S.

P Desai Chartered Accountant

Deductions under Chapter VI-A

Sec 80 C Remarks Individual & HUF LIC premium paid Self and spouse and any child Premium should not exceed 20% capital sum assured. Policy should not be terminated within 2 years, else amount received treated as income. Premium should be paid at least for 5 years. No transfer within 3 years. 5 years or more Property should not be transferred for 3 years Higher education and limited to 2 children Max Rs.70,000 Rs. 100,000 or amount of investment made

ULIP premium

Eligible equity shares or debentures Investments in fixed deposit with scheduled bank Purchase of house property amount paid on stamp duty etc Tuition fees for children PPF deposits Total Deduction lower of

80 D

Medical Insurance premium paid Individual & HUF Premium for self or a spouse and family Should be paid
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S.P Desai Chartered Accountant and dependent parents. Amount to be paid to GIC or any other general insurance company approved by I.R.D.A Deduction Lower of otherwise than cash

* Rs. 15,000 in case of other than senior citizen or premium paid *Rs 20,000 in case of senior citizen or premium paid. *Additional deduction of Rs 15,000 or 20,000 in case of parents depending on assessee, otherwise than senior citizen or senior citizen as the case maybe

80 DD

Medical treatment of dependent handicapped relative Individual or HUF Amount paid for medical treatment or amount deposited in approved scheme of LIC etc Deduction Irrespective of amount as mentioned above Rs 100,000 in case of severe disability or Rs 50,000 in case of normal disability
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S.P Desai Chartered Accountant

80 DDB

Medical treatment expenses of individual & HUF Diseases should be as specified Amount of deduction lower of

80 E

Interest on loan taken for higher education Deduction

Rs. 40,000 (Rs 60000 in case of senior citizen) or expenses paid on medical treatment. Specified financial institution should be the lender. For full interest paid for 8 years beginning with initial previous year in which interest is paid

80 G 80 GG

Separate note Rent paid(other than person who is getting HRA benefit) Deduction Lower of

1.)Rs 2000 per month 2.)25% of total income After all other deductions under chapter VI A 3.) Rent paid 10% of total income as above. Disability should be permanent as certified by prescribed authority.

80 U Assessee having disability Individual should be resident of India

S.P Desai Chartered Accountant Deduction Rs 50,000 in case of normal disability Rs 100,000 in case severe disability(80% and above disability)