Income from salary

This query is : Resolved

amruth (Querist)
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20 January 2014 Dear Sir

if a person paying in LIC Rs.50000/- p.a , Post Office saving Rs.80000/- p.a and taken car on loan and paying Rs.50000/- p.a

How much deduction he can take benefit from income tax

Thanking You

Kumar

Nikhil Kaushik

Nikhil Kaushik (Expert)
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20 January 2014 u can claim deduction under 80 for LIC and postal savings... no deduction for car loan.

@VaibhavJ

@VaibhavJ (Expert)
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20 January 2014 Agree with expert, In case of post office Investments, only the investment under 5 Years Term Deposit qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007

Thx

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amruth

amruth (Querist)
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20 January 2014 Dear Sir

So, LIC RS.50000+80000 POST OFFICE SAVING TOTAL RS.130000/- CAN BE TAKE AS EXEMPTION.

THANKING YOU

KUMAR

Nikhil Kaushik

Nikhil Kaushik (Expert)
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20 January 2014 no ...it would be limited to 1 lakh under 80c

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