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All about deduction under section 80C and tax planning

Aug 30, 2009 Income Tax

Background for Section 80C of the Income Tax Act (India) / What are eligible investments for Section 80C:

Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new

section 80C has become effective w.e.f. 1st April, 2006. Even the section 80CCC on pension scheme contributions was

merged with the above 80C. However, this new section has allowed a major change in the method of providing the tax

benefit. Section 80C of the Income Tax Act allows certain investments and expenditure to be tax-exempt. One must plan

investments well and spread it out across the various instruments specified under this section to avail maximum tax benefit.

Unlike Section 88, there are no sub-limits and is irrespective of how much you earn and under which tax bracket you fall.

The total limit under this section is Rs 1 lakh. Included under this heading are many small savings schemes like NSC, PPF

and other pension plans. Payment of life insurance premiums and investment in specified government infrastructure bonds

are also eligible for deduction under Section 80C

Most of the Income Tax payee try to save tax by saving under Section 80C of the Income Tax Act. However, it is important

to know the Section in toto so that one can make best use of the options available for exemption under income tax Act. One

important point to note here is that one can not only save tax by undertaking the specified investments, but some expenditure

which you normally incur can also give you the tax exemptions.

Besides these investments, the payments towards the principal amount of your home loan are also eligible for an income

deduction. Education expense of children is increasing by the day. Under this section, there is provision that makes payments

towards the education fees for children eligible for an income deduction

Sec 80C of the Income Tax Act is the section that deals with these tax breaks. It states that qualifying investments, up to a

maximum of Rs. 1 Lakh, are deductible from your income. This means that your income gets reduced by this investment

amount (up to Rs. 1 Lakh), and you end up paying no tax on it at all!

This benefit is available to everyone, irrespective of their income levels. Thus, if you are in the highest tax bracket of 30%,

and you invest the full Rs. 1 Lakh, you save tax of Rs. 30,000. Isn’t this great? So, let’s understand the qualifying

investments first.

Qualifying Investments

Provident Fund (PF) & Voluntary Provident Fund (VPF: PF is automatically deducted from your salary. Both you and

your employer contribute to it. While employer’s contribution is exempt from tax, your contribution (i.e., employee’s

contribution) is counted towards section 80C investments. You also have the option to contribute additional amounts

All about deduction under section 80C and tax planning | Tax Guru http://www.taxguru.in/income-tax/all-about-deduction-under-section-80c...

1 of 35 7/17/2010 11:41 PM

through voluntary contributions (VPF). Current rate of interest is 8.5% per annum (p.a.) and is tax-free.

Public Provident Fund (PPF): Among all the assured returns small saving schemes, Public Provident Fund (PPF) is one of

the best. Current rate of interest is 8% tax-free and the normal maturity period is 15 years. Minimum amount of contribution

is Rs 500 and maximum is Rs 70,000. A point worth noting is that interest rate is assured but not fixed.

Life Insurance Premiums: Any amount that you pay towards life insurance premium for yourself, your spouse or your

children can also be included in Section 80C deduction. Please note that life insurance premium paid by you for your parents

(father / mother / both) or your in-laws is not eligible for deduction under section 80C. If you are paying premium for more

than one insurance policy, all the premiums can be included. It is not necessary to have the insurance policy from Life

Insurance Corporation (LIC) – even insurance bought from private players can be considered here.

Equity Linked Savings Scheme (ELSS): There are some mutual fund (MF) schemes specially created for offering you tax

savings, and these are called Equity Linked Savings Scheme, or ELSS. The investments that you make in ELSS are eligible

for deduction under Sec 80C.

Home Loan Principal Repayment: The Equated Monthly Installment (EMI) that you pay every month to repay your home

loan consists of two components – Principal and Interest.The principal component of the EMI qualifies for deduction under

Sec 80C. Even the interest component can save you significant income tax – but that would be under Section 24 of the

Income Tax Act. Please read “Income Tax (IT) Benefits of a Home Loan / Housing Loan / Mortgage”, which presents a full

analysis of how you can save income tax through a home loan.

Stamp Duty and Registration Charges for a home: The amount you pay as stamp duty when you buy a house, and the

amount you pay for the registration of the documents of the house can be claimed as deduction under section 80C in the year

of purchase of the house.

National Savings Certificate (NSC): National Savings Certificate (NSC) is a 6-Yr small savings instrument eligible for

section 80C tax benefit. Rate of interest is eight per cent compounded half-yearly, i.e., the effective annual rate of interest is

8.16%. If you invest Rs 1,000, it becomes Rs 1601 after six years. The interest accrued every year is liable to tax (i.e., to be

included in your taxable income) but the interest is also deemed to be reinvested and thus eligible for section 80C deduction.

Infrastructure Bonds: These are also popularly called Infra Bonds. These are issued by infrastructure companies, and not

the government. The amount that you invest in these bonds can also be included in Sec 80C deductions.

Pension Funds – Section 80CCC: This section – Sec 80CCC – stipulates that an investment in pension funds is eligible for

deduction from your income. Section 80CCC investment limit is clubbed with the limit of Section 80C – it maeans that the

total deduction available for 80CCC and 80C is Rs. 1 Lakh.This also means that your investment in pension funds upto Rs. 1

Lakh can be claimed as deduction u/s 80CCC. However, as mentioned earlier, the total deduction u/s 80C and 80CCC can

not exceed Rs. 1 Lakh.

5-Yr bank fixed deposits (FDs): Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are also entitled

for section 80C deduction.

Senior Citizen Savings Scheme 2004 (SCSS): A recent addition to section 80C list, Senior Citizen Savings Scheme (SCSS)

is the most lucrative scheme among all the small savings schemes but is meant only for senior citizens. Current rate of

interest is 9% per annum payable quarterly. Please note that the interest is payable quarterly instead of compounded

quarterly. Thus, unclaimed interest on these deposits won’t earn any further interest. Interest income is chargeable to tax.

5-Yr post office time deposit (POTD) scheme: POTDs are similar to bank fixed deposits. Although available for varying

time duration like one year, two year, three year and five year, only 5-Yr post-office time deposit (POTD) – which currently

offers 7.5 per cent rate of interest –qualifies for tax saving under section 80C. Effective rate works out to be 7.71% per

annum (p.a.) as the rate of interest is compounded quarterly but paid annually. The Interest is entirely taxable.

NABARD rural bonds: There are two types of Bonds issued by NABARD (National Bank for Agriculture and Rural

Development): NABARD Rural Bonds and Bhavishya Nirman Bonds (BNB). Out of these two, only NABARD Rural Bonds

qualify under section 80C.

Unit linked Insurance Plan : ULIP stands for Unit linked Saving Schemes. ULIPs cover Life insurance with benefits of

equity investments.They have attracted the attention of investors and tax-savers not only because they help us save tax but

they also perform well to give decent returns in the long-term.


2 of 35 7/17/2010 11:41 PM

Others: Apart form the major avenues listed above, there are some other things, like children’s education expense (for

which you need receipts), that can be claimed as deductions under Sec 80C.

So, where should you invest?

Like most other things in personal finance, the answer varies from person to person. But the following can be the broad

principles:

Provident Fund: This is deducted compulsorily, and there is no running away from it! So, this has to be the first. Also, apart

from saving tax now, it builds a long term, tax-free retirement corpus for you.

Home Loan Principal: If you are paying the EMI for a home loan, this one is automatic too! So, it comes as a close second.

Life Insurance Premiums: Every earning person having dependents should have adequate life insurance coverage. (For

more on this, please read “Life after life – Why you should buy Life Insurance”) Therefore, life insurance premium

payments are the next.

Voluntary Provident Fund (VPF) / Public Provident Fund (PPF): If you think that the PF being deducted from your

salary is not enough, you should invest some more in VPF, or in PPF.

Equity Linked Savings Scheme (ELSS): After the above, if you have not reached the limit of Rs. 1,00,000, then you

should invest the remaining amount in Equity Linked Savings Scheme (ELSS).

Equities provide the best, inflation-beating return in the long term, and should be a part of everyone’s portfolio. After all,

what can be better than something that gives great return and helps save tax at the same time?

When to Invest?

Many of us start looking for investment avenues only in February or March, just before the Financial Year is getting over.

This is a big mistake! One, you would end up investing your money without putting proper thought to it. And secondly, you

would end up losing the interest / appreciation for the whole year. Instead, decide where you want to make the investments,

and start investing right from the beginning of the financial year – from April. This way, you would not only make informed

decisions, but would also earn the interest for the full year from April to March.

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Tags: 1 lakh, education fees, eligible investments, government infrastructure, Home Loan, income tax act, income tax act

india, infrastructure bonds, investment mix, life insurance premiums, maximum tax, nsc, pension scheme, PPF, tax benefit,

tax bracket, tax exemptions

This entry was posted on Sunday, August 30th, 2009 at 3:28 am and is filed under Income Tax. You can follow any responses to this entry through the

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186 Responses to “All about deduction under section 80C and tax planning”

Prithwiraj Pramanik Says:

August 31st, 2009 at 9:55 am

i have a question regarding the filling up of the form -16 in the assessment year 2010-11 that

i have invested 6000 rupees in NSC,from Jan, 2008 @ 2000/- per month during 2009-10.

so, how much of its interest of NSC will be added in the income?

1.

Pradeep Says:

September 1st, 2009 at 11:50 am

does home loan and interest on it comes under section 80 c?

2.


3 of 35 7/17/2010 11:41 PM

Pradeep Says:

September 1st, 2009 at 12:01 pm

I have planned my savings U/S 809c) upto Rs.1 lakh.My income is purely from salary.But still there is some amount of

tax payble.What more I should plan to reduce tax?

3.

Sandeep Kanoi Says:

September 2nd, 2009 at 12:22 am

Do take mediclaim cover if you don’t have one and you will be able to claim a deduction up to Rs. 15000/-.

4.

Sandeep Kanoi Says:

September 2nd, 2009 at 12:25 am

Principal amount paid out of home loan repaid by you will qualify for deduction U/s. 80C. Interest on home loan will

be deducted under the head Income from House Property subject to a limit of Rs. 150000/- for self occupied House

Property.

5.

B K Agrawal Says:

September 4th, 2009 at 12:14 pm

Recently, I understand that the upper limit of investment in PPF has been kiked inline with sec. 80 C to Rs. 1 Lac,

please confirm and commwnt on it and if right make necessary amendmant in the interest of readers

6.

Astha Says:

September 9th, 2009 at 4:01 am

What is the maximum permissible exemption for Home Loan Principal payment? I mean, if I don’t invest in any of the

items under sec80C and just in Home Loan. Will I get the complete 1,00,000 exemption or is there any clause?

7.

Sandeep Kanoi Says:

September 9th, 2009 at 5:49 am

You can get exemption up to 100000/- in respect of Home Loan Principal payment under section 80C of the income

tax act 1961.

8.

L.K. Jayashanker Says:

October 23rd, 2009 at 7:51 am

Dear Sir,

I am paying a sum of Rs. 50,000/- towards tution fee for my daughter studying degree course. Can I take exemption

for the full amount of 50,000/= or is there any limit on this. Kindly clarify.

Thanks and Regards

9.


4 of 35 7/17/2010 11:41 PM

Sandeep Kanoi Says:

October 23rd, 2009 at 8:03 am

Please read our detailed article on the above:-

http://www.taxguru.in/income-tax/deduction-us-80c-for-tuitionschool-fees-paid-for-education-of-children.html

10.

Subhasish Says:

November 7th, 2009 at 4:33 am

Can I claim medical expenses for dental treatment as tax exemption ?

Will it be included under the 1lac investment policy our that will extra?

11.

Nathiya Says:


Hi, I have registered a house/plot during May 2009. To get the tax claim, is the copy of sale deed alone to be

submitted? or I need to submit the copy of stamp duty receipt (which i dont have now).

12.

Sandeep Kanoi Says:

November 13th, 2009 at 6:06 pm

You dont need any with return of Income but if Assessing office ask then you have to produce receipt of stamp duty.

13.

Puneet Agarwal Says:


I want to purchase a house on my own name but in loan aggrement i want to make co-owner to my son and payment

of loan will also paid by my son’s bank accout. so is he elegible to take deduction u/s 80C

14.

Yogesh Says:

December 2nd, 2009 at 6:20 am

Hi,

I have bought underconstruction flat this year and also paid the stamp duty and registration charges. The possession

will be made only after two years. Can i calim 80C deduction on payment of stamp duty in year of payment or year of

possesion.

15.

Sandeep Kanoi Says:

December 2nd, 2009 at 6:40 am

Deduction under section 80C is available in the year of payment.

16.

Jacob Says:17.


5 of 35 7/17/2010 11:41 PM

December 4th, 2009 at 5:31 pm

I have a housing loan jointly with my wife and my name is the first one. Since I am an NRI and I don’t have any

income in India, I don’t claim any tax benefit. Can my wife who works in India claim the tax benefit for the housing

loan even though her name is second.

Sandeep Kanoi Says:

December 5th, 2009 at 1:15 am

Yes she can If Loan is taken in her name , House Property is shown in her Balance Sheet and Loan Payment are made

from her bank account.

18.

Srinivas Chavva Says:


Hi,

Myself and my wife are working. I had LIC poilcy under my name. Can this LIC be used for my wife’s tax deductions

under Section 80C?

19.

Sandeep Kanoi Says:


Yes She can pay the LIC premium on your policy and claim the deduction U/s. 80C.

20.

nit Says:


want to know if the corpus which is grown inclusive of principal amount is taxable in case of pension plans and why?

21.

Vijayanand Says:

January 5th, 2010 at 7:14 am

What is the limit for investments under section 80C for a.y. 2010-11

Previously it was Rs.1,00,000/-

Is there any increase for a.y. 2010-11 and if yes, please give information

22.

rahul Says:

January 9th, 2010 at 7:05 pm

Hi,

My parents are totally dependent on me. If I give some part of funds to my parents as a gift then do I get any tax

exemption?

23.

administrator Says:


24.


6 of 35 7/17/2010 11:41 PM

No. Only thing is that gift will not be taxable in there hand.

Yajuvendrasinh Parmar Says:


can i take 1Lakh benefit u/s 80C on Principal repayment ?

25.

Yajuvendrasinh Parmar Says:


As per income tax act 1961 what is the maximum Limits on housing Loan on Principal repayment & interest

repayment ??? help me asap…

26.

administrator Says:


Housing Loan Interest 1,50,000

Principal Rs. 1,00,000

27.

administrator Says:


Yes you can up to Rs. 1,00,000/-

28.

Sushilkumar Says:


please tell is possession certificate required to claim tax benifit on housing loan interest amount. Since my property is

under construction, I don’t have possession certificate. Am I eligible for tax claim on interest amount? What additional

documents would be required?

29.

Simarpreet Singh Says:


If the life insurance premium is paid by son for his father then son can’t claim the deduction, but can father claim

deduction for this investment?

30.

CA Sandeep Kanoi Says:


father can claim deduction for premium paid on sons policy but son cant claim deduction for life insurance premium

paid on fathers policy.

31.

Rhishi Says:32.


7 of 35 7/17/2010 11:41 PM


I’ve booked a property and done an agreement with builder in Pune. I will get the possession of the flat in next

financial year. I want to claim the agreement value as tax free under 80C.

My question is whether I can claim the stamp duty (agreement value) by diving that in next 5 years or not?

Simarpreet Singh Says:


The fact that father can claim deduction for premium paid on sons policy is accepted. But the Act says that the

deduction can only be claimed for the premium paid for individual, spouse & children and not father.

33.



You are right. Only father can claim not the son.

34.



stamp duty deduction available only in the year of payment.

35.

nishant ahuja Says:


I have submit my installments for education loan.I pay 4000 per month.Under which section it will come. please help

36.



Interest on education loan will qualify for deduction under section 80E and more in on on the same can be found on

the following link:-

http://www.taxguru.in/income-tax/deduction-under-section-80e-for-interest-on-education-loan-taken-for-self-

and-relatives.html

37.

pankaj goel Says:


Whether the deposit made by the father in his major sons ppf account, will qualify the father, to claim income tax

rebate on the amount deposited by him in the PPF a/c of his son.?

38.

pankaj goel Says:


In continuation to my earlier question, as in the book the word minor is mentioned so the officials are not allowing

39.


8 of 35 7/17/2010 11:41 PM

rebate on this account, please clarify the querry so that we can proceed further. thanks

Amresh Says:


Hi,

I have a question. Under “Income form House Property” we can also show loss from house property. However, what

kind of loss it is? This has been given in section 71B “Carry forward and set off of loss from house property”.

40.

Amresh Says:


Can we show stamp duty & registration fee under “Loss from house property” Becasue I have bought a house where I

paid 2.5L of stamp duty/ registration fee. However, as per information on this site, we can claim this amount under

section 80C( 1L limit) so, what about rest of the amount I paid that is 1.5L? it is a loss for me.

41.

Avinash Reddy Says:

February 1st, 2010 at 7:44 am

I bought some land. The registration charges went up to 50000. Will it be possible to show them under 80C tax

savings??

42.

admin Says:

February 1st, 2010 at 12:25 pm

No. Only stamp duty paid on purchase of residential property is allowable.

43.

jai Says:


if i start repay education loan from this year, only this year interest will be exampt or till date interest will avail for

exempt

44.

admin Says:


Interest paid during the year will be allowable.

45.


9 of 35 7/17/2010 11:41 PM

vinod kumar Says:

February 2nd, 2010 at 6:29 am

In reply to Mr Reddy above, it has been said that exemption for stamp duty applies only to residential property. Does

it include a residential site/plot to construct a house.

regards

46.

hanif chauhan Says:

February 2nd, 2010 at 8:34 am

My father has taken home loan and i m co-borrower in that. my dad is paying installment from his account but i am

depositing money in his account from my salary. my father’s income is not covered under tax slab but my income

comes so can i get benefit of sec. 80c here in this case ?

47.

deepak Says:

February 3rd, 2010 at 9:16 am

I took a Life Insurance Policy on my wifes name for which i am paying the premium as she is housewife and have no

source of income. Will i get the benefit under section 80C of Income Tax Act

48.

Sudarshan Says:

February 3rd, 2010 at 2:58 pm

Sir,

I pay the LIC premiums for my parents who are depending on me & also i am not yet married, can that premium be

claimed for tax deductions. Also for the case of rebate, is there any need for a certificate proving dependency of my

parents on me.

49.



Parents claim deduction under section 80C for premium paid on life of their children but children cant claim the

deduction u/s. 80C for premium paid on the life of their parents.

50.



yes you will.

51.

pankaj goel Says:

February 4th, 2010 at 6:12 am


rebate on the same amount.? Please also guide, If father is entitled then how to get authentic proof /document so that

the officials can be made satisfied. I shall be highly obliged.

52.


10 of 35 7/17/2010 11:41 PM

Prasad Shevatekar Says:


My brother is working with L & T Pune and he is taken housing loan from Bank, our building is under construction

and my question is whether interest on housing loan is exemption from tax. (As per my company circular after

submitting completion certificate they are allowing exemtion} Please guide.

53.

anand Says:


I HAVE BOUGHT THE PROPERTY ON LOAN AND THE PROPERTY WILL BE READY IN 3 YEARS RIGHT

NOW I AM LIVING IN RENTAL PROPERTY CAN I TAKE THE TAX EXEMPTION

UNDER hra

and under loan principal and intrest

anand

9911220471

54.



Principal can be taken under section 80C.

Interest can’t be claimed against income from house property till the construction completes. After completion of

construction interest till the date of construction completion can be claimed equally in five Assessment years starting

from the A.Y. in which construction completes.

55.

pankaj goel Says:



rebate on the same amount.? Please also guide, If father is entitled then how to get authentic proof /document so that

the officials can be made satisfied. I shall be highly obliged.

I still await your advices please.

56.


February 5th, 2010 at 1:45 pm

Yes he will qualify. He only need to pay the same from his account. To claim deduction PPF receipt in the name of

Son is good enough to satisfy Assessing Officer.

57.

Pramod Chand Says:


I have purchased a flat and availed loan jointly with my wife. For the year from 01/04/09 to 31/03/10 the following is

the break up of the amount into

Principal component 26,877

58.


11 of 35 7/17/2010 11:41 PM

Interest component 50,973

Pre-EMI interest 15,696

Questions

What relief will be available to me and to my wife under income tax for the above payments.

Pramod Chand Says:


I’ve purchase a flat in the joint name with my wife in Gurgaon. For this I’ve availed a loan from HDFC in the joint

name with my wife. How much deduction I’ll be getting on the basis of the following loan repayment for the period

from 1/4/09 to 31/3/10:-

Principal component 26,877

Interest component 50,973

Pre-EMI interest 15,696

59.

john Says:


sir,

i was appointed 2007 march goverment teacher of tamilnadu state,was given 6 th pay arrear of Rs.10973 on sep 2008

year.but my IT was nil that year.but this year im getting IT can i claim deduction for the previous year arrear Rs.10973

and two terms of DA arrear of 1600 n 1474 this yera n my dads paying LIC housing finance loan can i show that for

my Tax deduction since he’s not working n dependent on my salary.plz help me out.

60.

Amit Says:


Sir,

I am living in pune and paying a housing loan, My wife is staying in Nasik , Can I show Nasik rent and the hosuing

loan both at one time,

As my wife is dependent on me and I am paying her rent as well as housing loan both.

61.

RAVI KUMAR Says:


HAI!THIS IS RAVI,I HAVE A DOUBT WHETHER I CAN SAVE MY TAX U/S 80C IN LAST YEARS TERM

DEPOSIT OF RS 55000 AND THIS PLANS TERM IS FOR 3 YRS

62.


12 of 35 7/17/2010 11:41 PM

Gadre Chintamani Says:


Limit under 80 C is 1 lakh.

By mistake if investment under 80C exceeds the say upto 1,20,000. Will it be treated as fraud, even if amount claimed

under 80C is limited to 1,00,000 ?

Please reply [email protected]

63.

kaushik Says:


registration fee of land is tax saving under 80c ?

64.

Sangeetha Says:


I am unmarried female, can i claim the insurance i pay under the name of my parents?

65.



life insurance premium paid by you for your parents (father / mother / both) is not eligible for deduction under section

80C.

Read more: http://www.taxguru.in/income-tax/all-about-deduction-under-section-80c-and-

tax-planning.html#ixzz0fgvMH11D

66.

Sudhir Says:


I have paid stamp duty for purchase of house property and it shows in Form 16 in last year I have to fill up ITR return

which form i should fill up ITR I or ITR II.

67.

Mrutyunjay Says:


Currently I have paid 105000 as principal amount for the housing loan.I was told that there is a limit of 20000 on

principal amount repayed on housing loan for tax rebate (sec 80C). that means although I have paid 105000, only

20000 will be considered as part of the 1 lakh limit. So does it mean that I still have to show savings proofs for 80000?

Thanks in advance

68.



69.


13 of 35 7/17/2010 11:41 PM

If you have housing loan too then you need to file ITR-2 otherwise you can file your return in ITR-1.



There is no such limit of 20000 in section 80C. you can claim deduction of Rs. 1,00,000 under section 80C in respect

of principal payment towards housing loan.

Such limit was earlier there when we use to claim deduction under section 88.

70.

Mohit Kumar Jain Says:


While employer’s contribution is exempt from tax, your contribution (i.e., employee’s contribution) is counted towards

section 80C investments. You also have the option to contribute additional amounts through voluntary contributions

(VPF). Current rate of interest is 8.5% per annum (p.a.) and is tax-free.

I think that the tax free interest rate is 9.5% instead of 8.5%

71.

Sudhir Says:


My uncle’s brother have purchase Property and his father is Co-Applicant for borrowing home loan and EMI starts

from Jan-10 can his father shows Saving for repayment of Home Loan EMI in his Form 16 if his son not showing in his

Form 16.

72.

Sachin Says:


If i taken NSC in the name of my son, does it will qualify for deduction under section 80C

73.



No.

74.

anil Says:


my elder daughter is doing CA and b.com.

can i claim her collge fee and also her ca coaching fee plus exam fee as deducation under 80 c limit of one lakh.

75.

PRAMOD SETH UDAIPUR Says:


hi

76.


14 of 35 7/17/2010 11:41 PM

Myself and my wife are working. I had LIC policy under my name.

2 I HAVE PURCHASE A FLAT IN MY NAME

Can this be used for my wife’s tax deductions under Section 80C?

WAITING FOR UR REFLY



It seems you taken house on loan and you want to take deduction under section 80C on Lic in your wife’s account

which are in your name.

You claim the deduction in your wife’s account if your wife pays premium on your LIC policy from her Income.

77.

Rajesh Shetty Says:


I am contributing LIC premium for My son who is 25 years old & working with a company. Wheather i will get the

deduction U/s 80C.

78.

R. S. Kumawat Says:


Dear sir my wife is taking education and i have submited fee for education . can i get rebate in incom tex for me under

80c

79.



No. Education expense of children allowed under section 80c.

80.

Shrirnag M. Chauthaiwale Says:

February 22nd, 2010 at 12:56 pm

Limit of Tution fee amount under section 80C

81.



Deduction under this section is available for tuition fees paid on two children’s education. If Assessee have more then

two children then he can claim tuition fees paid of only two children’s. The Deduction is available for any two

children.

Maximum deduction is Rs. 1,00,000/-. for more details visit following post:-

http://www.taxguru.in/income-tax/deduction-us-80c-for-tuitionschool-fees-paid-for-education-of-children.html

82.

Rajesh Shetty Says:83.


15 of 35 7/17/2010 11:41 PM


Sale of agricalutural land taxable or not.

Nitin Says:


I have purchased a property on loan in the current year. However, have’nt received the posession. Can i claim HRA in

the current year and simultaneously also claim the Stamd duty and registration charges u/s 80C as the same have been

paid in the current year.

84.



Yes.

85.

AMIT KUMAR Says:


WHETHER FULL AMOUNT PAID FOR MORE THAN ONE ISTALLMENT

OF A SINGLE LIC POLICY PREMIUM IN ONE YEAR WILL BE DEDUCTED UNDER 80C?

AMIT KUMAR,MHRD

86.



Yes. Deduction allowed on payment basis irrespective of no. of installments.

87.

sunil Joshi Says:


1) Can i get the claim for House Property Insurance Premium.

2) Can i get the claim for Gifted proerty Registration charges .

88.

Sathyaraj R. Says:


I have deposited Rs.50000 in LIC’s ULIP plan in dec.2007 and claimed a decuction for Rs. 15000 in 2008. Can I

claim deduction for the balance amount this year? The lock in period is 3 years for the ULIP.

89.


16 of 35 7/17/2010 11:41 PM



No. Deduction can be claimed only in the year of payment.

90.

Santosh Jadhav Says:


Hi,

I have buy Underconstruction flat in Feb.2010 and I will get possesion of flat by next year. I have paid Stamp duty

charges 120000 lacs. can I claim 120000 for income tax exemption for year of 2010 (this year).

91.



UP to one lakh can be claimed as exemption u/s. 80C

92.

Santosh Jadhav Says:


Hi sandeep, a)1 lakh amount can be claimed are Only stamp duty charges?or it includes both stamp duty and

registration charges ? b)I have taken home loan of 20lakh for an underconstruction house.loan amount disbursement

will start from April 2010 (i.e. next financial year). so if I pay only Pre-EMI interest in this year will I get Income Tax

exemption for that amount? c) please Advice me How to get maximum tax Exemption In this Case of home loan?

Should I start paying Principal amount before getting possesion of flat(i.e. before disbursement of total principal

amount.)

93.



It includes both Stamp duty and registration.

94.

pnvgopalarao Says:


sir, under the CTC pattern of salary structure, er+ee contributions of pf are paid from ee salary.in this case, for

computationf of 80c whole will be taken or exempting er portion, ee

portion will only be taken?

95.

pnvgopalarao Says:


sir, under the CTC pattern of salary structure, er+ee contributions of pf are paid from ee salary.in this case, for

computationf of 80c whole will be taken or exempting er portion, ee

portion will only be taken?

Read more: http://www.taxguru.in/income-tax/all-about-deduction-under-section-80c-and-

96.


17 of 35 7/17/2010 11:41 PM

tax-planning.html#ixzz0gjZVu7cr

karun Says:


To the administrator, or any reader, of this forum…

1) For a “non-resident Indian”, who has made short term capital gains from sale of equity shares of Indian companies

through SEs in India (and that is the only Indian income coming within the purview of Indian taxes) and who would

like to file tax return in India, is the benefit of 80c available? i.e. can he invest upto Rs.1 lakh in ELSS and get

exemption from payment of tax on that part of the total income (in this particular case, only short term capital gains)

earned?.

2) Would a non-resident Indian who is a senior citizen, and seeks to file tax return in India, get the benefit of the more

liberal slabs for tax calc?

Thank you for your time.

97.

Prashanth Says:


I want to purchase a flat in mid march. will i get all the benefits of stamp duty, reg.tax under IT exemption in the FY

2010-2011 also. OR shall i wait till 01-04-2010 for the beginning of new financial year??

Pls reply

98.

Sinsin Says:

March 1st, 2010 at 4:15 am

I and my husband are in higher tax income bracket. We own 3 houses in the same city. If we buy another 2 properties

in my father in laws name, will I get the tax benefit?

99.

Amit Says:

March 1st, 2010 at 5:58 am

Whether the life insurance premium paid by me for my dependent parents can be covered under section 80C

100.

manubhai parmar jnv patan Says:

March 1st, 2010 at 5:53 pm

family planning allowence is taxable income or not ?

101.

Sudhansu Says:

March 2nd, 2010 at 11:09 am

I have taken a house loan in the joint name of my wife and myself. My wife is a house wife and have no source of

income. Whether I am eligible for thr full tax exemption.

102.


18 of 35 7/17/2010 11:41 PM

Manju Says:

March 2nd, 2010 at 12:32 pm

Pls help. I woke up late to save tax.. Around 20000 amount need to shown in investments/medical bills etc.. can I pay

LIC premium of april(due) in march & claim it as investment for this FY..

103.

deepak Says:


i have purchased a residential land for which i have paid Rs 90000/- as a stamp duty. will this amount be eligible for

deduction under sec 80c?

104.

tushar pimple Says:


can i take tax benefit for amount of national savings certificate which is purchased on the name of my minor child plz

give information

105.

jeet Says:

March 3rd, 2010 at 7:54 am

sir

i have set up a warehouse and let it on lease. will i be able to claim deduction under section 35AD.

106.

Raju Antony Says:

March 4th, 2010 at 6:44 am

Hello,

Please advise whether I can take the whole amount(including service tax) on Insurance premium payemnts for 80 C

deduction ?

107.

Santosh Says:

March 4th, 2010 at 2:17 pm

i want to bye KVP in march 2010.can i clime duduction for this year ie 2009-10

108.

Santosh Says:


i want to bye National Sving Certificate in 10 march 2010.can i eligible for tax deduction for the year 2009-10

109.



110.


19 of 35 7/17/2010 11:41 PM

Yes you will be eligible for deduction in financial year 2009-10 and Assessment Year 2010-11

deepak bartwal Says:


i have purchased a residential land for which i have paid Rs 90000/- as a stamp duty. under sec 80c can i claim

deduction on this amount?

111.

CA. Ritesh Jain Says:


Deepak,

The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the

documents of the house can be claimed as deduction under section 80C in the year of purchase of the house. But make

a note over here that it is subject to a maximum deduction of Rs. 100000.

112.



Jeet,

As u have mentioned that u had set up a warehouse & let on lease to someone.

But here u have to make clear firstly that whether you have started a new business of lease or u are having a old

business of lease. Than only we can decide about claiming the deduction under 35D of the act.

And as it is clearly evident from the section 35D which read as under.

35AD. (1) An assessee shall be allowed a deduction in respect of the whole of any

expenditure of capital nature incurred, wholly and exclusively, for the

purposes of any specified business carried on by him during the previous year in

which such expenditure is incurred by him :

Provided that the expenditure incurred, wholly and exclusively, for the purposes

of any specified business, shall be allowed as deduction during the previous year

in which he commences operations of his specified business, if—

(a) the expenditure is incurred prior to the commencement of its operations;

and

(b) the amount is capitalised in the books of account of the assessee on the

date of commencement of its operations.

And note also here that if you once claim deduction under this section than you will not be able to claim deduction

under any other provisions of the act and in any other previous year..

for ex. depreciation..

113.

Sandeep.N Says:


My query is my father took a home loan. There is 4 more years left in it and my father had retired, so the repayment is

now made by me. Am i eligible for tax deduction.

114.

bharat Says:


115.


20 of 35 7/17/2010 11:41 PM

If someone purchased a house in name of his wife through a house loan in joint name with his wife.

Where wife is a house wife and have no source of income. Whether He will be eligible for thr income tax exemption.

Gopalakrishnan Says:


Shall the investment made on my daughter’s name in ICICI Prudential life insurance(u/s 80 C) be eligible for

deduction from my income(Salary/Pension)

116.



Gopalakrishnan,

Yes you are eligible to claim it.

Provided your daughter is not claiming the same from her income.

117.

Kalpesh Patel Says:

March 10th, 2010 at 10:10 am

Are grand parents eligable to claim under 80C if they are paying life insurance premium of grand childrens.

118.

Nikunj devpura Says:


I want to know about the taxability criteria of gift received in kind from non relative?

Eg. If i receive during a financial year(after 1-10-09) any gift of two immovable property of fmv 40000 each wound

the entire amount will be taxable or the transaction would be regarded as single transaction and no amt would be

taxable as each is less than RS 50000 ?

119.

Nikunj devpura Says:


I want to know about the clubbing provision under section 64(1)(Vi) when individual transfer any property to his/her

spouse and subsequently if that spouse transfer that property to his/her son’s wife than income arising on that transfer

would be taxable under whose hand?

120.

Rakesh Kumar Says:


hi,

I have purchase a flat in Feb 2009, the construction will be completed by May’10. I am paying EMI (not P-EMI) from

the first day.

Between Apr’09 – Mar’10, I will be paying 70000 (as principal),170000 as interest and 4,800 as Pre-EMI.

Please let me know how much I can deduct from my taxabale income this year.

121.


21 of 35 7/17/2010 11:41 PM

Amal Krishna Says:


I purchased a flat taking housing loan from LICHFL.I have made registration of the UDS(undivided share of the

land)and paid Rs.55000/-as registration charges in OCT2009.Can I get deduction of this amont U/S 80C for the year

2009-10(AY2010-11)

122.

Daya Says:


i’m salried and also doing higher study 4 which i’m paying 65000 annualy can this amount be rebated on tax

123.

P Kamala Says:

March 15th, 2010 at 11:18 am

I have paid stamp duty and registration fee of Rs.65,000/- during October-2009 for a house under construction.

Possession is expected in Feb-2011. Whether am I eligible to claim deduction of Rs.65,000/- under Section 80 C

during the financial year 2009-10 itself. Please confirm.

124.

ROHAN Says:


Dear,

CA Sandeep Kanoi

CA Ritesh Jain

I have already paid my Rs. 70,000/- limit in my PPF a/c.

My wife also has her own PPF A/c. But she has paid her PPF premium of Rs.40,000/-only.

I wanted to know whether I can deposit in my wife’s PPF account Rs.30,000/- and claim income tax rebate on the

same amount in my name so that my Rs.1,00,000/- EXEMPT under 80c gets completed?

I shall be highly obliged.

125.

Arvind Kumar Says:


Dear Sir,

kindly provide me detail what will be covered under Section 80C.

126.

subhash deshmukh Says:


I have retired from government service in May 2009. I have deposited sum of Rs.3,00,000/- in post office MIS for

period of six years- whether the said deposit is covered under the provisions of section 80C

127.


22 of 35 7/17/2010 11:41 PM

shevanti Says:


i and my spouse both invest Rs. 1,25,000/ – in Elss jointly. Can we both

claim and share deduction for amount

128.

Pranay J Luthia Says:


I have a Life Insurance Policy of Bajaj Allianz Life Insurance Co. Ltd. since last 4 years. Now I want to Sell the units

of said policy, so what will be Tax Implications.

Please guide me.

129.

Rohit L Says:

March 20th, 2010 at 10:26 am

Dear sir,

I had utilised my upper limit of deduction u/s 80c i.e. 1L & also i claimed exemption u/s 80D of rs 15000 but i’m under

large tax liability.Plz suggest me inventments which are not covered u/s 80c & on which i can claim further

deductions. plz suggest…

130.

Thiagu Says:

March 21st, 2010 at 11:15 am

My dad is a retired person getting Govt. Pension.

Shall we include my mom’s medical expenditure bills under 80 C deduction ?

If so , what is the maximum ?

131.

bhavesh bhavsar Says:

March 22nd, 2010 at 6:18 am

i have purchased own house jointly ( me and my wife) and i will do the stump duty and regestraion fees on the name of

my wife, should i get this expeses under 80c

132.

suraj naik Says:


I have invested in ELSS Mutual Fund, the first holder being my wife (who is a house wife with no income) and I am

the second holder. Am I qulified for any deduction under sec. 80c of income tax act 1961.

Kindly let me know. My e mail id is [email protected]

133.

Guru Says:


sir

134.


23 of 35 7/17/2010 11:41 PM

i want advise to unclaimed stampduty spend in the year ended 2008-09 in the month of march-08 that stamp duty &

reg.charge can be claimed as deduction u/s 80C of the income tax Act 1961 for the year ended 2009-10.,

poonam Says:


i have taken property mortgage loan. can i claim under house property income .otherwise under which head can i

claim deduction

135.

Rajesh Says:


I have LIC which premium is 10,000 per year. it can be double exempt under sec 80C i.e.20,000/-.

136.

Girish Patel Says:

March 31st, 2010 at 10:12 am

I have availed a Housing Loan from Bank and purchased flat in my wife name and paid Rs. 61000 towards EMI and

Rs. 35000 towards Interest. My wife will not claiming exemption the said payment in her annual returns. Please let me

know shall claim housing loan EMI and Interest under section 80-C?.

137.

Pankaj goel Says:

April 1st, 2010 at 2:45 pm

Sir, I am having shares in my trading account from the last more than one year and due to some misunderstanding by

the broker, he sold my shares on one day and repurchased on the second day. Thereafter after 2-3 months,if the same

share gains by 50 rupees, and if I want to sell my shares, in that situation, whether I shall be entitled to the benefit of

long term capital gain or have to pay the tax for short term capital gain for the mistake done by the broker.Please guide

me. I shall be highly obliged. Thanks.

138.

RinZ Says:

April 13th, 2010 at 3:28 pm

I want to knw if i invest:

1. 70k in PPF

2. 15k in Bank RD. and

3. 15k in Life insurance.

Will that be perfect to get an exemption upto 1Lac.

Plz suggest if you have any amendments for me for the above mentioned.

Thanks!

139.

RinZ Says:


Also, if my monthly PF deduction is already 1,441 amounting to 17,292 for a year.

140.


24 of 35 7/17/2010 11:41 PM

In that case, i have to invest for the rest 82708..right?

Vidya Says:

April 14th, 2010 at 11:35 am

Whether Income tax rebate available u/s 80C for Life Insurance Premium paid during Apr to Nov 09, when policy is

closed in Dec 09

141.

karthik Says:


my father bought a property(50L) in his name by selling old property(30L). Remaning 20L is from Housing Loan. My

father(2nd holder) and myself(1st holder) sharing the housing loan. Can i able to claim Principle and interest.

142.

Ashutosh Says:

April 19th, 2010 at 10:22 am

Hello,

I have booked a underconstruction flat in Feb 2010 in Navi Mumbai and done stampduty, registration 29th March

2010.

My question is , Can I show stampduty, registration amount in my next year IT i.e. 2010-2011 ? whould i get tax

benifit in this year or how can i claim it.

143.

Mahesh Desai Says:

April 19th, 2010 at 12:39 pm

Pl enlighten me the provisions of Section 54 of Income Tax Act. This is regarding Capital Gain.

144.

Pankaj goel Says:

April 20th, 2010 at 8:54 am

Sir, I am having shares in my trading account from the last more than one year and due to some misunderstanding by

the broker, he sold my shares on one day and repurchased on the second day. Thereafter after 2-3 months,if the same

share gains by 50 rupees, and if I want to sell my shares, in that situation, whether I shall be entitled to the benefit of

long term capital gain or have to pay the tax for short term capital gain for the mistake done by the broker.Please guide

me. I shall be highly obliged. Thanks.

145.

vikram sharma Says:

April 20th, 2010 at 12:00 pm

Dear Sir,

i am having a tax benefi mutual fund, i want to know whether i would be getting tax benefit on sum received on

maturity of that mutual fund,kindly explain.

146.

Vishal Says:

April 20th, 2010 at 10:16 pm

147.


25 of 35 7/17/2010 11:41 PM

Hi,

I wanted to inquire if it is possible for both me and my wife to claim tax benefits under HRA. The property is rented

out only in my name though. Is there any way possible we both can avail this?

KVS Says:

April 21st, 2010 at 3:17 pm

Hi,

I have bought a plot/site in 2008 and been out of India till last year.

Today, I got a statement from ICICI Bank Housing Loan titled:

STATEMENT FOR CLAIMING DEDUCTIONS UNDER SECTIONS 24 (b) & 80C (2) (xviii) OF THE INCOME

TAX

ACT, 1961

I was under the impression that only residential property is eligible for claiming any deductions/benefits. Can anyone

explain please?

148.

Raveendran Says:

April 23rd, 2010 at 9:42 am

i want to know whether the limit of aggregate savings under section 80C is Rs 100,000 or Rs. 120,000 for the financial

year 2010-2011.

149.

Hemant Says:

April 23rd, 2010 at 12:57 pm

I have two housing loan.Cani claim the pricipal of both the loans under sec 80c.In one hous i saty where the annual

principal is 31000 and second house i would get the posession in coming june with annual principal of 38000…can i

claim both put together 68k under sec 80c where the max limit for sec 80 c is 100000/-.

150.

Mansi Says:

April 23rd, 2010 at 1:13 pm

hi

I am salaried person and staying on rent. From April the rent amount has increasd to 10500/- pm. am i supposed to

deduct TDS on rent. i don’t have any TAN as of now. will i be required to apply for it.

151.

Yogesh Says:


Suppose i did stamp duty & registration in previous FY & i got possesion in this FY. Can i claim Stamp duty &

registration this year?

152.


26 of 35 7/17/2010 11:41 PM



no. Deduction allowed only in the year of payment.

153.

Sivadas chettoor Says:


The limit of rent has been enhanced to Rs 15000/ ie Rs 180000/pa which is sought to be made effective from July

2010. We will have to wait for passing of the bill.

sivadas chettoor

[email protected]

154.

Prakash Kadtan Says:

May 6th, 2010 at 4:50 pm

I have paid Rs 24000 LIC premium in the month of april 2010 having due date in march 2010.Can I show this

premium in the calender year 2010-11 ang get benifit.

155.

Bharat Kumar Says:

May 9th, 2010 at 9:45 am

i have a ULIP plan having a three years locking period. now after this period i can sureender the policy. Now the big

qestion is weather IS there is any lock in period for the premium paid in the last two years for which i have allready

benifit under sec.80c. I”ll be highly obliged if you answer this on my mail id.

156.

rajesh kumar Says:

May 10th, 2010 at 10:28 am

I have purchased a house in noida in 2000 by taking loan from my deptt in which i am residing.

Now i have recently purchased a house in lucknow by taking loan from hdfc bank in which i am not residing.

I want to know whether i will get benefit on both the loan.

157.

Raj Says:

May 11th, 2010 at 1:35 pm

I want to invest 2k everymonth in SIP-Mutual funds for about 3 years. SO can i get tax exemption on this kind of

investments? Is there any limits on this investments. Please advice.

158.


27 of 35 7/17/2010 11:41 PM

Raj Says:

May 11th, 2010 at 1:40 pm

I have also deposited 3lacs in the local bank for tenure of 2years. But it seems this kind of investment has a lock

period of min 5 years. So can I change the tenure of my FD now from 2 to 5 years so that I can get tax benefit on this

investment. And if I want to withdraw this total amount before pre-mature how would it affect on interest rates. Will

there be any problems should I face/loss in terms of money. Please advide here too.

159.

Subrahmanyam Says:

May 11th, 2010 at 3:08 pm

Hi,I bought house and got registration on March-21-2009,I want to submit IT returns for stampduty and registration

charges,would you please let me know what all documents I need to submit for stamp duty & reg charges under

80C.Thanks & Regards

Subrahmanyam

160.

Janardhan Says:

May 14th, 2010 at 10:30 am

I have leased a house for Rs. 6 lakhs and want to claim exemption under HRA/Rent. I am aware about Tax

exemptions for rented house is based on actual rent paid or HRA. I need clarification on possible exemption on leased

house and how much exemption can be claimed. Thanks!Jana

161.

Dipesh Gunjiite Says:

May 16th, 2010 at 1:48 pm

I am investing 1 lakh every yr under section 80c. having done so still the tax on my income comes upto 20k aprox. can

i save this 20k also? can i invest this 20k somewhere?

162.

suman Says:

May 20th, 2010 at 12:26 pm

if a person say Mr. A has taken lic poicy and beneficiaries are his spouse and childrens an iF in a particular year if

such premium is paid by his spouse (Mrs. A). can Mrs.A claim it under 80C?

163.

kuldeep Says:

May 23rd, 2010 at 12:04 pm

hi ,i want to invest some money inho jeevan saral . my agent says the amount invested in jeevan saral is exmpted from

tax but some other says it is not . please clarify the matter .

164.

Ankit Says:

May 29th, 2010 at 10:32 am

Dear Sir,

I payed Rs 32,000.00 as a top-up amount towards my traditional type (not ULIP) insurance policy of Bajaj Allianz

Life Insurance Company..Is this amount liable for Income tax Deduction under Sec 80C ? If yes, Do I need Tax

165.


28 of 35 7/17/2010 11:41 PM

Benefit Certificate for this amt seperately or the receipt is suffice. pls reply.

ajay Says:

June 5th, 2010 at 7:17 pm

I HAD CONSTRUCTED (THROUGH A BUILDING CONTRACTOR) ON THE LAND PURCHASED BY THE

SAME CONTRACTOR A HOUSE AND FOR THE SAME I HAD TAKEN HOME LOAN. THE LAND WAS

PURCHASED IN 2005-06 AND HOUSE COMPLETED IN 2006-07. NOW I WANT TO SALE THE SAID HOUSE. I

HAD TAKEN CLAIM OF 80 C FOR REPAYMENT OF HOUSING LOAN THROUGH OUT THE PERIOD.

MY DOUBT IS” WHEN I SALE THE HOUSE NOW, WHAT WILL BE THE TAX LIABILITY APART FROM

THE LONG TERM CAPITAL GAIN.

PLEASE CLEAR MY DOUBT AS SOON AS POSSIBLE WITH DETAILS.

THANKS

166.

kinjal Says:

June 9th, 2010 at 10:57 am

sir my wife is doing MBA. should i get deduction of tuition fees under 80C.

167.

Harish Says:

June 10th, 2010 at 10:39 am

Dear Sir,

Our building is recently got redevloped under 33(7).our society is already formed.

Society is of 17 members.builder had promised corpus fund of rs.65 lacs.is that amount taxable in the hand of society?

or shall we take it on an individual basis.

168.

sanjay ratnani Says:

June 11th, 2010 at 8:27 pm

can registration expenses of residential land purchase admissible under section 80c

169.

suresh Says:

June 14th, 2010 at 1:26 pm

I have taken loan from my employer.(Govt.Department)where the principal is recovered first and then interest will be

recovered.The property is under construction. Whether the accrued interest can be claimed under Income from house

property in my tax returns for the assessment year 2010-11. Please let me know at the earliest.

170.


29 of 35 7/17/2010 11:41 PM

suresh Says:

June 14th, 2010 at 1:29 pm

I have taken loan from my employer(Govt.department) where the principal amount is recovered first and then the

interest will be recovered later.The property is not completed. Ihave taken loan in the FY 2009-10.Can I claim accrued

interest on housing loan in my tax return i.e. assessment year 2010-11.

171.

VISHWANATH Says:

June 17th, 2010 at 5:45 pm

sir,i have sold my agriculture lands by dividing them as sites/ plots.. will i get exemption u/s 54 capital gain ?? if no , wt

are the other ways to get exemptions??

172.

sirisha Says:

June 19th, 2010 at 3:47 pm

i got maturity amt rs. 106000.00 whether this amt was included in total income of computation plzzzzzz tel me

imediately

173.

sirisha Says:

June 19th, 2010 at 3:53 pm

sir, i have received LIC maturity amt on 08.06.2009, wether this was a taxable income under the head “Income from

Other Sources”. or any othe head.In previous year’s i was claim deduction u/s-80C for premium payment on the same

LIC Policy.

174.

Raj Says:

June 19th, 2010 at 7:46 pm

Hello!

I have booked a underconstruction flat in Sept-2009 in Mumbai and done stampduty, registration (Rs.3,50,000) on Jan

– 2010 possession expected in year 2011

Can I claim payment of stamp duty & Reg Charges payment u/s 80 C in F.Y 2009-2010, even though I have not

received the possession?

Some one told me that you will not get any benefit u/s 80C, since you do not have possession

Thanks

175.

Gaurav Says:

June 25th, 2010 at 11:19 am

ya you can claim deduction, but you should claim u/s 24 not u/s 80c

176.

Vikram Sirohia Says:

June 28th, 2010 at 10:55 pm

177.


30 of 35 7/17/2010 11:41 PM

Can one claim HRA & also home loan interest exemption U/s 24?

Please clarify……

sunil KK Says:

June 29th, 2010 at 5:56 pm

I have purchased land, can i show registration fee under 80c exemption?

178.

Aryan Says:

July 1st, 2010 at 5:06 pm

I want 2 buy a underconstruction flat in noida which over all cost of 13.5 lakh i want to know that if i m capable 2 pay

50% of the whole amount in Flexi payment plan do i get taxed as my salary is 14kper month only and i m doing this

through the help of my mother and myself and all the payment partly done through my account only….plz tell…

179.

Aryan Says:

July 1st, 2010 at 5:07 pm

simply i want to know k hum kitne lakh tak ek sal me kisi project(property) me laga sakte hai taki taxed na ho as i dnt

come under taxtation income till now…

180.

uttam Kumar Says:

July 4th, 2010 at 10:27 am

I have taken 150000/-personal loan than am I eligible to save my incom tax?

If yes tan please guide me.

Thanks.

Uttam Kumar.

Jsr.

181.

anoop sathyan Says:

July 8th, 2010 at 12:15 am

My annual income is Rs. 2,16,000. And I don’t have any investments so far except for a personal loan from HDFC

bank for Rs. 1,17,000; and my child’s education fees. According to the slab I have to pay 10%, i.e. Rs. 21,600/yr as

tax. What are the best investments that I can have to save this amount? I am interested in Life Insurance/ NSC/ ULIP.

How much do I have to invest as a whole or which investment gives me the best benefit to save this tax amount?

I am an amateur in this field so kindly advice.

Looking eagerly to hear from you soon.

Anoop S.

182.

Rajat Says:

July 8th, 2010 at 3:48 pm

1) I had taken loan only to purchase a plot.

183.


31 of 35 7/17/2010 11:41 PM

2) Last December I have taken another loan to purchase a Flat which will be registered on my name in the coming

month.

For both the cases EMI had started. Shall I get tax benefit on Principal and Interest amount paid, for last F.Y ? pls

reply.

Thank you Sir.

Regards,

Rajat

jayeshpatel Says:


What is limit of Housing loan interest in tax rebate for salry person

184.

administrator Says:


150000/- for self occupied house property.

185.

Ravindra Says:

July 13th, 2010 at 12:21 pm

In case of Joint Housing Loan in f/o of Husband & Wife, the Housing Loan Principle under Section 80-C & Interest

payment u/s 24 can be partly claimed by both or not.

186.

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Delhi Govt slashes VAT on diesel to bring down the fuel prices by Rs 2.70 per litre

Even Offshore Services Are Taxable As PE Profits: ITAT Mumbai

All about Commodity Futures & Interest Rate Derivatives

Himachal Pradesh VAT rate change with effect from 15th July, 2010

Maharashtra imposes 1% Sales Tax on property sale agreements

Companies may not get any tax sop for spending more on corporate social responsibility

‘Company Law Settlement Scheme, 2010’ and ‘Easy Exit Scheme, 2010’ Launched by the Ministry of Corporate

Affairs Drawing Good Response From the Corporates

Shri Salman Khurshid Launches Kanada Version of the Investor Education and Protection Fund Website

ACB and IT department investigation still on in the case of alleged accumulation of unaccounted wealth by

Kripashanker Singh

Income Tax staff to boycott search, seizure operations from July 20

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MAT u/s 115JB increased to 18%

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