Friends,
In this post we will discuss only points relating to benefit of under section 80C and 80-CCF.We have tried to cover all the important issues but if any left or you have different thoughts than ours please record in comments section.The list given below is not complete and we have covered schemes only that widely used by the persons.And we will try to cover each scheme in detail in our other post.
other points related to above
1. Deduction for above schemes in total is available up to Rs.120000 /-. i.e. U/S 80- the limit is upto Rs. 100000/- and U/S 80-CCf Rs. 20000/-.
2. The limit of one lac as above is total limit u/s 80C for all type of savings ,plus section 80CCC(pension policy) plus u/s 80CCD(Contributory Pension Plan).Means the aggregate amount of deduction under above referred sections can not exceed Rs. 1,00,000.
3. PPF limit of 70000 is not as per income tax act but specified under ppf scheme more over the limit is combined for individual plus minor child.
4. Accrued interest on NSC is also available for rebate for first five year.(you can download NSC interest calculator from calculator section)
5. Holding period has been either defined under income tax or under scheme qualified in for deduction u/s 80C
In this post we will discuss only points relating to benefit of under section 80C and 80-CCF.We have tried to cover all the important issues but if any left or you have different thoughts than ours please record in comments section.The list given below is not complete and we have covered schemes only that widely used by the persons.And we will try to cover each scheme in detail in our other post.
other points related to above
1. Deduction for above schemes in total is available up to Rs.120000 /-. i.e. U/S 80- the limit is upto Rs. 100000/- and U/S 80-CCf Rs. 20000/-.
2. The limit of one lac as above is total limit u/s 80C for all type of savings ,plus section 80CCC(pension policy) plus u/s 80CCD(Contributory Pension Plan).Means the aggregate amount of deduction under above referred sections can not exceed Rs. 1,00,000.
3. PPF limit of 70000 is not as per income tax act but specified under ppf scheme more over the limit is combined for individual plus minor child.
4. Accrued interest on NSC is also available for rebate for first five year.(you can download NSC interest calculator from calculator section)
5. Holding period has been either defined under income tax or under scheme qualified in for deduction u/s 80C
| Scheme particulars | Available to | Can be for | amount cap | Holding period |
| Life Insurance Premium | H.U.F. | Member of family | 20% of Sum Assured | Two year |
| Individual | spouse,own,children (major or minor,dependent or indepdent) | do | ||
| Non -Commutable defrreed annuity | Individual | spouse,own,children (major or minor,dependent or indepdent) | Nil | Nil |
| Deferred Annuity deducted by Govt | individual | spouse,own,children (major or minor,dependent or indepdent) | 20 % of salary | nil |
| Statutory provident and recognised Provident fund | Individual | Individual only on his own name | nil | In case of Rpf 5years |
| Public Provident Fund | Individual | spouse,own,children (major or minor,dependent or indepdent) | 70000 | 6years |
| National Saving Certificate | Individual /HUF | own name | nil | nil |
| Ulip of UTI and LIC mutual fund(Dhanraksha) | HUF | Member of family | nil | 5 years |
| Individual | spouse,own,children (major or minor,dependent or indepdent) | do | do | |
| Specified tax saving mutual fund | Individual /HUF | own name | nil | 3 year |
| Payment of house loan | Individual /HUF | own name | nil | 5 year |
| Tution Fees | Individual | any two children | nil | nil |
| Specified fixed deposit with schduled bank | Individual /HUF | own name | nil | 5 year |
