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What is the maximum deduction available under section 80 C?

Asked 2018-06-09 13:18:15 by Anonymous -

Answered by NewsBytes

The maximum amount deductible under section 80C,80CCC & 80CCD cannot exceed Rs.1 lakh.

Is this deduction under section 80 C also available for LIC Premium?

Asked 2018-06-09 13:18:02 by Anonymous -

Answered by NewsBytes

LIC premium paid by the taxpayer for the insurance policy on his own life, spouse life and life of any children (Child may be dependent, independent, married or unmarried) and in case of HUF the policy can be in the name of any member of the family. All such type of premium is eligible for deductions under Section 80 C.

I have interest accrued under NSC. Can I also claim this deduction under Section 80 C?

Asked 2018-06-09 13:17:22 by Anonymous -

Answered by NewsBytes

Yes. NSC interest is deemed as reinvested and is also eligible for deduction under section 80 C for first 5 years. However, the same interest income needs to be shown under Income from other sources.

I had built a house five years ago. Now it is crumbling and I am paying for the repairs. Can these repairs be claimed as a deduction under Section 80 C?

Asked 2018-06-09 13:16:47 by Anonymous -

Answered by NewsBytes

No. The cost of repairs, renovation of residential property are not eligible for section 80C deduction.

I have post office saving scheme in my name. Can I claim a deduction for it under Section 80 C?

Asked 2018-06-09 13:16:16 by Anonymous -

Answered by NewsBytes

Yes. Deposits made in five-year time deposit scheme in the post office are eligible for deduction under Section 80 C.

Is investment in Kishan Vikas Pathra (KVP) eligible for deduction under section 80C?

Asked 2018-06-09 13:15:16 by Anonymous -

Answered by NewsBytes

No. The deposits in Kishan Vikas Pathra (KVP) are not eligible for deduction under section 80 C.

I have recurring bank deposits in Bank. Will they be eligible for deduction under 80 C?

Asked 2018-06-09 13:14:36 by Anonymous -

Answered by NewsBytes

No, Bank recurring deposits (RD) not eligible for deductions under Section 80C.

Will my fixed deposit be eligible for deduction under 80C?

Asked 2018-06-09 13:14:14 by Anonymous -

Answered by NewsBytes

Only Tax-saving fixed deposits (FDs) of scheduled banks with a tenure of 5 years are entitled to a deduction under section 80C.

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