Under the existing provisions, there is a limit of Rs.1,00,000 u/s. 80CCCE which is for specific deductions in computing the total income under section 80C, 80CCC & 80CCD; a new section has been inserted for granting deduction to individual or HUF in computation of its total income.
The proposed section 80CCF provides for a deduction to an individual or a HUF upto the limit of investment of Rs.20,000/-, over and above the existing limit of Rs. 1 lakh under section 80CCE. The said investment has to be made in Longterm infrastructure bonds to be notified by the Central Government.
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