• Dec
  • 10
  • 2013

Deduction under section 80C and tax planning

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.

Please Note- Finance Bill 2014 has proposed to increase Limit of Deduction under section 80C to Rs. 1,50,000/- from Financial Year 2014-15. Once The Bill is passed Assessee will be eligible for deduction of Rs. 1,50,000/- Under section 80C of the Income Tax act from A.Y. 2015-16 or FY 2014-15.

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 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 8.70% tax-free (Compounded Yearly) and the normal maturity period is 15 years. Minimum amount of contribution is Rs 500 and maximum is Rs 1,00,000. A point worth noting is that interest rate is assured but not fixed.

Please Note- Finance Bill 2014 has proposed to increase Limit of Investment in PPF to Rs. 1,50,000/- from Financial Year 2014-15. Once The Bill is passed Assessee will be eligible for Investment in PPF Up to Rs. 1,50,000/- in a year from Financial Year 2014-15. 

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) (VIII Issue):
National Savings Certificate (NSC) is a 5-Yr small savings instrument eligible for section 80C tax benefit. Rate of interest is 8.50%t compounded half-yearly.  If you invest Rs 1,000, it becomes Rs 1516.20 after five 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 9.20% 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. The account may be opened by an individual,

  1. Who has attained age of 60 years or above on the date of opening of the account.
  2. Who has attained the age 55 years or more but less than 60 years and has retired under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account within three months from the date of retirement.
  3. No age limit for the retired personnel of Defence services provided they fulfill other specified conditions.

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 8.40 per cent rate of interest –qualifies for tax saving under section 80C. 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.

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.

(Republished with amendments)


675 Responses to “Deduction under section 80C and tax planning”

  1. manish says:

    i want to know which mutual funds investments are tax free or which comes under section 80 c

  2. ganesha says:

    what documents has to submit claim under section 80 c for property registration charges.

  3. Manoj Kumar Ash says:

    Please guide us regarding 80C, 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 inform me whether any person can claim for LIC premium paid by him for his Adult Son or Married daughter also? What are the guidelines?

  4. N. Satya Narayana says:

    Respected sir,
    my self is a Senior citizen and income tax payer.

    I want to know that the education fees for children is also entitled for claim rebate u/s. 80C.

    Now my question is that, my grand son who is staying with us and i will deposit the education fees for Rs. 60,000/- for his higher studies, can i claim the deposit amount in the income tax rebate U/s. 80C.of the IT Act ?

    the parents of the child is not claimed the Education fees in their income tax return.

    plz clarified my doubt and give the answer in my mail ID – nsatya_1968@yahoo.com at an earliest date

    thanks with regard,
    Satya Narayana N

  5. Vijay Chaudhari says:

    Dear Sir,

    I appreciate your social service of answering their queries and helping them.

    My question is : I am working and avail HRA. Recently I have bought a ready flat (where I am not staying) for which I have paid stamp duty and registration charges and also have availed a home loan.

    So while availing benefit of HRA against rent paid by me for my rented house where I stay, Can I avail the benefit / deduction under section 80C for the stamp duty and registration expenses and interest paid for home loan under section 24 ?

    I would be obliged with your clarification.

    Thanks a lot,

    Warm Regards,

    Vijay Chaudhari

  6. v k naidu says:

    sir
    I am working in a PSU residing in quarters provided by the organization.My D.D.O calculated perquisite amount wrongly on higher side and deducted higher TDS. He issued Form 16 with the wrongly calculated perquisite amount. He is not willing to correct FORM 16. My auditor says Form 16 should be corrected otherwise we cannot claim refund. Till date I have not filed my I.T returns.please advise me

  7. Nirmal De says:

    Sir, I have a query. I have purchased Rs.60,000/- NSC in this FY for investment purposes and tax rebate u?s 88. Now I want to take a loan against these NSCs from a bank by pledge it within same FY. What is the provisions of I tax. Can I take a bank loan and get benefit U/s 88 in same FY. Kindly advise me.

  8. smt. Shrivastava says:

    SIR/MADAM,
    I DON’T KNOW THE TDS CERTIFICATE NO.
    SO, HOW CAN I DOWNLOAD THE FORM 16.
    PLEASE REPLY, AWAITING YOUR ANSWER.
    THANKS & REGARDS
    – See more at: http://taxguru.in/income-tax/download-online-tds-certificates-form-16a-nsdl-website.html#sthash.PK9Y5r4V.dpuf

  9. C A K C AGARWAL says:

    kindly let me your views , in case of exemption of L I C. Now we have to pay also the service tax along with the insurance premium, It is my question ,whether we are entitled to claim the deduction for L I C along with service tax or without service tax. However in my opinion we cant not claim the deduction of L I C alongwith service tax, WHAT IS YOURS VIEW

    C A K C AGARWAL< ALLD

  10. Gayathri says:

    My husband & I in a joint account took Housing Loan. For income tax purpose I produce annual statement of the bank.Now they asking ownership/co ownership document.How can I get this certificate? Who will give me this certificate ? Wether respective bank or panchayath or village officer?

  11. mohit says:

    what are the investments for a small businessman,if bank receipts upto 9laks. I am providing software services from my home so no majaor expenses.
    Thanks

  12. Chandana Sanyal says:

    I am currently residing in a flat which is under House Building Loan of HDFC Ltd. since 2004. I had availed another loan in 2011 from Corporation Bank for a flat under a Cooperative Society, which is still under construction. Both banks provide me with EMI certificates every year. Am I eligible to avail deduction u/s 24(b) and/or 80c for both the mentioned house properties?

  13. ANKUSH says:

    I have made FD in the name of my wife for Rs. 150000/- can i claim this in sec- 80c

  14. Prasenjit Roy says:

    Sir,

    I have booked a flat which is under construction. I have done registration of the said flat and paid the registration fees and stamp duty. I will get the possession of the flat next year ie after May 2015 tentatively. Can I avail benefit under 80C in current financial year.

    Regards,
    Prasenjit Roy

  15. amit says:

    Hi ,

    My father has passed away and my mum is a house wife, i am paying my sisters tuition fees in Gov College which is around one lac annually can i claim deduction?

  16. sandeep says:

    CAN I TAKE REBATE UNDER SECTION 80 C FOR education fees for SELF also instead of children

  17. T Ramakrishna says:

    I have taken an Fixed Depoit from SBH,during August 2013,for 66 months(5.5 years).I have not claimed excemption under 80C during financial year 2013-14.Can i claime excemption during 2014-15?

  18. pradeep sharma says:

    please explain new rebate under section 80c for 2014-15

  19. sharad says:

    I have query regards the fixed deposite for 5 year. i had done FD in 2010 of Rs- 1,00,000/- but that perticular year i cant take benefit of 80C, can i take the same in the current year.AY 14-15. kindly suggest me?

  20. Abu osama says:

    i got INR 585971/- as a sallery in 13-14. and declared interest again education laon 32000/- rent 72000/- , however my company deduct tax 37084 as whole. as i can not submiteed my rent receipt on time could you please help me out how i file return and pay genuine Tax.

  21. rajeev says:

    Can we get any tax benifit if I have bought a piece of land under taluka panchayat, karnataka?

  22. sunil kumar says:

    is there any standard deduction for the AY 2013-2014.

  23. ram says:

    how much deduction is allowed for loan taken for renovation of house.

  24. ram says:

    how much deduction is allowed for loan taken for renovation of house

  25. Shanthi says:

    Excellent Post. Thanks Much

  26. sreedharan kc says:

    can an employee under govt get 80c benefit for his da arrears amount credited to gpf

  27. sreedharan kc says:

    sirs,
    my doubt is whether ican get the rebate under 80 c
    for my dearness allowance credited twice annually
    i have an amount 24000/- credited to my gpf
    my total 80 c amount is only
    76000/-
    can i add my da arears to 75000/- figure for tax rebate of maximum 100000/-one lakh

  28. Brijesh Gupta says:

    First of all thanks for posting this article. Earlier concept was not appropriate. Because Service Tax amount is not income of assesse and TDS should be deducted from income.

  29. geetha gp says:

    I am paying RD in a bamk shall i take exemption in 80c

  30. KETAN ZALA says:

    If an employee pay notice pay to his employer while resigning from the services, the amount of such pay should be deducted from his taxable income while computation of tax or not?

  31. Sajal says:

    LIC Premium paid by my parents for me, i mean the LIC policy is on my name but installment is paid my parents. So in this case can i avail Tax rebate on this policy ?

  32. sandeep says:

    i and my wife are govt. servant.my wife invested 10000 Rs in national saving certificate,can i take the rebate in section 80 c instead of my wifr

  33. siva says:

    Am planning to take a housing loan in Joint Name ( myself & my working wife). Pl suggest how I should be Splitting (any % agreement to be executed between both of us )so as to claim tax benefit for both (for our appropriate portion…)

    Also pl clarify if total value of property is <40 lacs & can we take loan for 30 Lacs (15 each assume) and even then it will qualify for 80EE as same stipulated loan amount to be < 25 lacs… (if it is per joint loan applicant / on the whole)
    thanks in adavance,
    regards,
    siva

  34. Mohan T says:

    After VRS , I am getting pension and also now earning monthly consolidated pay on Contract basis from a Pvt Co.. Even the pension is shown as consolidated amount in Pension. In that case, pl advise how to assess my IT . Whether I have to show the entire amount as salary for calculating Tax. Kindly guid me.

  35. ANIL KUMAR says:

    I have purchased HDFC 8Yr Fixed Deposit i just want to know can we take tax benifits u/s 80c or any other section

  36. dinesh says:

    i had purchased 1 acre agriculture land in my native place during the 2013-2014 period & had the sale deed got registered in my name for which the stamp duty & registration fees i have paid .
    my query is can i claim the stamp duty registration exemption under 80c

  37. Bal Krishan says:

    Is mobile allowance taxable?

  38. M. SRINIVAS REDDY says:

    sir,
    1. i am state govt employee.rs 100/- are being deducted from my salary every month towards SFMS(self fund medical scheme ). is it eligible for deduction?
    2.in case of state govt employee ,is medical reimbursement amount eligible for deduction?(it was reimbursed by employer )

  39. Ridhima says:

    As per my knowledge deduction limit has been raised upto 1.25 lacs u/s 80c.

  40. Mangesh says:

    Hi,
    Can the premium paid of Jeevan Sathi (Joint Plan) policy of LIC shown seperately/individually by both husband as well as wife u/s 80c of Income Tax for one financial year..??
    Thank you.

  41. ADARSH SINGH says:

    Reply to 634.Prithwiraj Pramanik :-

    Dear Prithwiraj Pramanik ,

    pls understand that sec 80c for Replyment of Loan which u pay in EMI basis. and we Know that EMI consists of both A portion of principal and Interest.Principal paid in one FY can be claimed in 80C Maximum upto 100000 and Interest portion can be claim U/s 24(b)-Limit is 1,50,000

  42. Pradip says:

    Hi Kaarthik. Investment made in 5-year Tax Saver FD will get the income tax relief to the investor for FDs made out in his own name only i.e. only for self, and not for his dependant parents.

  43. Pradip says:

    Sec. 80C of IT Act specifies that tax relief is permitted on various instruments only out of investments made from out of income of the incumbent. In your case you have taken 5-yr Tax Saver Fixed Deposit in your dependant parents name from out of your income for which you will not get tax relief while accounting for your tax return. Such tax relief benefit is available to you only if you make investment in LIC schemes for your parents out of your income, but not in case of Tax Saving Bank FDRs.

    In case of tuition fee paid for your education, the person paying the tuition fee is entitled to tax relief u/s 80C upto Rs 1.00 lac.

  44. kaarthik says:

    Is 5-Yr bank fixed deposits (FDs) made for dependants(parents) too can be accounted in Tax claim.?
    or it should be only self?

  45. dr harshal says:

    hi, im dr harshal doing a job at xyz hospital and taking part time education from a govt. undertaking university, is there paid tuition fees benefits me under 80c sec. for tax saving.

  46. Pradip says:

    Is a regular school teacher of non-gazetted rank working in Municipal Corporation of Delhi school, drawing salary in scale of pay of Rs 9300-34800 with Basic Pay Rs 19680 and Grade Pay Rs 5400, eligible to receive yearly Bonus or not ? If eligible to get bonus, then under what service rule. Pl help and guide me.

  47. Bhargav Shankarwala says:

    Please answer immediately,
    If an individual assessee pay the amount of life insurance premium as on 29.03.2013 (F.Y. 2012-13) by cheque
    and got receipts also as on 29.03.2013. The cheque cleared as on 03.04.2013 (F.Y. 2013-14) . Now my question is that can we claim the deduction u/s 80-c for F.Y. 2012-13 or not ?

  48. prakas says:

    I am paying for LIC inthe name of my daughters children living abroad.Can I include the amount under 80c

  49. Himanshu Talwar says:

    Dear Concern

    I want to weather a grand parent can propose a policy to their grand child and will he eligible for 80c tax rebade

  50. Nilanjan Saha says:

    Please let me know what is meant for education fees.
    I spend Rs-7000/- for my daughter’s admission to School. Is this expenses is eligible entirely for deduction u/c 80c ?.

  51. aneesh says:

    Sir,

    i have one doubt about 5 year bank deposit. Is it taxable whrn getting back the same after 5 year

  52. Ashish Shrivastava says:

    This year i had paid 2 year premium of Rs 100000/- (50000*2) in my ULIP policy. kidly confirm can i take tax benefit of Rs 100000/- under sec 80C. my basis premium is Rs 50000/- and my insurance amount is 250000/- which is 5times of my premium.

    Kindly confirm.

  53. Vinod Kumar Mittal says:

    Are GPF contributions made on account of return of refundable advance, taken out of one’s GPF Account, eligible for deduction under Section 80-C?

  54. Raajesh says:

    Hi. I am getting 18000 per month a salary. I am also paying in LIC of rs 28 thousand per annum. How much can i able to reduce the Income Tax from my salary using the LIC amount.

  55. Anteshwar S Jadhav says:

    Post office RD is covered under Income tax Section 80C yes or no

  56. Vikas Saini says:

    Can a stamp duty deduction be claimed on a house under construction and when there is a difference in the possession date of the house and the payment of the stamp duty? eg. my possession date is June 2014 and i paid the stamp duty in March 2013

  57. ram says:

    sir, under 80c 100000/- exemption. i showed 75,000. so still i can eligible for 25,000 right. i paid 50,000 tax for govt in my salary. so i want to take p.p.f if so, 1. how much can i invest and 2.how much return i can get. If i invest under p.p.f 50,000

  58. suresh mohnani says:

    Dear Sir,

    During year 2010, I have booked one flat. Builder is executing the sale deed and giving possession this year (March’13). Can I claim deduction for payment of Stamp Duty, this f. year?

    Further, I had claimed deduction for payment of Stam Duty for purchase of earlier house in another city during 2008-09.

    Can we claim deduction for payment of stamp duty, any number of times?

  59. ajay says:

    1. Whether the life insurance premium paid by me for my dependent parents(mother and father) can be covered under section 80C of income tax?

    2. Is there any other way to covered deduction tax of the life insurence paid by me for my dependent parents (mother/father/both)?

  60. MAHESH says:

    I HAVE HOUSE WITH NAME OF MY MOTHER. & I GET THE HOUSE REPAIR LOAN SHOULD THE INTEREST OF MY HOUSE REPAIR IS RELIEF UNDER 80 C.

  61. tamilnesanvimalathithan says:

    i am eligible for wife tuition fee under 80 c exemption

  62. AKRITI JAIN says:

    A PERSON HAVE A HOUSE PROPERTY WHICH IS BY NAME OF HIS SPOUSE. TAKEN ON LOAN WHICH IS JOINT A/C WITH HIS SPOUSE. SPOUSE IS NO INCOME AND LOAN REPAY BY INCOME OF HUSBAND. CAN HUSBAND CAN CLAIM DEDUCTION OF INTEREST AMOUNT UPTO RS. 150000/- U/S 24 AND PRINCPLE AMOUNT OF LOAN U/S 80c UPTO LIMIT OF RS. 100000/-

  63. jaideep says:

    TAXGURU DOES NOT REPLY ! WHATS THE USE !!! NOT EVEN ONE REPLY FOR THREE YEARS !!!!
    WAKE UP TAX GURU !!!! IF YOU CAHRGE ONE RE. PER REPLY ALSO YOU WOULD HAVE MADE LOT OF MONEY WITH INTEREST …. ALSO IF YOU INVEST IN PPF TAX FREE EARNING!!! TAX GURU ARE YOU THERE !!!!

  64. amit kumar says:

    can i claim income tax rebate of my wife’s LIC.the premium of the policy was paid by her. She is working as a teacher in mcd

  65. naik says:

    I would like to know whether recurring deposit is exempt under 80C if it is for 1 year?

  66. jestin says:

    my autitor said max one lack rupees only can adjust sec by 80c,
    it is true, i spend lic insurance and home loan (principle only)total 127000

  67. GAURAV SAHU says:

    AM I ELIGIBLE FOR TAX BENIFIT IF I DO FIVE YEAR FD IN THE NAME OF MY CHILD.

  68. salomi says:

    can deduction under section 80 be from casual income

  69. YOGESH says:

    what are the provisions of tax exmption about employee contribution and govt.contribution for new pension scheme{nps}

  70. satish d sawant says:

    Sir,
    My wife’s investment in 80 C has crossed the limit of 1 Lac. Can I show the surplus of LIC premiums paid by my wife. The life policies is also in her name. Can i claim rebat under 80C.

    Pleas help.

  71. Raj says:

    Dear Sir/Madam,
    Exemption under sec.80c of Rs.1,00,000/- and conveyance allowance of Rs.800 p.m. from long time back. As per current economic growth on every field I feel the exemption amount will be increases.
    I hope government take necessary action about this.
    Thanks,

  72. vikram says:

    hello,
    can any one suggest me to reduce income tax for 180000. i dont have pf and any insurance, and i need to submit documents in feb 2013.in which way can i overcome this problem.

  73. k mohan says:

    I have a house which is under construction, taken a loan and repaying monthly both Principle & Interest to the bank.

    Now I want to sell that home under construction, in this case what I am eligible to get the benefit of principle paid during the FY U/s 80C or not and what are the other liabilities of taxes comes like , capital gain on the sale proceeds of the home and any other …

    Please advise me in this regard.

  74. Ritesh Jain says:

    Hello,
    I have purchased a flat in Nov-2009, agreement was done in the same year in December-2009, I got possession in Aug 2010, Can i claim tax benefit under 80c in stamp duty registration charges this year (12-13)

  75. Ritesh Jain says:

    Hello,
    I have purchased a flat in Nov-2009, agreement was done in the same year in December-2009, I got possession in Aug 2010, Can i claim stamp duty registration charges this year (12-13)

  76. neha says:

    sir, can i know that if father paid insurance premium for himself then he can transfer this premium deduction u/s 80c to his child or not? & why?

  77. Sameer says:

    Sir ,

    In my company there is a limit of 15000/- that can be claimed under u/s 80. But what about the expenses more then this amount done on dependants ? Do we have any section where we can claim . Please advice.

    Thanks in advance.

  78. S Sinha says:

    I want to know what proof is needed to claim income tax rebate for stamp duty & registration charges. Kindly help.
    Moreover, the bank has done a loan insurance is it acceptable under section 80C.

    Santosh

  79. Himanshu Wadhwa says:

    hi

    my package is 2,24,700 and this time i have OT for 10,800 and tax has been deducted from my salary worth 1,178. so, i want to confirm will it be ok if i will take a FD from post office for 25,000.
    please revert asap.

    thanks
    himanshu

  80. Naveen says:

    Sir,

    I have been deposited Rs.5000/- in post office during f.y.11-12. Can i claim these amount as deduction u/s 80C. Let me know please. Thanking you sir.

  81. Raman says:

    I received arrears of medical reimbursement allowance from previous years. Against same, I have already incurred enough medical expenses in those years.
    can i claim set off now subject to limit of Rs.15000 per year ?

  82. Pawan Soni says:

    Sir, I have purchased a land and get Housing Loan from SBI, Jaipur. Please tell me can i get income tax rebate on this land purchase loan under Income tax Act under section 80 C & 24 for interest which i have paid to bank.
    Thanking you.

  83. milan says:

    dear sir can we get the benefit of tax exemption for principal and interest paid for a loan for house repairing purpose from a credit co-op society made up by government employees.

  84. Nilesh Sutar says:

    I have taken home loan from SBI. To cover the loan repayment SBI have deducted SBI life insurance. Whether this amount eligible for deduction u/s 80 C

    With regards

    Nilesh

  85. Ritesh Paliwal says:

    Sir

    I have purchased a Flat with possession date in Dec’13 along with my wife and younger brother.

    We have taken a Home lone of Rs.5,000,000/- from PNBFL and started paying EMI of RS.51000/-, Please help me with the information about the income tax saving, is it possible to get any tax refund on principal and interest amount for three of us.

    Looking for your kind support in this regards.

    Regards
    Ritesh

  86. ries fathima says:

    sir,
    i am a govt employee. As per the New pension scheme (NPS), i wanted to know under which section i can apply for deduction.

  87. Anand kumar Apala says:

    interest earned by senior citizen beyond the exemption of 2.4 lakhs of income per year can a gift be given to the grand children for education or marriage?

  88. BIPIN says:

    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 ?

  89. Sanjiv says:

    Taxguru,
    I have a small doubt regarding Employer’s contribution towards PF.
    Consider, My Salary = 10 L per annum.
    My contribution to PF = 30000 per annum
    Employer’s contribution to my PF = 30000 pa
    Now, my contribution to PF is considered under section 80C for deductions for tax exemption. So, effectively, i can invest 1L – 30K = 70K for maximum tax exemption under 80C.
    Question:
    1. Am i correct here??

    Now, Employer’s contribution to my PF account = 30000 pa. This is also a part of my salary as mentioned in my offer letter.
    Questions:
    1.Will this 30000 p.a. be taxable to me?
    2.Will my taxable income reduce to 10L – 30000(My PF contri) – 30000(Employer’s PF Contri) = Rs. 9,40,000 considering i do not make any investments for tax exemptions?
    3. Will this 30000 be considered in 80C deductions making my effective 80C limit as 1L – 30000 (My PF) – 30000(employer’s PF) = 40000?

  90. Sonia says:

    Dear Tax guru,

    I want to know we have purchased an under construction house in a building can that be claimed under 80 c deduction.

  91. Manik says:

    Dear Sir,

    I have bought a Insurance policy of Rs.100000 base plan and with this plan a rider of Rs. 100000 and for that i have paid premium Rs 20000. Will i get 100% tax benefit of this premium amount

  92. Priti Agarwal says:

    Sir,
       I want to know whether limit of 100,000 allowed as deduction under section 80c has been increased to 2,00,000 for financial year 2012-2013
      Do reply to my mail , pls do needful.

  93. mahendra says:

    i want to know that my investment is exceed above 1 lac under sec 80 c ( LIC , Tuition fees, PF, loan principal amt) , what should be the best way to save tax.

  94. piyush says:

    hi, 
    i just want to know if we earn money from stock market and at the end of financial year we saw loss or profit than how can we show the same in ITR ……….

  95. kreya says:

    i would like to know if recurring deposit are taxable ? and whether it will fall under 80C for exemption?

  96. SAURABH says:

    if we buy a land for house than will stamp duty  be considered under 80c? 

  97. rakesh says:

    dear sir, i m confused about my return. i get my salary as “prefessional fees”  after TDS deduction already. now ione of my friend said that i can show my personal expenditure like travel or so in this return form to save tax…sir, in which column i should show my expenditure?? and hoe would i show the detail of that,i mean travel+ restaurant+other expenditure??? or what do u advise i should not show these in my return?? i m confused….help

  98. Gayatri says:

    If suppose housing loan interest not shown while preparing form 16 due to some problems but the loan is already taken in the previous assessment then whether it will be taken into account when filing the income tax refund

  99. Shandilya Dixit says:

    If I pay premium for my father’s LIC policy, will my father get 80C deduction?

  100. prem says:

    R/Sir     i am a govt empoley  in railway  i alloted a railway  qatter [house]  with i puracse a housing lone why rebat housing lone or qater rent rebat

  101. ravi says:

    If mother is paying the insurance premium for daughter, can daughter claim the insurance premium paid as an exemption from her income.

  102. Deepak Gupta says:

    Hi,

    I have taken a home loan against a 3 bhk flat around 4 years back.
    I bought this flat from builder in pre-launched. Now I have done the entire payment (except stamp duty & registration) of my flat and got the possession.

    When I am asking to get home loan rebate (on principle & interest), my employer is asking me to produce registered sale deed agreement.
    Since all the flats are not completed yet I am unable to register my flat.

    I wanted to know that is it really mandatory to have sale deed agreement in order to get income tax rebate on home loan. if yes do i have any alternate?
    FYi. I have all documents except registered sale deed agreement i.e bank loan sanction letter, sale agreement, possession letter, Bank certificate for re-payment.

    Deepak

  103. prakhar says:

    is There any Additional deducation in Respect of INFRA BOND of Rs. 20000/-
    Other Than ( rs. 100000/- Deducation in 80C)

  104. subhash Bhandari says:

    Sir,

    Life Insurance premium paid for grand daughter policy ,can be claimed deduction u/sec.80C.Please advise.

  105. PRASAD says:

    Whether NSC taken in the name of the Individual & mother qualify for IT under 80C fully for
    the individual, if the mother is unemployed ?

  106. sasikumar says:

    arrear DA for the period from1/1/2009 to31/3/2011 credited to general  provident fund  can be considered for deduction under section 80C of income tax

  107. Hari KIshore Singh says:

    Sir I have one question. I have taken a Endowment Plus ( T. No. 802) single premium plan for Rs 30000 with risk cover of Rs 45000. Can I get a deduction for the same within the limit of Rs 100000?

  108. Raj says:

    Why can’t I claim the insurance that I am paying for my parents..?

  109. Raghavan K says:

    I am planning to buy a residential PLOT. Can i get registration charges & stamp Duty exemption under any section of I.T?

  110. KETAN says:

    HUF FIRM PAID 120000 PREM OF KARTA,S INSURANCE . SIR THIS PREM IS ELIGIBLE FOR TAX REBATE, AND ALSO THIS POLICY’S MATURITY IS TAX FREE ?

  111. purna chandra palei says:

    i have drawn monthly salary as pay Rs15860+Gp 4200+D.A13039+HRA1003=Rs34102.But i have paid HRA@5000 pm.&p. taxRs2500 annually..Then what will be my monthly income tax which will be deducted from my salary . 

  112. RK Menon says:

    Poornima: For the financial year 2012-13, you are liable to pay I.T on Rs.80000/-@10% if your salary is Rs.2.8 lacs/annum. You can invest upto Rs. 80000/- under section 80 c and avoid paying of taxes.
    Soniya: if your salary is upto Rs.200000 annually you are out of I.T for the year 2012-13.

    RK Menon (Financial Adviser)

  113. Poornima says:

    my Salary is around 2.8 lac, how can ppf and nsc help me in tax savings.

  114. Soniya says:

    Hello Sir,

    I have a query to ask you regarding Investment in NSC.

    My age is 27 yrs, If my Annual Income is 2,00,000 & I invest Rs.1,00,000 in NSC, then how much will be deducted u/s 80c ? I want to know the calculation. Will it be the whole Rs.1,00,000 to be deducted u/s 80c ? Or 20% of my Investment…? 

    Please help…Thanks

  115. Edison says:

    I purchased icici pru tax growth on 30 march 2011 from icici bank, mira road, with clear instructions that i want this for fy2011-2012, now they have completely disregarded my instructions and have given the units as of april 2012, the clerk of icici bank says his CA friend says that i can claim deductions for fy2011-2012 as the cheque given to them is dated 30.03.12 as it takes time to process , but the intention was clear for the product for the fy11-12. I need clarification for the same.

    Thanking you,
    Edison

  116. rubina says:

    hi….
    i m earning  above twenty thousnd whch wuld my best deal to save tds and tax.

  117. Lata Bhandare says:

    If their is only on child and his Tuition Fees paid Rs. 100000/- then what is exumption amount unde section 80 c ?

  118. Preeti says:

    Dear itsjiny, you can get extra exumption on Interest on House loan uptill Rs. 150000/- and this amount is apart from 80C’s deduction of Rs. 100000/- so overall you can get 2.5 lac exumption from this scheame.

  119. vinod kumar korada says:

    sir, somewhere i had seen section 80CCA. Pls tel me about that

  120. Santhosh says:

    I have a housing loan on my mother’s name.

    cant i produce that for tax exemption.

  121. itsjiny says:

    HI,

    If the income is around 4 lacs. What is the best investment under 80 C?
    if i take housing loan and get deduction under it upto 1 lac – is it over and above the investment i make in ppf (70 K)?
    Pl guide. Thanks.

  122. SK Rajeev says:

    Sir,

    I Have a LIC Policy for 18000/- per year. Can I claim for Rs 5000 for myself and the rest 13000 for my wife income tax under 80C.

    Thank You

  123. Pallavi says:

    My mother is not working. My father is working. His salary is 5,000/-. So can I use my Mother’s and Sister’s LIC amount for my Income Tax Return filing under 80C deduction..

  124. DEEPAK SHARMA says:

    Both my mother and i file separate income tax. i am married and independent.now,my mom took a insurance policy in my name and paid vide cheque 50000/- from her account.can she claim 80c exemption on it?

  125. If salary is the only income you are earning then you are not required to file your income tax return

  126. omkar says:

    Dear All,
    My annual income is 120000 .is it required to submit income tax return.

  127. Siva Kumar says:

    Does Mortgage Loan comes under 80c for Tax Deduction.
    Is Mortgage / Housing Loan, is one and same.
    regards. SIva Kumar

  128. g p khanduri says:

    i have  lic premium rs.50000/-annual and gpf rs. 50000/-annual. therefore 100000/- limit under section 80c is over. can i  avail children education allowance deduction rs.2400/- for two children?

  129. CHANDRA says:

    I want to fill my ITR, So Please send me complete deduction details as per income tax 

  130. Md. Yousuf Ali says:

    Dear sir, I have deposited Rs. one lack in deccan gramina bank, hyderabad for the period of 7 year & 7 days, is it helps in tax saving?

  131. Ramashis Hota says:

    I am PSU employee. Whether can I get the benefit of NSC purchased by me in the name of my wife in the F.Y. 2011-12 U/S 80 C of the Income Tax Act.

  132. deb says:

    dear sir,
    My query is through which portal I can enter my investment details under 80CC?

  133. shyam says:

    Hi sir, I have a query regarding LIC policy payment through cheque.I have made a payment through cheque on 31st march 2011 and have got the premium receipt showing dated 31st march 2011 but the cheque was encashed by LIC on 7th April 2011 through my Saving bank Account. Will i be eligible to claim deduction under section 80C for the financial year 2010-11? Thanks a lot for spreading your valuable knowledge.

    Regards shyam

  134. Its applicable for A.Y. 2012-13

  135. bharath kumar says:

    dear sir,
    I would like to ask “is the increase in ppf limit to rs. 1,00,000 will be applicable to A.Y2012-13 for the purpose of deduction under sec 80C, if not then from which financial year,
    i wiil waiting for the reply

  136. Rashi says:

    i have paid stamp duty registration fees on 17/01/2012. However i am taking possession on 01/04/2012. Can i avail the deduction in F.Y. 2012-13? I have taken the housing loan for this house purchase the repayment has already started. from which year i can start availing the benefit of that?

  137. shahid says:

    hi to all tax payer i can help you to deduction from 80c from income tax act just buy an insurance policy that can give you 70percent returns and you life also will will be cover from risk but be care full that if you want to invest in such know the all details and i will help you from this you can contact my 91 8546992056 and shahidtherobinhood @gmail.com for all are welcome
    Bangalore(karnataka)

  138. shahid says:

    hi all of you if you want to deduction from 80c i will give you best plan and it will help you to return back 70percent you have invested for more details contact my shahidtherobinhood@gmail.com and you can call my no +91 8546992056 in Bangalore

  139. BIJI ALEX says:

    Sir,
    I am investing 1500/- per month as RD in Post Office, the total tenure period is 60 month cum 5 years. One year investment comes as 18000/-.
    Can I show this amount to the Form 16 A for the IT filling. Please advice.
    If so, then please share the printed notification shared by the Income Tax Department.

  140. sandip patel says:

    if i will take national saving certificate joint name with my sister ,then can i get tax exemption under section 80C??

  141. Ravindra says:

    Dear Sir,
    I have already home loan & it’s shown tax benefit but I have purchase one more home this year hence we have claim this new home registration & Stamp Duty for I.T benefit. u/s 80 c

    Please update me.

    Thanx & regards,
    Ravindra

  142. ISHWAR says:

    Sir
    just i want to know that is their any limits for fixed deposit in Income tax.?

  143. Prashant Sonar says:

    If the life insurance premium & Post recuring  is paid by son by his account or ecs systems for his father then son can’t claim the deduction, but can father claim deduction for this investment?

  144. Awdhesh Prasad says:

    I have contribute to Employees State Insurance Corporation (ESIC) through my salary, guide me for deduction claim u/s 80C or 80D

  145. Ravi A says:

    Sir,

    I have purchase Falt in Jan-2012, please tell me and i have paid Stam duty to govt.can i take banifit against Income Tax exemption under 80c.
    Please update me.

  146. If I invest Rs. 37000/- in single premium of LIC’s BIMA BACHAT Policy, am I entitled to get full exemption on the premium paid under 80C? Accounts Deptt of my office says that I will only get 20% of the premium as tax rebate.

    Kindly enlighten me on this issue please.

    D BOSE

  147. Rejifeba says:

    the write up is good for general knowledge but not for calculation purpose. what are the limits applicable for each type of investments?

  148. Eshwar 0512 says:

    how to get these updates to my mobile

  149. VKG says:

    Sir,
    i am getting my 50% HRA from company & same 50% is paying to company for giving accommodation. But sir, my parents are also living at rent and i am paying rent for his rents. Can i save my income tax, please suggest.

  150. JYOTHI says:

    I invest rs. 50,000 as Term Deposit for 5 yrs. in SBT during february.  I claimed this amt as exemption under section 80 c.  is it admissible?  will the interest to be included in next years income?  what are the consequences if I withdraw the amount before 5 yrs.

  151. JYOTHI says:

    I invest Rs. 50,000 as Term Deposit for 5 yrs in SBT on February. I claim this amount for deduction under 80 c.  Is it admissible.  Will the interest to be added in next years income. what are the consequences if we withdraw the amount before 5 yrs.

  152. geetha says:

    Sir, my total income per month is 50075/-. how much should be my saving for claiming income tax benefit. Please let us know the celing limit for LIC, Medical bills, Health Insurance, PPF, Housing loan, Infrastructure bond.
    Thanks in advance

  153. Anshuman Verma says:

    Dear Sir, I want to claim tax on capital gains from sale of land through purchase of house. Is the saving applicable even when new asset is financed through loan or I need to repay the loan from the proceeds of sold land to claim exemption.
    Also let me know how to claim exemption on record(through I-T return filing ..? or what)

    thanks

  154. CHETAN V ANGOLKAR says:

    Dear Sir, Kindly provide information about income tax exemption under section 80C or other sections for the amount paid on service tax 2.25% and vat 1% (on the aggrement value of Flat) in the present financial year 2011-12, the possession is also in this financial year 2011-12. Your expedited reply would be helpful to me.

  155. K K Singh says:

    I am maintaining a D-mat account with my wife name. Can I claim IT tax rebate on infrastructure bonds held in the name of my wife.

  156. Amit Kumar says:

    I am maintaining a D-mat account with my wife name as 1st holder. can I claim IT tax rebate on infrastructure bonds held in the name of my wife as 1st name and my name as 2nd holder.

  157. akhilesh kumar says:

    sir 1 lakh has been deducted from my basic salary by section 80c still 11910 is deducting as tax from my salary how can i save it

  158. S.S.Joshi says:

    Last 15 years I am depositing regularly in PPF A/c. Can I continue the same PPF A/c ? Can I get income tax exemption on that investment.?

  159. megha says:

    At which case limit u/s 80c  is from 100000 to 120000

  160. Parthasarathy says:

    Is it possible to show my car loan interest under 80c?

  161. sweta says:

    we purchase resale flat of rs.2381000/- and pay the stamp duty, registration, so could we get the excemption u/s 80c
    if yes, then how much excemption

  162. Anant says:

    if i paid my wife L.I.C. premium  weather i will  tax exemption benefit if my wife is salary employee 

  163. gurpreet says:

    whether i can get rebate under 80 c for policy on my husband’s name ?

  164. Ashim Kumar says:

    My investment in 80 C has crossed the limit of 1 Lac. Can I allow my wife to show the surplus of LIC premiums paid by me on my life policies as her investment to claim rebate under 80C

  165. Ashim Kumar says:

    My investment in 80 C has crossed the limit of 1 Lac. Can I allow my to show the surplus LIC premiums paid by me on my life policies as her investment to claim rebate under 80C

  166. Dimpu says:

    3,00,000 Per annum,

    Have 20,000 NSC & 18,000 in LIC. Should I need to show more Investment so that tax may not get deducted.

    Please reply

  167. BHASKARANSUBRAMANIAN says:

    BOTH HUSBAND AND WIFE WORKING IN GOVT. SERVICE.  WE TAKING HOUSING LOAN FROM H.D.F.C  BANK IN JOINTLY .  BOTH  SHALL   DEDUCT PRINCIPAL  AND INTEREST FULLY.  

  168. SHOBY says:

    whether gratuity deducted from salary is eligible for deduction u/s 80 C?

  169. admin says:

    No. Only father can claim on premium paid on Life of kids.

  170. sarath says:

    whether grandfather can claim insurance premium of his grandson for IT purpose

  171. NIKHIL says:

    Will I get Tax benefit on Stamp duty and Reg fees for this year (2011-12) under sec 80c if possession is after 1 year(Next financial year)? And Im also paying VAT and Service tax on property. Are they also exempted. if yes under which section?

  172. ABHISHEK RATHI says:

    sir, in want to know that whether my father in law will get the benefit of section 80c under income tax act, if he pays the life insurance premium of  my policy as well as of my wife’s policy ?

  173. narendra says:

    Sir 
    1.  Are 5 years bank fixed deposite interest amount is taxable?
    2. If yes, the interest amount is calculated as income per year OR on maturity? 
    How to calculate ? 

  174. Nisha Avinash says:

    I have personal loan from my salary account bank. Shall I get tax exception for this?

  175. M.P. SINGH says:

    I have taken a housing loan which is in joint names of mine and my wife. My wife is also a working lady. The house property is also in joint names. The EMI is being paid totally out of wife’s salary account due to operational convenience and household expenses are being met totally out of my account and there is an understanding to this effect between us. Can I claim benefit of tax under Section 24 & 80C for the whole amount of interest & principal.

  176. suniloc says:

    sir,
             i have saved up to Rs.o1 lac  for income tax benefits during current  financial yr…kindly communicate whether section -80c of deductable items such as ulip inked insurance plans of sbi   is included in the margin of  Rs.01 lac.. or not.?
      02)    sir,  .if it is beyond the limit of Rs  one lac   what is time limit for submission of return?

  177. suniloc says:

    sir,
     i have saved up to o1 lac  for income tax benefits during current financial yr…kindly communicate whether section -80c of deduction is included in the margin of  Rs.01 lac.. or not.

  178. Jiten says:

    I have purchased a flat in non municipal cooperation (gram panchayat) and have not taken loan from any bank. I have an agreement with the builder for paying the amount as EMI and at 0% Interest. Can I claim it as housing loan payment under 80C. If yes what document do i need to submit to save TDS.

  179. admin says:

    In respect of payment husband can claim the deduction. Supporting documents can be marriage certificate and your marriage invitation card.

  180. Sachin says:

    I had gon all the comments mentioned above but didn’t found answer of the below question Can husband get tax benifit on the premium paid for the wife’s life insurance policy.The policy is on the name of wife.But the name is before marriage name and contains the address same as of me? .If yes what documents needs to be submitted.

  181. Anil says:

    Kumar Ashish ,

    I am also looking for the same information.

    property/loan is on both wife and husband name and EMIs have been paid by husband from citi bank can my wife claim tax exemption u/c 24 or 80c ??

    if no , what are the penalties for claiming interest like that ?

    Regards
    Anil

  182. Akhilesh says:

    sir, i am doing mba is it fees recipt is help full in tax diduction

  183. Kumar Ashish says:

    Dear Sir,
    Gretting for the day.
    A query regarding housing loan. If husband and wife both are working in private sector and come in tax. Housing loan had taken on the name of husband and wife. But payment made by husband bank account. Interest component are above 2 lacks. Can husband and wife both take deduction on the interest component.

    Regards,
    Kumar Ashish

  184. Amit Surpuriya says:

    For Application of All Infrastructure Bonds (80CCF) Contact – Amit Surpuriya – 9850873688 – Pune
    KSHITIJ FINANCIAL SERVICESMutual Fund | Infrastructure Bond | 54EC Capital Gain Bonds | Company Fixed Deposit | Medi-Claim 

  185. P R SARKAR says:

    Kindly intimate me :
    1. Money invested in the name of parent/children –
        Does the money received is taxable in the hands of parent/children ?
    2. IIn case, the money is invested in joint name with parent/children (1st holder) & taxpayer (2nd holder):     Can the income on investment be shown as income of 1st holder & the 2nd holder can get rid of tax burden?

    regards

  186. OP Satheesh says:

    In a 5 year Fixed Deposit in bank is the principal and interest taxable on maturity

  187. Chadra N says:

    Hi,
    My father was expired and my mother is a housewife and i am paying LIC for her as she is dependent on me, can i take tax exemption by providing her LIC Receipts of her if yes is there any document i need to attach for that.

  188. Giri says:

    Me and my wife have taken a home loan. Also we have SBI Life Insurance (SBI RINN Raksha) for Funding of Home Loan Insurance Cover. Please advise can we claim exemption for paying the Premium amount.
    This coverage is paid against another loan by the same banker that of home loan. We are paying interest for the Insurance Loan. Can we get exemption for both the premium paid and the interest for the insurance loan ?

  189. jyoti says:

    Invested in post office monthly paymnet 1500. is it deducted u/s 80c?

  190. ravi says:

    hi, how much amount will invest in elss m.f. in this assessment year?

  191. Anup says:

    Regarding Stamp Duty and Registration Charges –> Can husband and wife both claim the Stamp Duty and Registration Charges, in case of joint home laon?

  192. Girish says:

    I am purchasing a site from BDA and shall pay registration charges and stamp duty of Rs 2 Lakh , will the amount paid for registration charges and stamp duty for site purchase extemted under section 80 C , Please advise.

  193. Giri says:

    Me and my wife have taken a home loan. Also we have SBI Life Insurance for Funding of Home Loan Insurance Cover. Please advise can claim exemption for paying the Premium amount.
    This is coverage is paid against another loan by the same banker that of home loan. We are paying interest for the Insurance Loan. Can we get exemption for both the premium paid and the interest for the insurance loan ?

  194. admin says:

    No. Only parents can claim for policy of their son/daughter

  195. Balaji S says:

    Hi, whether Grand parent has a benefit of 80c , for taking insurance for granddaughter.

  196. divya says:

    Hi
    can i show my husbands lic policy for tax deduction.As he is remitting 30000each in 4 installments.can we both show the same policy in deduction(as 2 installments for me2 installments his)

  197. venkat says:

    For Infrastructure Bonds processing, please call me at 9241545354 (for bangalore
    only)

  198. Jayantilal says:

    can a HUF claim exemption U/s. 80/c if HUF give cheque to karta,s PPF Account

  199. Prashanth says:

    Hi, can premium paid for a pension plan by father for major earning child qualify for deduction under section 80CCC. Please guide.

  200. Tanuja says:

    Hi
    It is mentioned stampduty for purchase of residential property can be claimed under 80C.
    Is that applicable for purchase of residential site(KHB) ?

    Next need suggestions for best option which will help in tax saving as well as my parents and child.

    Thanks.

  201. sathish says:

    hi,

    this is sathish, i planned invest Saving s certificate in Indian bank for Rs. 50000 for the 5years period. This certificate comes under 80c. i have some questions regarding tax. please clarify the following points.

    How much amount will deduction on 50000. whether whole amount or some percentage of amount only.
    can i show savings certificate for next year also, is that possible.
    please advice some best plans for tax savings.

    Thanks in advance
    sathish

  202. Kumar Ashish says:

    Dear Sir,

    I have a question about investment.

    If husband and wife both are working (private sector) and tds deducted of both. Will husband show the investment for tax exemption, if the investment as like LIC is on the name of his wife. His wife will not show the investment in her organisation.

    Please reply as soon as possible.

    Regrds,
    Kumar Ashish

  203. Balaji says:

    Hi,
    I am paying ULIP in my spouse name. Can I show that for Income Tax Exemption?(she is not filing IT)

  204. msrc murthy says:

    in which section agriculture income comes?

  205. Kishen says:

    Infra Bond gives an additional deduction of Rs.20,000 under Section 80CCF and not under 80C.With this the total deduction will be Rs.1,20,000(1,00,000 from 80C and 20,000 from Infra bonds)

  206. Anil Kumar Vaid says:

    Kindly confirm that how many limit amount can be claim from Tution Fee for rebate under 1 lakh excemption

  207. Sravani says:

    hey small correction. 80C tuition fee payment to ur children will only be eligible. It is not eligible if payment is for urself or to ur spouse. Children can be ur legal children or even adopted children.

  208. Sravani says:

    Rohit,
    U will not get deduction to loan on education u/s. 80C. Only the fee upaid to the institution will be allowed as deduction and that too such amt is to be for u, ur spouse or ur children. Bt Interest on education loan will be allowed as deduction u/s. 80E. This loan mst be for higher studies of urs or ur spouse or ur children whether in India or abroad.

  209. Shyam says:

    Hello Sir,

    Recently i have bought a house,for which i had to pay 8 lacs and then remianing was loan from Bank.My EMI’s have not started yet and will start in next financial year.Please let me know if the rs 8 lacs can have the benefit under section 80C.Thanks!

    Shyam

  210. Rajesh says:

    can i claim tax benefit u/s 80C and 24 if i take loan on land + construction from finance company.

  211. DAYALCHANDRAN says:

    WHICH FORM I HAVE TO FILL TO GET TEX deduction under Sec 80C AND WHERE I WILL GET THE FORM( IT RETURN)

  212. kalpana shirsath says:

    is it right if people are showing all atc’s, deduction on what basis u r cheacking? that

  213. Rohit says:

    Hey,
    I would like to know whether Education loan is consider in 80C or not?
    I am paying 60k p.a. and also 18k for life insurance.

    Thanks.

  214. taruna says:

    hi ,
    i want to know twinkal is under 80 c taxbenifit?

  215. R Mahalingam says:

    Hi

    The question of claiming benefit AFTER possession of the property applies only to interest. The principal paid even during construction period (including land registration charges) can be claimed in the year of payment under Sec 80C.

    The relevant sub-section under Sec 80C reads as follows (reconstructed for ease of understanding):-

    In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, in accordance with and subject to the provisions of this section, the WHOLE OF THE AMOUNT PAID OR DEPOSITED IN THE PREVIOUS YEAR, being the aggregate of the sums referred to in sub-section (2), as does not exceed one lakh rupees.

    (xviii) for the purposes of purchase or construction of a residential house property the income from which is chargeable to tax under the head “Income from house property”

    The words “the income from which is chargeable to tax” is misinterpreted as a pre-requisite for deduction under Sec 80C. It should be read with the following words … “under the head ‘Income from house property” so that the actual import is understood. What it implies is that the payment, if is made towards a loan taken for any non-residential property, then it is not eligible under Sec 80C.

    Hope it clears your doubt.

  216. nitin says:

    sir i want to know that if wife paid LIC premium of his husband, should wife get deduction of that premium on his IT return

  217. AJAY MISHRA says:

    Sir,
    Short term mutual fund (non ELSS) gain is taxable? What about long term mf gain?

  218. ravi says:

    no deduction will be allowed from salary for this.

  219. ravi says:

    You should go for any mutual fund scheme of UTI or any private company. tax deduction is available only up to Rs.1,00,000.

  220. ravi says:

    this will not allowed as deduction in case of land.

  221. Prashanth Pai says:

    Dear All,
    Pls tell me whether i can avail tax exemption for stamps duty and registration charges for purchase of land. If yes which section of the act.

    with regards
    Prashanth Pai

  222. vibhuti says:

    yes they are eligible.

  223. Rajesh says:

    morgage loan came under 80C ?

  224. micky says:

    pls tell me whether birla sunlife is eligible for deduction under section 80 c

  225. arup says:

    Dear sir / Mamadam

    I have submitted may ppf withdraw from in my previous company virgin mobile ltd on feb 11 still it is pending as norms it takes sum 45 working days and I have spoken in virgin mobile they have told me that they have submitted the form in pf office on 28 mar 2011 but still it is pending

  226. ajay singh says:

    D/Sir,
    plz let me know that in which investment i will save tax

  227. Saagar says:

    Sir/Madam

    Can you please clarify if Govt.’s New Pension System(NPS) qualifies for tax benefit under 80C?

  228. PRAVALLIKA says:

    I WANT TO INVEST MY SALARY ON CULTIVATION SHALL I DEDUCT FROM MY TAXABLE INCOME.

  229. Sourav Chakraborty says:

    I think ELSS should be placed higher in the list, particularly for young professionals who will prefer moderate-to high risk investments with much higher returns. FD, PPF are more logical to middle aged professionals.

  230. SAGAR RASTOGI says:

    DEAR NAMRA,

    AS FAR AS THE DEDUCTION OF REPAYMENT OF PRINCIPAL OF HOUSING LOAN YOU SHOULD BE THE OWNER OR DEEMED OWNER OF THAT PROPERTY ON WHICH LOAN IS TAKEN AND THE PROPERTY SHOULD BE ONE WHICH CAN BE TAXED UNDER THE HEAD OF INCOME FROM HOUSE PROPERTY

  231. SAGAR RASTOGI says:

    IF YOU ARE CO-OWNER OF THAT PROPERTY THEN YOU BOTH CAN CLAIM DEDUCTIONS.

  232. SAGAR RASTOGI says:

    IF THESE ARE “ELSS” THEN THEY ARE ELIGIBLE FOR DEDUCTION U/S 80C.
    BUT FOR YOUR INFORMATION GAIN ON SALE OF THESE FUNDS IS NOT TAXABLE.

  233. SAGAR RASTOGI says:

    SURRENDER OF SALARY IS NOT TAXABLE AT ALL………..

  234. SAGAR RASTOGI says:

    YES , I AGREE WITH BALAJI.

  235. SAGAR RASTOGI says:

    SORRY BALAJI, HE CAN CLAIM DEDUCTION FOR REGISTRATION CHARGES AND STAMP DUTY U/S 80C.

  236. SAGAR RASTOGI says:

    RS. 1,00,000 + ADDITIONAL RS.20,000 FOR INFRASTRUCTURE BONDS.

  237. SAGAR RASTOGI says:

    NO THERE IS NO CHANGE IN VPS.

  238. SAGAR RASTOGI says:

    TUTION FEES PAID FOR CHILDREN( NOT FOR OTHERS) IS ELIGIBLE FOR DEDUCTION U/S 80C.MR. RAJESH YOU CAN NOT CLAIM THE DEDUCTION ON THE SAID SITUATION.

  239. SAGAR RASTOGI says:

    TUTION FEES PAID FOR CHILDREN( NOT FOR OTHERS) IS ELIGIBLE FOR DEDUCTION U/S 80C.MR. SRINIVASAN YOU CAN NOT CLAIM THE DEDUCTION ON THE SAID SITUATION.

  240. SAGAR RASTOGI says:

    NO YOUR WIFE CAN NOT CLAIM THE DEDUCTION OF SUCH LIC PAID BY YOU. BUT YOU CAN CLAIM THE DEDUCTION OF LIC PREMIUM PAID FOR WIFE.MEANS YOU CAN CLAIM THE DEDUCTION OF LIC PREMIUM PAID ON YOUR LIFE AS WELL AS ON LIFE OF YOUR WIFE AND CHILDREN.

  241. SAGAR RASTOGI says:

    NO YOU CAN`T DO SO. SHORT TERM CAPITAL LOSS CAN BE SET OFF ONLY WITH INCOME UNDER THE HEAD OF CAPITAL GAIN AND NOT WITH THE INCOME UNDER OTHER HEADS OF INCOME. HOWEVER LOSS UNDER OTHER HEADS OF INCOME CAN BE SET OFF WITH INCOME FROM CAPITAL GAIN.

  242. SAGAR RASTOGI says:

    NO YOU CAN`T AVAIL THE DEDUCTION. IT IS AVAILABLE ONLY FOR CHILDREN…………

  243. SAGAR RASTOGI says:

    I AGREE…………

  244. SAGAR RASTOGI says:

    YES I AGREE WITH YOUR VIEWS……….. DEDUCTION U/S 80C CAN BE CLAIMED IN A/Y 2011-12

  245. SAGAR RASTOGI says:

    SUCH INTEREST EARNED IS TAXABLE UNDER THE HEAD OF INCOME FROM OTHER SOURCES AND NO DEPRICIATION IS AVAILABLE IF THE PLOT WAS TO BE USED FOR RESIDENTIAL PURPOSE. HOWEVER IF IT HAD BEEN PURCHASED FOR BUSINESS PURPOSE THEN DEFINITELY IT IS ELIGIBLE FOR DEPRICIATION U/S 32 AS A DEDUCTION OF PGBP INCOME.

  246. SAGAR RASTOGI says:

    YES THE FATHER CAN AVAIL THE DEDUCTION OF LIC PREMIUM PAID FOR HIS CHILDREN.

  247. SAGAR RASTOGI says:

    DEAR NAMRA,

    AS FAR AS THE DEDUCTION OF REPAYMENT OF PRINCIPAL OF HOUSING LOAN YOU SHOULD BE THE OWNER OR DEEMED OWNER OF THAT PROPERTY ON WHICH LOAN IS TAKEN AND THE PROPERTY SHOULD BE ONE WHICH CAN BE TAXED UNDER THE HEAD OF INCOME FROM HOUSE PROPERTY.

  248. Namra says:

    If I purchase a shop on loan basis will it be considered for getting deduction same as housing loan….

  249. ahmed says:

    sir
    for the query posted by me on 12 jun 2011 ihave not received any reply

    Thank you

  250. Dr. Kamaljit Singh says:

    Sir,
    I wish to claim rebate of Rs 150,000/- on the interest paid against house loan. I am submitting the return online on form ITR1, but see no colum to claim this rebate (section 24(b). Will you please suggest, if I have to deduct it from the total salary and then fill it, or there is some other way of doing it.
    Kindly reply.
    Thanks,
    Kamaljit singh
    Professor

  251. SARIKA says:

    HEY BUT THIS IS SAM’S CREDIT CAR, HOW CAN HER WIFE GET EXEMPTION FOR THE SAME

  252. Ahmed says:

    Dear Sir

    Under Deduction 80c can i claim refund of an amount Rs 22745=00 which is paid for admisson to college but the bill is collected as Managment fee for PCME (subjects) by college total amount collected for year 2010-2011 is Rs 25500
    i have paid TDS amount under which can i claim this refund

    Management fee PCME (subjects) Rs 22745-00
    College Fee Rs 1255-00
    Corpus Fund Rs 1000-00
    College Fee (language Hindi) Rs 500-00
    Total Rs 25500-00

    Please sir would you kindly Reply me urgently
    THANKING YOU

  253. maharaj krishen says:

    sir,
    i have to pay rs 70000=00 being tution fee to my daugter doing b,des
    from indian university,i want to know whether i will get rebate for
    the the amount mentioned above in full or there is some limit because
    one can save only 1 lac for financial year 2011-12
    thanks
    pl reply me soon

  254. Sourav Kumar says:

    Sir,

    I want to go for LIC’s Jeevan Anand policy for an amount of 5 lacs and for a period of 20 years.The sum of all the annual premium turns out to be more then the sum insured.What are the rules for getting the tax rebate as someone suggested that for this policy under revised taxation rules for 2011 we cannot get tax rebate as the premium amount is more then the sum insured and some other reason too.Kindly confirm and reply asap.

    Thanks
    Sourav

  255. nirav says:

    Hie Elima,

    Take NSC for Rs. 10,000/- from post office & make sure ur premium of Rs. 27600/- (yearly) – (Rs. 2300/-pm) has to be paid on time n before 31st march of every year.

  256. nirav says:

    Yes Vipin. U can take Tax examption for the F.Y. 2010-2011. Policy date should be for the month of March’2011 only..

  257. Hemanshu says:

    Can A Father Take An Insurance Policy Due On Earning Son And Avail Tax Benefit.?
    Eg :

    Father Age = 68
    Son’s Age = 44

    Can Father Aged 68 Take A Policy On His Son Aged-44 And Claim The Tax Benefit U/S 80c For Life Insurance Deduction??

  258. Maheshwar says:

    Hi, I have invested in year 2005 for a plot for Rs. 5,00,000, since there was some issue with land allocation, they returned my principal amount of 5 Lac in year 2009 and last year interest for 4 to 5 years.

    My query is that is interest income taxable and need to be added to my main salary or I can avail any depriciation.

    Thanks

  259. deepak says:

    the date is date of deposit, nothing to do with when the cheque is encashed. but remember if the cheque is bounced april and you again deposit it, then the rebate will be available in the next year

  260. vipin goyal says:

    sir,

    i am purchase aviva polciy dtd 31.3.11 but ch. pass in my a/c dtd. 15.4.2011 pls till me i can taken tax benfit in F.Y. 2010-11

  261. JANA S. says:

    OVER ALL LIMIT UNDER SEC 80-C IS RS.1,00,000/- AND ADDITIONAL LIMIT OF RS.20,000/- IS ALLOWED FOR INFRASTRUCTURE BONDS. Is there any chance to increase this limit ?

  262. Chetan Adalja says:

    Will it be possible that father will give loan to his son for purchasing house.

  263. Rajeev kumar says:

    if i paid to insurance policy pension plan premium of my dependents,
    is this value help me in tds deduction

  264. srinivasan says:

    ANY PERSON DEPENDENT UPON YOU CAN CLAIM EXEMPTION. IF YOUR BROTHER IS DEPENDENT ON YOU, YOU CAN CLAIM THE LIC.

  265. srinivasan says:

    YES IT IS ALLOWED.SINCE ASSESSEE CAN CLAIM GET THE BENEFIT

  266. srinivasan says:

    OVER ALL LIMIT UNDER SEC 80-C IS RS.1,00,000/- AND ADDITIONAL LIMIT OF RS.20,000/- IS ALLOWED FOR INFRASTRUCTURE BONDS

  267. srinivasan says:

    NO, NOT YET

  268. srinivasan says:

    you can claim 50% of your donation made. IF the handicraft get 100% tax relief u can claim fully.

  269. srinivasan says:

    no you can’t claim this year. The premium date should be below financial year.

  270. Mangesh says:

    Hi,

    I paid an insurance premium on March 29, 2011 and I did not claim that premium for FY 10-11. Can I use that premium for 80C benefits this year, i.e., FY 11-12?

    Thanks,
    Mangesh

  271. karan says:

    I will be paying fees for my cousin brother for his MBA in India.

    Can i claim deduction on the same.

  272. sushma says:

    in case i withdraw money of icci prudential LIC before maturity then loss on that will be allowed as deduction from income from other sources?

  273. Rajesh SIngh says:

    no , are not intitled for this

  274. Jack says:

    Yes i think so… i mean its not taxable i guess…

  275. K H Mahajan says:

    Sir— Can I claim short term capital loss on shares dealing on delivery base, from my income of business and profession or from interest recd. from banks on FDs ?
    Thanks . K H Mahajan

  276. RAJU DAS says:

    NO. YOU ARE NOT ENTITLED FOR THIS.

  277. Nrusingh prasad subudhi says:

    Yes ,your wife can claim the benifit.

  278. Jaywant M H says:

    How to Value FOC Stock

  279. Arpita Sarma says:

    I want 2 know the tax deduction list of every policy….plz rply me

  280. elima says:

    sir, i have been just recruited in a govt. job. my annual income is 2.23 lacs. what do you suggest me for tax saving.
    i already have lic policy of monthly premium 2300.

  281. Sanjay says:

    Sir,
    I am an NRI who plans to settle in India. I have Insurance policies in UAE and wish to continue to pay the premiums for the same even after settling in India? How can I remit the payments towards premiums from india ?

  282. Mukesh says:

    Hi,

    Kindly advise the liability of Sevice Tax on Cargo handling service provided for agri product, which is providing to Singapore base Company.we have also received remittance in foreign currency.

    Thanx in advance

  283. arijit says:

    donation is the subjectmatter of under section 80G so check out this under section for ur donation making…………

  284. sonali gawand says:

    Actually i donate every month 5000/- PM to handicarft school and my anuual income is 3.4 lakh means i donate yearly 60,000/- PA. My qus is how many amt i save to showing this donation.

  285. Sam says:

    Hi,

    I have paid Life Insurance premium from my credit card account.
    Can my wife claim income tax exemption for this premium under 80C?

    Please advise.

  286. Kumar Ashish says:

    Dear Sir,

    If a tax payer is getting heigher education. will the fees of education cover under section 80 c.

    Regards,
    Kumar Ashish

  287. Kailash Narayan (Sameer) says:

    CAN I TAKE THE BENEFIT OF SEC 80C ON DEPOSIT OF TUITION FEES OF MY YOUNGER BROTHER

  288. kailash says:

    Dear sir,
    Kindly advice me concern Tax benifit as I purchaged a house with NRI MONEY and the rent will give by person in IR-9000/- monthly and depositing in local bank. I had PPF A/C and yearly some what I deposite 30000/- wife and kids LIC 30000/-yearly 15000/- in post office 20000/ on health insurence, 25000/- daughter insurence 50000/- sbl life insurance etc.
    advice me for the Tax on money I recieved from rent can my all above saving can come under it.
    Regards
    Kailash

  289. Harsh says:

    Dear sir,

    I want to know that if I invest in this financial year (say in ELSS). But from next year after new tax law ELSS are not exempted. Will the investement done in this year be eligible for tax exemption.

    Regards,
    Harsh

  290. KAMAL GUPTA says:

    CAN I TAKE THE BENEFIT OF SEC 80C ON DEPOSIT OF TUITION FEES OF MY YOUNGER BROTHER

  291. SM says:

    How much eligible to tution fees of 2011-12 ass.year

  292. KANNAN says:

    no…..for the capital you are repaying ll not get tax eccemption….only for the intrest you are paying can get tax excemption…

  293. anup says:

    Sir ,
    I have taken a Bhima Bachat Policy , a single premium policy from LIC with the single premium of Rs. 1,00,155/- the Sum Assuerd policy value of Rs. 1,50,000/-. My Drawing & Disbursing Offcier says that only 20% of the sum assued Or the premium amount paid , which ever is least is only eligible for tax relief under section 80C. So he allowed only Rs. 30,000/- instead of Rs. 1,00,155/- . I feel it is not as per rules. so please clarify it. If he is right then I want to know wether I can get tax benifit of another 20% for next 4 years.

  294. anup says:

    dear sir

    i have taken lic policy in april 2010, total sum assured is Rs 150000 and for that i have paid one time single premium of Rs.100155. As per incomtax act, only 20% of total sum assured is refundable u/s 80c i want to know wether i can get tax benifit with same policy for next 4 year also ?.(20%x5)

  295. P.S.SRIVASTAVA says:

    dear sir
    is the premium of rose valley in 80c?

  296. draksingh. says:

    Highly Appreciable Steps for I.T. Return

  297. Balaji says:

    No… Only children tuition fees is eligible.

  298. Balaji says:

    Sorry… It is not eligible only int on loan is eligible.

  299. Balaji says:

    Rs 120000

  300. Balaji says:

    Is there any change in VPF eligibility criteria for qualifying investment under section 80c.

  301. aparna says:

    what is the relaxation limit under section 80c

  302. narendra says:

    i think ,you need not required to have policy for all members of ur family. the policy the a single key person will be enough.

    Do like this:
    Claim under section 80c
    a)pay insurance 30000
    b)Pay tuition fee of your child=10000
    c)Purchase a house and claim Repayment of house Loan=50000.(To-let the house property to claim interest portion,if it is more than Rs 150000)

    Remember from year 2010/4/1…The limit U/s 80 has been increased to Rs 120000.

    Tax evasion is crime but tax planning is inevitable.

  303. vivek says:

    To,

    Dear Sir,

    i have purchase const house and paid stamp duty & registration charges pl advice exem under section 80c.

  304. S K GARUD says:

    sir/Madam
    I have purchased the flat in Maharashtra,Iam presently working in Gujarat.
    Beside paying STamp duty ,Registration Fees I had paid VAT TAX also
    DOes THIS VAT TAX EXAMPTED FROM /FOR INCOME TAX> IF SO PLEASE LET KNOW
    THANKS & Regards
    S K GARUD

  305. Amit Tiwari says:

    Dear Sir,
    I have a Unit link single premium pension plan, having complimentary SA of Rs. 1000/-.
    Now i have opportunity to pay unlimited top up in it.
    If i do so, can i get 80’c’ benefit on top up?

    Kindly reply on my mail id.
    Regards
    Amit.

  306. narendra says:

    Dear Sir,

    We have two property

    Ist propert – it in joint name me and my wife who is govt employee. I have take staff loan from my company and paying eniter emi. My wife is not paying any amount towards loan repayment.

    2nd propert- taken in my wife name and her income is quite sufficient to meet emi requirment. But due to bank requirement, bank has made me co-applicant, however i am not co owner of 2nd house. Entire emi will be paid be paid by my wife throuth her salary account.

    Pls let me know the tax treatment. How can we both get the maximum benefit.

    Rgds

    Narendra

  307. Vijay says:

    Wanted to know whether persons living with HIV have any special tax rebate as that under 10i etc.?

  308. sumit bansal says:

    I have a query, If wife is dependant and studying. Can her husband claim rebate on her tuition fees under section 80c

  309. Dinesh says:

    I am Purchasing a Flat in mumbai, the stamp duty paid for the same is allow for the deduction u/s 80C, my question is, if i pay the stamp duty in current year i.e on 27.03.2011 and register the agreement in next year i.e 05.04.2011, am i allowable for the deduction of stamp duty in current year and registration charges in next year.

    Your immediate reply will be highly appreciated.

    Regards
    Dinesh

  310. sreeharsha says:

    Is Surrender leave encashment has an excemption for incom tax under 80C?

  311. Sunil says:

    Amit you did not mention the amount of the policies

  312. Sunil says:

    I am not able to understand how or which amount a senior citizen can claim deduction u/s 80c in the senior citizen saving scheme ( post office ) ?

  313. amit singh says:

    sir my annual income is Rs.422200.I WANT TO KNOW TAX REBATE U/S 80C. HOW MUCH REBATE WILL GOT.IF I HAVE 4 LIC POLICY.ME,MY HUSBAND AND MY 2 CHILD

  314. dashrath k says:

    what is the limit of lic premium exempt from i tax 80c

  315. govind says:

    is there any exemption on following

    1 RELIANCE DIVERSIFIED POSER SECTOR FUND-RETAIL GROWTH PLAN-GROWTH OPTION
    2 RELIANCE REGULAR SAVING FUND – EQUITY PLAN – DIVIDEND PLAN

    KINDLY SUGGEST ME.

  316. r k gupra says:

    my daughter is studying in college. she is assessed to income tax and having the income from bank on deposits.Now i want to know if she pays her tution fee from her own account then whether she will be ekigible for 80 C

  317. r k gupra says:

    dear sir

    my daughter is stuyding in college and she is tax payee and assesee to income tax.

    she has income from bank interest now i want to know if she payes her tution fee from her own account the whether she will be eligible for deduction u/s 80-c

  318. Santosh says:

    Sir,
    I am presently working for government of India since Sep 2010. During my PG(2007-2009) I took Education Loan of 1 lack and now i am repaying it through EMI of Rs 2400 from Dec 2010. So can I avail any Tax exemption in this regard …… please convey it to my E mail ID

  319. Ritesh Samuel says:

    If two person take the housing loan on combined basis so can both the person get the deduction under 80c and under section 24 on pro rate based.

  320. Professional says:

    You have not mentioned if you are employed or carrying out your business/profession. We assume that you are employed and give the below mentioned solutions

    If the total tax payable by you for your salary income, after considering the investments you made (now) to claim dedcution u/s 80C, is LESS than the amount already deducted (as TDS) by your employer, then the excess deducted over the total tax payable can be calimed as refund from the IT Dept by filing your tax return.

    If the total tax payable by you for your salary income, after considering the investments you made to claim dedcution u/s 80C, is MORE than the amount already deducted (as TDS) by your employer, then the balance tax payable (over the TDS already deducted) will be deducted by your employer from March’11’s salary.

  321. Professional says:

    Dear Madam,

    There are many kinds of investments which are eligible to be claimed u/s 80C. These include PPF, NSC, FD (for five years), LIC premuim, Housing loan principle repayment, Certain Mutual Funds…….

    Investing in PPF, NSC and FDs will get you assured, however moderate, returns and further you no need to fear for the investment is being eroded. There are lock-in period for these investments.

    Investment in Mutual fund (not all the mutual funds are eligible to be invested to claim dedcution u/s 80C. Further is worth to note that the mutual funds eligible to be invested and claimed u/s 80C used to have a lock-in period of three years)may get you a higher return than the investments such as PPF, NSC, FD etc based on which scheme and which MF you have invested. The Mutual fund scheme which yield high returns are normally invested in the equity funds and thus, needless to say, the amounts invested are exposed for being eroded.

    We strongly recommend to take advise from your CA before you invest your hard earned money.

  322. Professional says:

    Dear Sir,

    You have mentioned Rs.170000 as your income. However, you have not mentioned from which head the income has been earned.

    Hence, we assume that it is the income taxable (after all exemption eligible u/s10)on your hand before the deductions available under chapter VIA. Further we assume that the income mentioned by you is earned for the year 2010-11.

    Having assumed as mentioned on the para 2, You should invest at least Rs.10000/- in any of the eligible investments (NSC is one of the eligible investments) to take dedcution u/s 80C.

  323. arup kumar das says:

    to Chandra Sekhar

    He may purchase Rs. 10,000/- NSC.(Please consult tax-consultant for correct information)

  324. CHANDER SHEKHAR says:

    my income is 170000.due tax 1000.how much amount of nsc i have to purchase to save this tax

  325. CHANDER SHEKHAR says:

    i want a tax rebate on 1000.how much amount of nsc i have to purchase for this.

  326. Prash says:

    Hi,

    I’m planning a start-up of my own. That will need an investment of something like 1L for me individually. Will that be counted in as an investment?

    Cheers,
    Prash

  327. SHEELU G says:

    My CA claimed Rs.48,000/- as a rent for the shop for the year ended 31-03-2010.Actually Stamp Duty(Rs.84,000/-) and Registration(Rs.14,000/-) are yet to be paid.Thereafter I will take the possession.then I paid Rs. 5513/- as INCOME TAX as calculted by him.If I pay Stamp Duty & Registration Charges and avail tuition fee (Rs.100,000/-),I need not pay Income Tax this year.Am I correct.Secondly, can I NIL rent for the shop as income.

  328. Iqbal Grover says:

    Hey Rafael.

    I have a similar issue as yours..
    Did you get a solution to your problem ?
    Please let me know when you get to know anything about it..

    Thanx..

  329. Ghazala says:

    I am a single parent (female) of twins age 5 yrs. Can you please advise me how I can save tax except tuition fees. I need the best way where I can earn maximum profit with less risk. Is it possible to save tax which has been already deducted this year from my salary? Please answer ASAP.

  330. shammi jhanwar says:

    you can make Investment in mediclaim policy it’s premium deductable u/s 80 D up to Rs/- 15000/-

  331. shammi jhanwar says:

    no you can not claim tution fees paid to personal coaching classes under this section because 80 c deduction included tution fees paid to only reco. education centre like college,school.

  332. shammi jhanwar says:

    yes you claim emi deduction u/s 80 c in two units but max. limit is 100000 only

  333. shammi jhanwar says:

    you can purchase merdiclaim policy

  334. raj says:

    Hello,

    My yearly income is 6lacs. I invest in PPF, Life Insurance upto 1lack and 20thousand in infra bond and top of that have mediclame also.

    My query is if i go for home loan and if my EMI is Rs18 thousand how much will be i able to save more on income tax. i.e already i am saving tax on 1.20 lacs by investment in ppf lic ect. will i get more tax benifit if i go for housing loan.

  335. rakesh says:

    yes, u can take the benefit of tax relaxation u/s 80C of the income tax Act.
    no education loan is required at all.

  336. santosh ghag says:

    I have purchased a house which is under construction and hoping to get possession in coming year 2011, I have paid stamp duty on nov 2010, so can I claim this amount under 80C this year or the year when I get possession. Please suggest.

  337. Neeraj Gulati says:

    Yeah, you can encash but you may lost interest of
    this, FD can be discounted before maturity.

  338. puneet agrawal says:

    Dear Sir/Madam

  339. Surunesh mitra says:

    Sir/Madam,
    I would like to know whether the post office MIS is exempted from the income tax under 80C.
    secondly, my wife has been gifted a plot of 1200 Sq Ft, the stamp duty charges can be included from exemption from income tax.

  340. RISHU GARG says:

    Thanks for this article.

    I would like to know whether deduction in respect of amount deposited in Recurring Deposit Account of Post Office whose term is of 5years will be allowed U/s 80C or not.

    Please clarify.

  341. M.V.Rao says:

    Sir ,
    I have taken a Bhima Bachat Policy , a single premium policy from LIC with the single premium of Rs. 84,000/- the Sum Assuerd policy value of Rs. 1,10,000/-. My Drawing & Disbursing Offcier says that only 20% of the sum assued Or the premium amount paid , which ever is least is only eligible for tax relief under section 80C. So he allowed only Rs. 22,000/- instead of Rs. 84,000/- . I feel it is not as per rules. so please clarify it.

  342. kavita says:

    I booked a flat & paid stamp duty & registration charges & flat is under construction,can i take a deductionof stamp duty charges under section 80 C

    Please reply me.

  343. kavita says:

    Hi.
    I am claiming for exemption under section 80C – “Stamp Duty and Registration Charges for a home”My company is not excepting the same. They sya it should be claimed after possession of the house. Kindly guide me.

    Thanks,

    Kavita

  344. balakrishnan says:

    Whether the post office recurring deposit scheme is elegible for deduction U/S 80C?

  345. sunil kumra says:

    please mail me various section under income tax for a salried person in detail& obluge

  346. Jayasankar.S says:

    Hi,

    I paid Rs.50,000/- in SBI ULIP. Can show full amount in 80c?

    Rgards
    Jayasankar.

  347. sunil kumra says:

    i am a saliried person i am suffering from ulcerative colitis i claim the medical bill from my institution as per income tax rule excess of rs 15000/- is tax able i.e will add in my income as income from other soursces
    can i exempted under sec 80dd or 80ddb i mean to say my problem ulcerative colitis is eligible for Rs 40000/-

  348. CA Sushant says:

    Yes, subject to codn. that u have not taken deduction in MArch’11.

  349. Sanjeev kumar says:

    Sir,
    I have taken a loan from HDFC in joint names(me and mywife) and i was pay the principal amount to the bank. Bank was taken the payment through ECS on my account only.
    So please tell me about
    1.i was good for me because i was pay principal amount to the bank or i pay only interest to bank.
    2 it was possible my wife was taken the tax benefit on behalf of me.

  350. Hemant says:

    How can I benifited from tution fees & what is the process to take the benifit from tution fees.

  351. Subbarao says:

    Sir,

    Does the registration & stamp duty charges done in Feb 2011 can be claimed in April 2011 under 80c of IT?

  352. yogesh says:

    Whether deduction under income tax act is available for leave encashment at the time of retirement ?

  353. jai says:

    Hi,

    Repayment of housing loan but said housing property under construction than can i get 80 C benefit on repayment.

    also can i get benefit U/s 24 for Interest on hosiung loan which property is under construction.

    thanks,

    jai

  354. jayantibhai says:

    disability benifit in income tex

  355. jayantibhai says:

    dis ability deduction under 80cc

  356. shyam says:

    hello

    i had done a coarse in NIIT and APOLLO coaching centre.will it deduct in it.

    please reply

  357. MURLI MANOHAR says:

    hi sir,pls clear me for 80c deduction for childern education limit and ppf limit and home loan principal amt.
    and
    80D medical insurance benifit for self and mother/father limit.
    please repply me

    thanks sir

  358. sachin says:

    kya 80c mai 20000 rs bond ki deduction extra hai a.y.10-11 mai

  359. Sachin says:

    I booked a flat & paid stamp duty & registration charges & flat is under construction,can i take a deductionof stamp duty charges under section 80 C

    Please reply me.

  360. murali says:

    Hi, I have savings more than one lakh to get exemption u/s 88. One of my friend told me that i can invest 20,000 over above one lakh under this section. Please inform me how i can purchase infrastructure bonds. What is the minimum amount that I have to spend on this item.

  361. Dear Prabhakar,
    As per my view, Interest paid on preconstruction or under construction prop.; or interest paid till the property is not occupied the interest paid is capatilised.
    Thus only deduction u/s 80c is available.

  362. Neeraj says:

    I am salaried, my father is retired from govt. Can I show his LIC and bank Fixed deposit as exemption.

    Please suggest..

    Rgds
    Neeraj

  363. D Durairaj says:

    Sir

    My personal income tax assessed from March to Feb. I paid my insurance premium during March. Can I claim the premium deduction in the Month & year of payment

    Thanks

    D Durairaj

  364. prabhakar says:

    I am having a home loan for a flat purchase, which is under construction. it was suppose to be get occupied in dec 2010, but still it is under construction only, so it is not occupied, I do not have occupation letter from builder. I have bank statement (bank certificate) from a nationalize Bank, having all priciple amount (Rs. 178000.00) and interest amount (Rs. 80000.00) paid for this financial year.

    Can I get tax benefit on this home loan ? Please suugest.

    Thanks
    Prabhakar

  365. prabhakar says:

    I am having a home loan for a flat purchase, which is under construction. it was suppose to be get occupied in dec 2010, but still it is under construction only, so it is not occupied, I do not have occupation letter from builder. I have bank statement (bank certificate) from a nationalized Bank, having all priciple amount (Rs. 178000.00) and interest amount (Rs. 80000.00) paid for this financial year.

    Can we get tax benefit on this home loan ?

    Thanks
    Prabhakar

  366. Kavitha says:

    Hi,

    I want to do TimeDeposit for five years in the post office for my tax planning. But I am hearing from few of the Post office employees that this policy can’t be exempted under 80C section. Is it true? Please clarify.

  367. v,narayanan says:

    my wife is income tax assessee and paying tax. and she has opened ppf account and paying minimum contribution. she was unable to contribute more amount in ppf since 80c was over flow. in this connection, i may kinly be clarified if i invest maximum rs 70000/- im my ppf account. the said amount will be taken to my husband income under 8c in his return. kinly clarify

  368. vellayan says:

    Dear Team,

    I am a salaried person, during current year i have purchased a residenital vaccant plot, which i have planned to start construction during next year. Whether i will be eligible for claiming the stamp paper and registration charges as deduction under section 80 C

  369. Sreekanth says:

    Is Loan taken on site is eligible under sec 80c(2). The loan taken on site and house not constructed on this site.

    Is the interest amount eligible for tax saving under 80c(2).

    Regards

    sreekanth M

  370. Nitesh says:

    Hi,
    If I myself is pursuing higher education (Graduation), in that case tuition fees paid by me in cash (without any education loan) comes under tax relaxation or not?
    there is a point of individual’s tuition fee under section 80C.
    Please confirm

  371. Vijay Sharma says:

    Hi,

    I have 5 year tax saver FD. I opened it in year 2008. Can i show it every year tax exemption or do i need to open it every year.

    Kindly suggest.

  372. Digvijay Thool says:

    I Have invested nearly 36744/- in LIC and 5000/- in PPF and 5000/- in INFRA BONDS.
    Please tell whether i have to invest further to save my tax.
    My gross taxable income is 2.18Lacs.
    please guide me through this.

  373. SURYA PRAKASH says:

    can a person claim rebate of repayment of amount against housing loan taken for two separate properties, one in his name and secone jointly with hi wife for which the repayment in full is made by him only.

  374. Sachin Chawla says:

    What are the options for tax saving other then the 100000 (chapter VI-A)? Please advise.

  375. Dake D.G says:

    I had purcahsed home in Dec 2010 but I have not get the possesion yet so can I claim it for tax benefit under 80c for stamp duty and regeistration fee

  376. SIDDHARTHA KANSABANIK says:

    whether 5 years tax savings fixed deposit scheme would be encashable after 1 year.

  377. Naushad says:

    Dear,

    I want to know if Stamp duty paid on purchase of Land can be considered under 80C??
    Kindly suggest.

    Regards,
    Naushad

  378. Sameer Bhagwat says:

    Sir, Can rebate for interest component of the EMI be claimed for more than House/Flat. In other words can this rebate be claimed for two units.

  379. ANUPA MATHEW says:

    WHAT IS THE LIMIT FOR EDUCATION FEE TO AVAIL INCOME TAX BENEFIT. IS THE PERSONAL TUTIONS FEES PAID TO COACHING CLASS CENTRE LAIBLE FOR TAX BENEFIT.

  380. Rafael says:

    Hi,
    I have purchased a land recently (FY 2010-11) which is jointly registered in my wife’s name and my name. The Stamp Paper charge (8% of the land’s cost), Registration & Stamp Duty (1%) all together came around Rs. 1,57,000/-
    I would like to know if I and my wife can use this whole proportion for tax rebate under sec 80C (Stamp Duty and Registration Charges for a home) for this financial year.

    Note: Though it is a land, it is been purchased for housing/residential purpose but the construction will commence only after 2 years from now.

    Kindly help me in this regard.

    Thanks,
    Rafael

  381. Utsab says:

    I just saw an article that if thee insurance coverage under a particular life insurance policy is less thaan 20 times the annual premium then the premium paid will not be tax free and any income generated out of this policy will also be taxable? Is this true?

  382. shridhar prabhu says:

    i wanted to know the maximum deduction of principal amount of housing loan available under section 80c

  383. SHAJU MATHEWS says:

    DEAR SIR,

    I have taken a loan of 1.25 lakhs from a bank of which i am repaying it monhly from the last 18 months as deducted from my salary account of Rs 3575/- of which no reciept is there but my bank statement reflects it every month. Can i use this for my 80C deduction

    SHAJU MATHEWS

  384. devang shah says:

    Hi,

    I am paying lic premium and mediclaim premium of my father. he is dependend on me. Is lic premium and medical primium of him granted to me as per 80c.

  385. Guruprasad C H says:

    Dear Sir/Madam,
    Will the tax percentage be decided based on the total income arrived at, after deducting the investments under 80C?
    E.g. Assume my total taxable income is 5.5 Lac/annum which comes in 20% tax bracket, and if I invest Rs 75,000 under 80C how will tax percentage be decided? is it still on 5.5 lac or on 4.75 (5.5-75000) lac?

    Regards,
    Guruprasad

  386. KUNDANLAL says:

    Respected Sir,
    80C has the maximum limit of Rs.1.0 Lakh. Over and above can we take 80D for further deduction of Rs.15000 and 80CCF (Long term infrastructure bond) up to Rs.20000.
    i.e. total Rs.1,35000.

    Thanks
    Kundanlal

  387. vikas gyanchandani says:

    Hi,

    Is there any schema for which I can save tax, but the period of investment should be 1 year max and I can takeout the money after 1 year, even if I don’t get the interest rate.

    If not, which is the minimum period investment scheme available.

    Regards,

  388. Manish says:

    Dear Sir

    If Housing Loan is in both real brothers name, Can both claim full amount of Housing Loan Principle and Interest. Both are workings.In this case both brothers want to claim the full principle and Interest amt. for tax saving purpose

    Please advise.
    Thanks & Regards
    Manish Kumar

  389. renuka says:

    i have a own house can i show rent receipt for salary people

    thanks

  390. SUMAN KUMAR JHA says:

    dear sir,

    i purchase kisan vikas patra (kvs ) from indian post office, plz advise me kvs is avlable for decucton of undersection 80c for salary person.

    regards,

    suman kumar jha

  391. sagar jadhav says:

    pls inform me that which plans of the lic’s having deduction available

  392. Ravi Kiran.D says:

    Dear Sir,

    Suppose if our own residence under construction is in Vijaywada and iam residing in Secunderabad.Then am i not eligible to show the tax deduction for Home interest or principal repayment. And am i not eligible for the house rent for tax deduction. Eligible for Both or either of

  393. Sivasubramanian says:

    Is there IT exemption for my daughter, who has paid Rs.50,000/- in the PPF account of her DEPENDENT mother?

  394. susheel says:

    which are the eligible investments, to recieve additional deduction of Rs. 20000 above Rs. 100000 under sec 80C

  395. raghu says:

    Dear Sir

    If Housing Loan in both husband and wife name, is there any rule for claiming proportionate amount of Housing Loan Principle and Interest. Both are workings.In this case husband want to claim more portion of the interest to save tax
    plse advice at early.
    thankq

  396. my son’s school is charged inclded an anual fee of Rs.2800.00. can i avail deduction u/s 80c for it?

  397. m.shanmugam says:

    kindly inform maximam saving can be made u/s 80c

  398. Chandrakant says:

    Pl. let me know . can i deduct house rent from my income? and what is the limit.

  399. nagaji says:

    I want to take new home on my wife name. Bank are ready to pay the lone to my wife . I will be gurantor for her. EMI will deduct from my salary account. Can i take the tax banifit 100%. Because House is not in my name but i ampaying th EMI as gurantor.

  400. Jayan Naik says:

    Sir,

    Me and my wife have recently purchased home, She is second party and i am the first party to purchase. I have paid Stamp duty and registration fees from her account via DD. I wish to know that can she claim the Registration fees and can i claim other part of stamp duty.
    please note EMI will be deducted from my account.

    Secondly can she claim the whole stamp duty and registration fees.

  401. prashant says:

    hi,
    I had invested 50000 in ELSS last year.I availed Deduction for the same. now i need money for some reason.
    Can i Sell ELSS & withdraw money? (though there is a lock in period of 3 yrs, is there any provision about withdrawal in IT laws?)

  402. Abhinay says:

    Hi Srinivasarao you can show your parents LIC premium amount for tax exemption under section 80C.

    Thanks,
    Abhinay.

  403. VIVEK CHEVLI says:

    IF I MAID PAYMENT OF LIC PREMIUM FROM MY NRE A/C. IS IT TAX DEDUCTIBLE?

  404. K V Chari says:

    Post office senior citizens Savings Scheme: On maturity it can be extended for 3 years from the date of maturity. In such a case, kindly clarify whether whether the deposit extended will qualify for concession under 80-C
    Regards
    K Venkatachari

  405. Srinivasarao says:

    sir,

    If I Paid life Insurence premiums for my father and mother, they are dependent on me whether it is exmpted under section 80C.

  406. karthick says:

    Sir,

    I am an IT professional. My father got a home loan and now i am paying the principle. In the loan document me & my brother also signed for the repayment of the loan. Can this home loan is eligible for section 80C. Can i get the tax exception for this in my income.

    Thanks,
    Karthick M

  407. varsha says:

    sir,
    i am state govt. servant,i have taken a policy in the name of my husband,now i want to take 80 c deduction on it.what documents will require for it,which show it my husband is not getting benefit of that policy u/s 80c. plz.help me
    thanks

  408. suresh hegde says:

    Other than Section 80c and 80CCC where I can invest so that I can get IT rebate/benefit
    Hegde

  409. Raghavendra says:

    Hi,

    I have paid 20,000 for my kids school as registration fee and administration fee to a trust. I have got the reciept also. Is this 20 thousands will come under 80c will i get tax excemption on this, please let me know.

    I am also paying tusion fee about 27 thousands, will this also comes unders 80c

    Please let me know

    Thanks,
    Rag

  410. g.krishnamurthy says:

    pl.clarify whether senion citizens savings scheme opened at SBI which gives 9% interest and with a lock-in period of 5years qualify for tax exemption under 80c? The bank people or the postal staff do not commit to the question of tax exemption in this scheme while canvassing for it. I have invested Rs.1.00 lakh in it last month. pl.clarify.

  411. Rashmi says:

    My father is gvt employee..his income lies in tax slab at @20%..his saving cross 100000…in dfrnt.form..like GPF,LIC premium..can he save tax by diffrnt investment?..except dsaving limit?…plz tell as soon as possible…

  412. parveen kumar says:

    my wife is a govt. employee. she purchased a plot.i am also a govt employee.Bank is ready to give me home loan.
    can i save my income tax through this loan

    PARVEEN GOYAL
    MANSA(PB)

  413. Shivani Joshi says:

    Dear Sir,
    My Father’s income is 444800 p.a.We pay LIC premium of Rs 48000+NSC Rs15000+PPFRs5000 Please compute our tax liability & advice how to save tax ?
    Yours faithfully
    Shivani Joshi

  414. Dr. RABINDRA KUMAH JENA says:

    KINDLY SHOW GUIDE LINES TO GET MORE Deduction, SAY 150000 OR MORE.

  415. Dr. RABINDRA KUMAH JENA says:

    Very much helpful. WSish ur advice all along.
    URS Dr.R.K.JENA

  416. M.B.Desai says:

    Recently in Nationalised Banks the retirees were given SECOND PENSION OPTION and for that they have to pay certain amount towards PENSION FUND GAP .
    Whether this amount is exempted from income-tax? If yes then it is full amount or a limit?
    I think this information will be useful to entire community of bank retires opting for second pension option.
    Please write to me , even at:-
    themaheshdesai@gmail.com
    Thanks a lot in advance.
    M.B.Desai

  417. Rakesh Khatri says:

    No,deduction u/s 80c to 80u are not available for short term capital gain

  418. rajan says:

    can we save short term capital gain with invest in 80c

  419. Narendra says:

    can i invest Rs.1 Lakh in NSC

  420. v v n murthy says:

    Dear Sir

    If Housing Loan in both husband and wife name, Can both claim proportionate amount of Housing Loan Principle and Interest. Both are workings.In this case husband want to claim the portion of the principle and portion to wife.

    Please advise.
    Thanks & Regards
    V V N Murthy

  421. Gopi says:

    Under Life Insurance Premiums i am not clear about the sentence “If you are paying premium for more than one insurance policy, all the premiums can be included”

    Plese can anybody explain

  422. avinash kumar says:

    can I claim rebate on fees other than tuition fee of children’s education expense under 80c?

  423. v.Govindan says:

    My question is whether any nationalised Bank will accept the senior citizen’s scheme 2004 at Chennai?

  424. v.Govindan says:

    Sir,
    Where I can invest in Chennai in the senior citizen’s scheme 2004. Can it be done in any nationalised Bank?

  425. Randeep says:

    Hi,

    Please advise if a NSC or a FD in my name would be valid for my husband to declare as savings under 80c.

    Thanks
    Randeep

  426. mukesh rohil says:

    i have rd in a post office for the 5 year can rd is under 80c saving scheme

  427. KAMESWARA RAO says:

    Sir,

    Recently i bought a Residential site(220 sq yards) at Kakinada. I have paid around Rs 58000/-(8.5%) as registration charges for this property(stamp duty)

    Now, i would like to know from you that: Is it Eligible for Sec 80c Exemption? If Yes pls let me know what is the Limit?

    My mail ID is Kamesh.vaddadi@yahoo.in & kamesh.vaddadi@gmail.com

    pls inform as early as you can.

    Regards
    Kamesh.

  428. jaideep says:

    sir,i want to get exemption other than 1 lakh
    i heared about the IDFC infrastructure bond,just tell from where i can buy that bond and what i heared is rigth or wrong

  429. prasad says:

    Hello All,
    can you tell me pls criteria of LiC premium for Parents

  430. K.Gururajan says:

    Sir,
    If a home loan EMI is more than Rs. 1 lac is fully deducted or not

  431. ksdhaliwal says:

    what about infrastructure bonds is their deduction over&above one lac

  432. MOHAN says:

    IS INVESTMENTS IN MUTUAL FUND ATTRACTS DEDUCTION U/S 80C

  433. soldier says:

    Kindly let me know the investments eligible under sec 80c described in dtc

  434. K.A.Sampath says:

    I have taken home loan in my wife’s name and I stood as co-borrower. When my wife approached for tax benefit for home loan, the employer said that only 50% of the amount repaid towards Principal and Interest will be taken into account and the remaining 50% should be claimed by me since both of us working.Is there any such Income Rules says so. Please clarify me.

  435. Aditya Jain says:

    Sir can u please tell me can i claim deduction in respect of rent paid by my father..if yes wat is the limit

  436. ag thaj says:

    Dear Sir

    1.property is in the name of my father and i repay the housing loan through my account. so who will be eligible to get deduction u/s 80C
    2.NCD Is under 80C or not

  437. CMA Pralay says:

    Contribution to ELSS got the deduction u/s 80CCB.not u/s 80C.just chk it out..

  438. suresh says:

    If NSC was on two persons name my & my mother name, amount paid by me, is it applicable under 80c for my Tax saving?

  439. ravi says:

    Tax Saving bonds/NSC/POKVP taken in the name of my parents will be considered under 80C or not.

  440. Sanjeev Mishra says:

    I want to buy IDFC Infra Bond for Rs.20000/- in the name of my wife who is a housewife. Please tell me this amount can be claimed for rebate in income tax by me.

  441. can a mother gift her property to her daughter in law(son’s wife). is there is any provision to get tax benifit

  442. shrutika says:

    can a mother gift her property to her daughter in law(son’s wife). is there is any provision to get tax benifit.

  443. Bharat Jain says:

    NCD Is under 80C or not

  444. Bharat Jain says:

    I Invest In NCD It is Exempt In 80C or not

  445. Narendra Nath Hazra says:

    I invested in LIC policy for my only grand son who is 8 years old for his education and his parents capacity. Am i eligible for deduction under 80C

    Thanks

  446. M L Pandey says:

    Dear sir, i bought a flat in Naini allahabad and paid stamp duty & registration of rs 81000/-. the property registred on 30/06/2006. How and what amount can be claimed as income tax benefit.

  447. Vikram Singh says:

    My question is if grandson is life to be assured,father is proposer & grandfather is Payer can grandfather take the tax benefit for u/s80c

    Thanks & Regard
    Vikram Singh
    Haridwar (U.K)

  448. jalpa shah says:

    sir
    property is in the name of my father and i repay the housing loan through my account. so who will be eligible to get deduction u/s 80C

  449. puneet mahajan says:

    Sir,
    Our Business Income is 216000/- in A.Y. 2010-11. Our Home Loan Interst is 24365/- and I will Pay 8000/- Per Month as a EMI on House Loan. Lic Premium is 5000/-. What amount can be claimed as deduction and calculate income tax on such income.

    Thanks

  450. hiralal says:

    sir i want repplai

  451. jaynandan prasad says:

    dear sir, i bought a flat in navi mumbai and paid stamp duty & registration of rs 183000/-. the property registred on 30/08/2010 and possession is being given on dec 2010. how and wat amount can be claimed as income tax benefit.

    thanx

  452. hiralal says:

    sir i taken home loan from SBI for purchase house but i cant get pussetion how i get tax examtion.

  453. Sampath says:

    Hi,

    I am staying in rented house chennai and getting HRA exception (Under Sec 10) by submitting rent receipt.

    I would like to buy a house at my hometown for my parents by taking housing loan.

    So, can i get benefits of both HRA exemption (Under Sec 10) and Housing Loan (under sec 80c for Principal and Sec 24 for Interest)?

    Thanks in Advance,
    Sampath

  454. abhay srivastava says:

    I want to purchase a house in the name of my wife to save stamps on registry. She is a house wife.
    I have applied for house loan from HDFC Bank, will I be eligible for tax rebate on house loan.

    Read more: http://www.taxguru.in/income-tax/all-about-deduction-under-section-80c-and-tax-planning.html/comment-page-4#comment-29738#ixzz0yLWXyKs3

  455. abhay srivastava says:

    I want to purchase a house in the name of my wife to save stamps on registry. She is a house wife.
    I have applied for house loan from HDFC Bank, will I be eligible for tax rebate on house loan.

  456. Pankaj Kumar Singh says:

    Dear All,

    I have purchased a residential plot jointly with my cusin.My query are:
    1. How much amount can i claim u/s 80 C for the payment of stamp duty.(is it 50% of total value of stamp duty or full value.)
    2. I have sold the plot in same financial year. Even then can i calim the tax exemption U/s 80c for the payment of stamp duty.

    thanks in advance.

    Pankaj

  457. sunil says:

    thank you

  458. CA Vijay Kumar.G says:

    Deduction U/Sec.80C can be availed by the individual only on the insurance premium paid by such person only on the name of Self, Spouse and children.Hence, Mr.Sunil u can claim deduction on the amount which u hve paid for ur wife’s Insurance policy.

  459. ravi says:

    i want to all update about tax & bussines related rules & regulation

  460. yes. you will get the deduction.

  461. sunil says:

    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

  462. sanjay says:

    i am paying mba fees of Rs. 10000=00 can i claim for deduction u/s. 80c ?

  463. Murali says:

    Hi,

    The property is in my dads name, now i am planning to take a home loan on that property for construction purpose. He is retired and not working, I will be paying the EMI, will i be eligible for tax benefits/ savings.

    Thanks in advance,
    Murali

  464. Under section 80C income is exempt up to 1 Lakh.

  465. Chandrakanth Nawgrahe says:

    under section 80c let me know zero tax amount for year 2010-2011

  466. nagesh kini says:

    Are premia paid for critical illness covers of life insurance policies tax deductible under 80C or 80D any CBDT circular on this issue?

  467. Anil says:

    if my dad pay LIC premium can i get benefit of deduction u/s 80C & premium is paid through cheque of dad bank account

  468. Ankit says:

    Sir,
    I am ankit i m having govt job and a personl loan EMI of 8000/- and having agriculture income too. having expenditure on it too. and my son is outside of city for education so please tell me that what con be a good financial planning for me. my monthaly income is 22000/-.

    Thank You

  469. Raj says:

    I have made investments in Ulip in my parents name. Can I claim income tax benefits for that?

  470. CHITTA ROY says:

    Intimate exact deduction for 2010-11 for 80 C to be saved.

  471. Praveen says:

    Can a person claim income tax benifit on the principle or interest amount of the Home Loan which is in the name of the spouse only?

  472. Vikram says:

    Can i get income tax rebait on mortgage housingh loan

  473. khandoori says:

    My second question is can the investment made in the name of wife under section 80c can be clubbed with the investment made in the name of husband while submitting retun by husband. If the wife’s earnings are not taxable.

    Is it applicable for vice versa too?

  474. khandoori says:

    Hi

    If interest earned on my saving bank account(salary account) was 5000/- then will I have to add this in earnings and caluculate the tax accordingly.

    If yes then can I revise my return for the assessment year 2008-2009 to add the earning from my saving bank account in the year 2008-2009.

  475. YOU WILL NOT GET ANT BENEFIT

  476. Hi,Can i avail benefit to take policy for my father u/s 80c in HUF.

  477. Vinay says:

    Hi,
    I have a apartment under construction and it would ready in Dec 2010.

    I had been paying intrest and prinicipal on it for last 5 years but since I am not having any income in India I didn’t file any returns for last 4 years.

    1) Now is there a way I can file return to show the intrest paid for last 4 years and account for it as CFL ?
    2) Also is there any way to get any tax benefit on principal already paid ?

    3) If yes to any of the 2 above which ITR form and which area of the form shall I show intrest and principal under ?

    4) If I get it registered under my brother’s name ( or add my brother’s name) now – can he claim the intrest portion for last 4 years as he has income in India.

  478. Sandip says:

    1)Can i get tax benefit for property insurance which is already included in emi or it already taken care in emi amount of bank certificate of loan repay
    2)can i get tax benefit for life insurance cover and under which section like where to mention in itr1

  479. Senthil says:

    As stated under this section given below:

    “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. ”

    My wife was paying premium for one of the LIC policy till last year and i wish to continue from this year onwards since she has resigned and decided to be a house wife.

    The organization i work had stated they will not accept this premium for 80cc deduction on my income tax since it not on my name. Please advice, If we have a document ( IT ACT / Rule) which i can provide to my company to substantiate this.

  480. Milind says:

    Assessment year 2010-11
    FYE 31st March 2010
    80 C Investment static at 1 lakh or hiked to 3 lakh

  481. Praseeda says:

    Hi, I have an LIC which is in my name. I have paid 4 quarterly installments in the financial year 2009-2010 and I have claimed the amount for 3 installments under section 80C.I have got my form 16 as well. I would like to know whether my husband can claim the remaining amount for the 4th installment in his income tax return?
    Thanks a lot for your time,
    Praseeda

  482. PIRABAHAR says:

    Dear Sir,

    Please confirm whether SBI MAHA ANAND II covered with tax benefit u/s 80C.

  483. pirabahar says:

    SBI Life – MAHA ANAND II

    Please confirm does the investment on above scheme have tax benefit u/s 80C.

  484. Ravindra says:

    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.

  485. 150000/- for self occupied house property.

  486. jayeshpatel says:

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

  487. Rajat says:

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

  488. anoop sathyan says:

    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.

  489. uttam Kumar says:

    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.

  490. Aryan says:

    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…

  491. Aryan says:

    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…

  492. sunil KK says:

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

  493. Vikram Sirohia says:

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

    Please clarify……

  494. Gaurav says:

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

  495. Raj says:

    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

  496. sirisha says:

    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.

  497. sirisha says:

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

  498. VISHWANATH says:

    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??

  499. suresh says:

    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.

  500. suresh says:

    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.

  501. sanjay ratnani says:

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

  502. Harish says:

    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.

  503. kinjal says:

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

  504. ajay says:

    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

  505. Ankit says:

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

  506. kuldeep says:

    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 .

  507. suman says:

    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?

  508. Dipesh Gunjiite says:

    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?

  509. Janardhan says:

    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

  510. Subrahmanyam says:

    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

  511. Raj says:

    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.

  512. Raj says:

    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.

  513. rajesh kumar says:

    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.

  514. Bharat Kumar says:

    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.

  515. Prakash Kadtan says:

    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.

  516. 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
    siva208@yahoo.com

  517. CA Sandeep Kanoi says:

    no. Deduction allowed only in the year of payment.

  518. 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?

  519. Mansi says:

    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.

  520. Hemant says:

    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/-.

  521. Raveendran says:

    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.

  522. KVS says:

    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?

  523. Vishal says:

    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?

  524. vikram sharma says:

    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.

  525. Pankaj goel says:

    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.

  526. Mahesh Desai says:

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

  527. Ashutosh says:

    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.

  528. 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.

  529. Vidya says:

    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

  530. RinZ says:

    Also, if my monthly PF deduction is already 1,441 amounting to 17,292 for a year.
    In that case, i have to invest for the rest 82708..right?

  531. RinZ says:

    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!

  532. Pankaj goel says:

    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.

  533. Girish Patel says:

    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?.

  534. Rajesh says:

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

  535. poonam says:

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

  536. Guru says:

    sir

    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.,

  537. 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 sgn@rediffmail.com

  538. bhavesh bhavsar says:

    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

  539. Thiagu says:

    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 ?

  540. Rohit L says:

    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…

  541. 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.

  542. shevanti says:

    i and my spouse both invest Rs. 1,25,000/ – in Elss jointly. Can we both
    claim and share deduction for amount

  543. 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

  544. Arvind Kumar says:

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

  545. 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.

  546. P Kamala says:

    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.

  547. Daya says:

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

  548. 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)

  549. 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.

  550. 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?

  551. 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 ?

  552. Kalpesh Patel says:

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

  553. CA. Ritesh Jain says:

    Gopalakrishnan,

    Yes you are eligible to claim it.
    Provided your daughter is not claiming the same from her income.

  554. 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)

  555. bharat says:

    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.

  556. 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.

  557. CA. Ritesh Jain says:

    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..

  558. 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.

  559. 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?

  560. CA Sandeep Kanoi says:

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

  561. Santosh says:

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

  562. Santosh says:

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

  563. Raju Antony says:

    Hello,

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

  564. jeet says:

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

  565. 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

  566. 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?

  567. Manju says:

    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..

  568. Sudhansu says:

    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.

  569. family planning allowence is taxable income or not ?

  570. Amit says:

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

  571. Sinsin says:

    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?

  572. 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

  573. 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.

  574. 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-tax-planning.html#ixzz0gjZVu7cr

  575. 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?

  576. CA Sandeep Kanoi says:

    It includes both Stamp duty and registration.

  577. 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.)

  578. CA Sandeep Kanoi says:

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

  579. 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).

  580. CA Sandeep Kanoi says:

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

  581. 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.

  582. 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 .

  583. CA Sandeep Kanoi says:

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

  584. 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

  585. CA Sandeep Kanoi says:

    Yes.

  586. 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.

  587. Rajesh Shetty says:

    Sale of agricalutural land taxable or not.

  588. CA Sandeep Kanoi says:

    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

  589. Shrirnag M. Chauthaiwale says:

    Limit of Tution fee amount under section 80C

  590. CA Sandeep Kanoi says:

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

  591. 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

  592. 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.

  593. CA Sandeep Kanoi says:

    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.

  594. hi
    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

  595. 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.

  596. CA Sandeep Kanoi says:

    No.

  597. Sachin says:

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

  598. 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.

  599. 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%

  600. CA Sandeep Kanoi says:

    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.

  601. CA Sandeep Kanoi says:

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

  602. 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

  603. 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.

  604. CA Sandeep Kanoi says:

    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

  605. Sangeetha says:

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

  606. kaushik says:

    registration fee of land is tax saving under 80c ?

  607. 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 gadrechintamani@gmail.com

  608. 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

  609. 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.

  610. 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.

  611. 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

  612. 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
    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.

  613. CA Sandeep Kanoi says:

    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.

  614. 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 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.

  615. CA Sandeep Kanoi says:

    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.

  616. 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

  617. 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.

  618. 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 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.

  619. CA Sandeep Kanoi says:

    yes you will.

  620. CA Sandeep Kanoi says:

    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.

  621. Sudarshan says:

    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.

  622. deepak says:

    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

  623. hanif chauhan says:

    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 ?

  624. vinod kumar says:

    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

  625. admin says:

    Interest paid during the year will be allowable.

  626. 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

  627. admin says:

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

  628. Avinash Reddy says:

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

  629. 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.

  630. 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”.

  631. pankaj goel says:

    In continuation to my earlier question, as in the book the word minor is mentioned so the officials are not allowing rebate on this account, please clarify the querry so that we can proceed further. thanks

  632. 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.?

  633. 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

  634. nishant ahuja says:

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

  635. stamp duty deduction available only in the year of payment.

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

  637. 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.

  638. Rhishi says:

    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?

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

  640. 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?

  641. 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?

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

  643. Housing Loan Interest 1,50,000
    Principal Rs. 1,00,000

  644. 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…

  645. Yajuvendrasinh Parmar says:

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

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

  647. rahul says:

    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?

  648. Vijayanand says:

    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

  649. nit says:

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

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

  651. 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?

  652. 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.

  653. Jacob says:

    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.

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

  655. Yogesh says:

    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.

  656. 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

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

  658. 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).

  659. Subhasish says:

    Can I claim medical expenses for dental treatment as tax exemption ?
    Will it be included under the 1lac investment policy our that will extra?

  660. L.K. Jayashanker says:

    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

  661. You can get exemption up to 100000/- in respect of Home Loan Principal payment under section 80C of the income tax act 1961.

  662. Astha says:

    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?

  663. B K Agrawal says:

    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

  664. 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.

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

  666. Pradeep says:

    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?

  667. Pradeep says:

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

  668. Prithwiraj Pramanik says:

    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?

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