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.
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