80c clarification
This query is : Resolved
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 ???
Can i invest entire 1.5 lakh in Tax saving FD or ELSS alone ???
14 July 2014
The limit of the section 80C is increased by 50K. it doesn't depend on ur investments.
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
Look Amit, the limit under 80C is 1.5L. Whether u invest in NSC, Saving instrument, LIC, repayment of house loan or whatever.
Let us take an Demo:-
Say u invested 5L in LIC 20L, in Savings instruments, and 50L in others.
So the maximum deduction u can claim in LIC is Rs. 1.5L. If u fill the ITR and write 75L in 80C column it will automatically calculate 1.5L.
Let us take an Demo:-
Say u invested 5L in LIC 20L, in Savings instruments, and 50L in others.
So the maximum deduction u can claim in LIC is Rs. 1.5L. If u fill the ITR and write 75L in 80C column it will automatically calculate 1.5L.
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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 ?
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 ?
14 July 2014
First of all Welcome.
Yes there is no fixation of any amount in any security. U can invest entire Rs. 1.5L in any security which can b claimed u/s 80C.
Yes there is no fixation of any amount in any security. U can invest entire Rs. 1.5L in any security which can b claimed u/s 80C.
14 July 2014
U r Welcome once again.
U can convey ur thanks by hitting the thanks button.
U can convey ur thanks by hitting the thanks button.
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