14 July 2014
In the recently announced budget Section 80C limit has been raised from Rs 1 lakh to Rs 1.5 lakh. It was also clarified that the entire 1.5 lakh limit can be used in PPF alone. However it is not clear what will be the max limit for other tax saving instruments like ELSS and 5 Year Tax saving FD ? Can i invest entire 1.5 lakh in Tax saving FD or ELSS alone ???
14 July 2014
My question was specific to tax saving instruments. I wanted to know the maximum amount of deduction that can be claimed u/s 80C for ELSS and Tax saving FD after increase in 80C limit to 1.5 lakhs.
14 July 2014
Thanks for the Demo. It is now clear that max deduction allowed u/s 80C is 1.5L. Only one more doubt, can we utilise the entire 1.5L limit on any one single instrument alone? is there ceiling specific to any tax saving instrument ? For example: If i wish to exhaust the entire 1.5 L limit by investing alone in 5 yr Tax saving FD will that be allowed ?
CAclubindia
