Allowable it dedns for salaried individual for ay 2014-15

This query is : Resolved

Guest

Guest (Querist)

03 July 2013 Hi,

Someone may please see the following and reply :

Query1

Whether a Salaried Individual can claim as ALLOWABLE DEDUCTION, the amount paid in respect of PROJECT MANAGEMENT COURSE.

Ans : .....................

Query2

What is the higher limit available for SELF-OCCUPIED HOUSE PROPERTY?

Ans : .....................

Query3

Can a Salaried Individual claim as Allowable Deduction - the Registration Cost, Stamp Duty paid, etc. for house purchase?

Ans : .....................

Query4

I may request for more specific ALLOWABLE INCOME TAX DEDUCTIONS AVAILABLE FOR SALARIED INDIVIDUAL.

Ans : .....................

I would be grateful, if I am able to get any circular / notification / URL for my reference and better understanding.

Thanks in advance for replies.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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03 July 2013 1.Yes. it is related to employee`s work then can be taken full deduction

2.Rs.1.50 lakh

3.Yes. registration & stamp duty can be claimed under 80C

4.Sec.80C/80D/80DD/80G/80E

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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03 July 2013 Q.1 - In respect of fee paid for any course the employee does not get deduction.
.
Q.2 - A. For Interest on Loan :Rs. 150000; U/s 24(b)
B. For Repayment of principal amount of Loan: -Rs. 100000/ ;U/s 80C

Q.3 Yes he can claim within the overall limit U/s 80C of Rs 100000.
.
Q.4 A salaried person may avail Deduction 80C in respect of NSC, LIP, PPF, Registration fee for purchase of house etc.
The details list may be seen by referring
the section.
He can further avail Deduction U/s 80D in respect of Medi-claim Premium and prevantive health check up.
He may avail some other deductions contained under chapter VIA
.

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Ganeshbabu K

Ganeshbabu K (Expert)
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03 July 2013 One more important section is 87A..

rebate of Rs.2000 if your total income below 5 lakhs

Please refer below link for detailed..

https://www.caclubindia.com/forum/new-income-tax-rebate-rs-2000-sec-87a-241553.asp#.UUlszRwZ115

Thanks & regards
Ganesh babu k