Maximum Tax Exemption of Rs.1,50,000 in Tax Section 80C/80CCC/80CCD which includes Investment in EPF, ELSS, PPF, FD, NPS, NSC, Pension Plans, Life Insurance, SCSS, SSA and NPS. Also includes Home Loan Principal repayment, Tuition Fees, Stamp Duty. Maximum Tax Exemption of Rs. 50,000 in Tax Section 80CCD (1B) i.e. Investment in NPS. Maximum Tax Exemption of Rs.2.00,000 in Tax Section 24 which describes, Interest paid on Home Loan for Self occupied homes. No limit for rented house. Rs. 50,000 exempted for Additional deduction on Home Loan interest for first time home buyer under section 80EE.
Maximum Tax Exemption of Rs.50, 000(No Limit - Rs. 50,000 is just an assumed value) under Tax Section 80E i.e. Interest paid on Education Loan
Maximum Tax Exemption of Rs.25,000 in Tax Section 80CCG which describes 50% of Investment in RGESS approved stocks and mutual funds.
Maximum Tax Exemption of Rs. 60,000 under Tax Section 80D which includes Premium payment for medical insurance for self and parents. Also includes Rs. 5,000 limits for preventive health checkup.
Maximum Tax Exemption of Rs.80,000 under Tax Section 80 DDB which describes, Treatment of serious illness for self and dependents (Limit of Rs. 80,000 for person above 80 years, Rs. 60,000 for person above 60 years and Rs. 40,000 for rest.
Maximum Tax Exemption of Rs.1, 25,000 under Tax Section 80U. Physically disabled Tax payer comes under this section. (Rs. 75,000 for 40% to 80% disability and Rs. 1, 25,000 for more than 80%)
Maximum Tax Exemption of Rs.1, 25,000 under section 80DD which is for Physically Disabled Dependent. (Rs. 75,000 for 40% to 80% disability and Rs. 1, 25,000 for more than 80%) Maximum Tax Exemption of Rs.50, 000(assumed value) under section 80G which includes donation to approved charitable funds like Prime Minister Relief Fund, etc Maximum Tax Exemption of Rs.50,000(assumed value) under Tax Section 80GGA which describes donation for scientific research or rural development.
Maximum Tax Exemption of Rs. 50,000(assumed value) for donation to political parties it comes under Tax section 80GGC. Maximum Tax Exemption of Rs.10,000 on interest received in savings account under Tax Section 80TTA.
Maximum Tax Exemption of Rs.60, 000 under Tax Section 80GG for rent expenses who do have HRA component in salary.
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Written by: Anvesh Pandey, SEBI Registered Investment Advisor