About deduction
This query is : Resolved
30 April 2016
Respected sir please tell me for; individuals 150000 deduction to be made u/s 80c and medical insurance is 35000 (15000+20000) and 20000 as interest on home loan for A.Y 2015 -16
Can I avail total deduction is 205000 under chapter IV A for individual
01 May 2016
The maximum limit of deduction for financial year 2014-15
1. u/s 80C was Rs. 100,000;
2. Health insurance: in case of individual and his family Rs. 15,000 + On any senior citizen Rs. 15,000 + health check up Rs. 5,000; and
3. Interest on housing loan u/s 24(b): in case of self occupied property - Rs. 150,0000 a certificate from the banker or financial institute shall be provided for. Other wise the maximum deduction available was Rs. 30,000 for that FY. There is no limit on amount of interest in case of let out property. No certificate as well required.
1. u/s 80C was Rs. 100,000;
2. Health insurance: in case of individual and his family Rs. 15,000 + On any senior citizen Rs. 15,000 + health check up Rs. 5,000; and
3. Interest on housing loan u/s 24(b): in case of self occupied property - Rs. 150,0000 a certificate from the banker or financial institute shall be provided for. Other wise the maximum deduction available was Rs. 30,000 for that FY. There is no limit on amount of interest in case of let out property. No certificate as well required.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
