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Deduction under 80c

prakrut (accountant) (120 Points)

06 January 2011

pls confirm max limit of deduction for principal amount in housing loan . if principla amount is1.22 will i require to invest in lic or other ?

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13 Replies

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 06 January 2011

max deduction available 1 lac from total taxable income per year.

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CA NEHA AGARWAL (Practise) (227 Points)
Replied 06 January 2011

Whatever principal amount of housing loan u pay will be allowed as deducted u/s 80c with the max. limit of Rs.1,00,000.00

Pravin Mahadik (Practicing Cost Accountant) (78 Points)
Replied 06 January 2011

There is no need to invest in lic or other, because u will get maximum deduction Rs. 1 lac u/s 80c

M .K. Jha (CA Final) (484 Points)
Replied 06 January 2011

Dear Prakrut,

You Can Take deduction U/s 80C for principle amount and any other inveatment aggregate 1 lacs only.

after it you don't need to invest any where.

SUNNY (CA Final & CS Professional) (327 Points)
Replied 06 January 2011

Maximum

deduction Is RS. 100000 u/s 80C

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CA Saba Naaz (Chartered Accountant) (8487 Points)
Replied 06 January 2011

Originally posted by : SUNNY
	Maximum deduction Is RS. 100000 u/s 80C

3 Like

CA MAULIK (C.A) (937 Points)
Replied 06 January 2011

MAX DEDUCTION UNDER SECTION 80C IS 100000 RS.....ALSO TAKE MEDICLAIM FROM lic WHICH WILL ENABLE U TO TAKE DEDUCTION OF premium AMOUNT UNDER sec 80D UPTO 15000 OR PREMIUM AMT W.E LOWER.....

also deduction under sec 80CCF is 20000 pa for pur.infra bonds

@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 07 January 2011

Maximum deduction for 80C in A.Y.2010-11 is Rs 100000/-,

and for A.Y 2011-12 - Rs 120000/-

excess 20000 in A.Y. 2011-12 is for Infrastructure bonds.....

CA Pratik Sirwani (Chartered Accountant) (127 Points)
Replied 07 January 2011

Maximum amount of deduction available u/s 80C is Rs. 1,00,000/- only. From A.Y. 2011-12, deduction of upto Rs.20,000/- will be available u/s 80CCF on investing in Infrastructure Bonds.