Dear experts & friends
For an individual only under sec.80c Rs.1,00,000 limit or total amount of deduction is Rs.1,00,000.00, if not please inform other sections & their limits, total amount of deduction for individuals.
kindly clarify the same.
thanking you all
what is the scope of investment for taking deduction under chapter vi in income tax
can i get deduction from gross total income if i invest in fixed deposit into bank for five year.
the total amount of dedcution u/s 80C is Rs. 1lacs. The dedcutions under the other sections are apart from the deduction u/s 80C. Indviduals can get deductions under the following sections:
80C, 80CCF, 80G, 80D, 80DD, 80DDB, 80GG
For an individual:
Sec 80C, 80CCC, 80CCD - Total Rs. 100000
Sec 80CCA
Sec 80CCB
Sec 80D = Rs. 15000 plus Rs. 20,000 additional for paying any medical isurance premium of any relative covered under this Sec, who is senior citizen
80D - Rs. 50,000 and Rs. 1,00,000 in case of servere disability
80E - No limitation
80G - 50% of 10% of Adjusted GTI
80U
Investment in Fixed Deposit with Bank for 5 years is eligible for deduction under Chapter VI provided all the conditions stipulated in 80C(2)(xxi) has been fulfilled.
CAclubindia
