  • NSC VIII and IX –
  • Interest of NSC
  • National Saving Scheme- After maturity Interest is taxable.
  • Mutual Fund – After Maturity interest and Principal both are exempt.
  • Units of UTI – After Maturity interest and Principal both are exempt.
  • Pension Scheme of Mutual Fund – After Maturity interest and Principal both are exempt.
  • Tution Fees
  • Repayment of Housing Loan – If house is in construction no exemption is allowed.
  • Term Deposit with Bank or PO
  • Sukanya Samridhi Yojna- After Maturity Interest and principal both are exempt.
  • NABARD
  • 10 or 15 years post office savings

80 CCC – (Pension Plan)

  • Annuitu Plan of LIC
  • HDFC Pension Plan

80CCD (1)

Exemption is 10% of (Basic + DA) or 1,50,000 which ever is lower.

Section 80 C, 80 CCC and 80 CCD (1) allows maximum deduction of 1,50,000.

80CCD (1B)

Additional Benefit of 50,000. This is over and above of 80 C 1,50,000.

80CCD (2)

This is Employer’s Contribution and lowest of Below 3 condition will be eligible for exemption.

  • Actual Contribution by Employer
  • 10% of (Basic + DA)
  • Gross Total Income

Section 80 D (Mediclaim)

if an resident individual spent money on

  1. medicalaim insurance premium (Payment by Cheque)
  2. Central Government Health Scheme or State Government Health Scheme (Payment by Cheque)
  3. Preventive Health Checkup to self, spouse, dependent children, parents (cheque or Cash)
  4. Expense on medical Expenditure only in case of Super Senior Citizen

is eligible for deduction under section 80D

Deduction Amount

  1. Self , Spouse, Children : Rs. 25,000
  2. Self, Spouse, Children + Parents : Rs. 25000+ 25,000= 50,000
  3. Self , Spouse, Children + Parents (Sr Citizen) : Rs 25,000+30,000= 55,000
  4. Self, Spouse, Children (Sr. Citizen)+ Parents (Sr. Citizen) : 30,000+30,000 = 60,000

80 DDB (Specified Diseas)

if an resident individual spent money on medical expenditure to self, dependent spouse, dependent children, dependent parents, dependent brother and sisters suffering from Specified Diseas like cancer, aids is eligible for deduction under section 80DDB

Deduction Limit

  • Rs 40,000 or Actual Expenditure which ever is lower  if Resident Age below 60
  • Rs 60,000 or Actual Expenditure which ever is lower if Resident Age between 60 to 80
  • Rs 80,000 or Actual Expenditure which ever is lower if Resident Age Above 80

Section 80 DD (Handicapped)

if an resident individual spent money on medical expenditure to dependent spouse, dependent children, dependent parents, dependent brother and sisters is Handicapped is eligible for deduction under section 80DDB.

  • Where disability is 40% or more but less than 80%- fixed deduction of  Rs.  75,000.
  • Where thre is a serve disability ( disability is 80% or emore)- Fixed deduction of Rs. 1,25,000.

Section 80 E (Education Loan)

If an individual take a loan from any financial institution for Higher Education  for self, spouse, children or take a loan as a legal guardian is eligible for the deduction u/s 80 E. The deduction is allowed 100% on interest part for consecutive 8 years of such loan.

Section 80 EE

if an individual take a loan for construction/Acquisition of house property is eligible for deduction amount of Rs. 50,000 subject to claim it first in sec 24b and than deduction can be claim in Sec 80EE.

  • if loan is sanction between 1st April 2016 till  31st March 2017.
  • Loan amount should not be greater than 35 Lakh.
  • Cost of house should not be greater than 50 Lakh.
  • Individual should not have any home at present.

Section 80 U (Self-Handicapped)

if an resident individual is self handicapped is eligible for deduction under section 80DDB.

  • Where disability is 40% or more but less than 80% – fixed deduction of Rs 75,000
  • Where there is severe disability (disability is 80% or more) – fixed deduction of Rs 1,25,000.

80 TTA (Interest of Saving Account)

  • 10,000
  • Interest of Saving Account

(Exemption is whichever is Lower)

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