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 |