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Deductions Permissible u/s 80C

Deductions on Life Insurance Premium, contribution to Provident   Fund, etc. (sec. 80C)

  1. Any sum paid or deposited to keep in force insurance on the life on an individual or his spouse any child of such individual and any member of HUF. Deduction is allowed only where the premium paid does not exceeds
  • 20% of the capital sum assured ,when the policy is issued before 1/4/2012
  • 10% of the capital sum assured, when the policy is issued after 1/4/2012.
  1. Sum paid to keep in force a contract for non-cumulative deferred annuity-for the life of individual, his wife, any child of such individual.
  2.  Deduction made from salary by or on behalf of the government for the purpose of securing a deferred annuity-up to 20 % of salary.
  3. Sum paid to a recognized provident fund.
  4. Sum paid to an approved superannuation fund.
  5. Subscription to securities of central government or deposits notified in the official gazette.
  6. Any sum paid to a PPF.
  7. Subscription to National Savings Certificates (VIII) issue.
  8. Sum paid by an individual or HUF for participation in the Unit-Linked Insurance Plan 1971 of UTI
  9. Sum paid by an individual or HUF in any notified Unit-Linked insurance plan of LIC Mutual Fund(Dhanaraksha has been notified)
  10. Only tuition fees (excluding any payment towards any development fees or donation or payment of similar nature) where at the time of admission or thereafter, to any university, college, school, or other educational institution situated within India for the purpose of full time education for his two children.
  11. Deposit in five year post office time deposit account
  12. Deposit in senior citizen savings scheme,2004
  13. Repayment of principal amount of loan taken from any bank, state/central government, LIC, NHB, etc. for the purpose of construction or purchase of a residential house property, the income of which is chargeable to tax under the head income from house property.

Aggregate amount of deductions u/s 80C, 80CCC, 80CCD shall not exceeds Rs 1,00,000

 

 

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