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Know Income Tax

 

42. Saving under 80c whose name can be done

 

Let's discuss points relating to benefit of under section 80C.
I have tried to cover all the important issues but if any left or you have different thoughts than please let me know.
The list given below is not complete and I have covered schemes only that are widely used by the individuals. 

Scheme particulars

Available to

Can be for

amount cap

Holding period

Life Insurance Premium

HUF

Member of family

20% of Sum Assured

Two year

individual

spouse, own, children (major or minor, dependent or independent)

do

Non -Commutable deferred annuity

individual

spouse, own, children (major or minor, dependent or independent)

Nil

Nil

Deferred Annuity deducted by Govt

individual

spouse, own, children (major or minor, dependent or independent)

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 independent)

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 independent)

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

Tuition fees

individual

any two children

nil

nil

specified fixed deposit with scheduled bank

individual /HUF

own name

nil

5 year

other points related to above
1. Deduction for above schemes in total is available up to Rs.100000 /-
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.
5. Holding period has been either defined under income tax or under scheme qualified in for deduction u/s 80C

 
 
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