deductions under chapter vi

7/28/2019 Deductions Under Chapter VI

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S.P Desai Chartered Accountant

1

Deductions under Chapter VI-A

Sec Remarks80 C Individual & HUF

LIC premium paidSelf and spouse and

any child

Premium should not

exceed 20% capital

sum assured.

Policy should not be

terminated within 2

years, else amount

received treated asincome.

ULIP premium Premium should be

paid at least for 5

years.

Eligible equity shares or debentures No transfer within 3

years.

Investments in fixed deposit with

scheduled bank

5 years or more

Purchase of house property amount

paid on stamp duty etc

Property should not

be transferred for 3

years

Tuition fees for children Higher education and

limited to 2 children

PPF deposits Max Rs.70,000

Total Deduction lower of Rs. 100,000 or

amount of investment

made

80 D Medical Insurance premium paid

Individual & HUF

Premium for self or a spouse and family Should be paid


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and dependent parents. otherwise than cash

Amount to be paid to GIC or any other

general insurance company approved

by I.R.D.A

Deduction

Lower of

* Rs. 15,000 in case of

other than senior

citizen or premium

paid

*Rs 20,000 in case of

senior citizen or

premium paid.

*Additional deductionof Rs 15,000 or 20,000

in case of parents

depending on

assessee, otherwise

than senior citizen or

senior citizen as the

case maybe

80DD

Medical treatment of dependenthandicapped relative

Individual or HUF

Amount paid for medical treatment or

amount deposited in approved scheme

of LIC etc

Deduction Irrespective of amount

as mentioned aboveRs 100,000 in case of

severe disability or Rs

50,000 in case of

normal disability


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80

DDB

Medical treatment expenses of

individual & HUF

Diseases should be as specified

Amount of deduction lower of Rs. 40,000 (Rs 60000

in case of senior

citizen) or expenses

paid on medical

treatment.

80 E Interest on loan taken for higher

education

Specified financial

institution should be

the lender.Deduction For full interest paid

for 8 years beginning

with initial previous

year in which interest

is paid

80 G Separate note

80

GG

Rent paid(other than person who is

getting HRA benefit)Deduction Lower of 1.)Rs 2000 per month

2.)25% of total income

After all other

deductions under

chapter VI A

3.) Rent paid 10% of

total income as above.

80 U Assessee having disability

Individual should be resident of India Disability should be

permanent as certified

by prescribed

authority.


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Deduction Rs 50,000 in case of

normal disability

Rs 100,000 in case

severe disability(80%

and above disability)

deductions under chapter vi

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