rajeev (Accountant) (159 Points)
30 July 2012Hi
Members,
Pl.provide details of Section 80 C In case of Salaried Woman .She is getting Salary 650000/-P.A.
How much Deduction will get under section's .She paid LIC 85000/-+Tution Fess 24000/-+Home Loan Repayment of Rs.185000/- ( Principle amount )
is any source to reduce Tax ?
Thanks
Shenba Associates
(Partner)
(115 Points)
Replied 30 July 2012
You can get a Mediclaim Policy to the extent of Rs.15000 under section 80D. The Puplic Provident Fund under section 80CC(2).
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 30 July 2012
Maximum 1 lakh u/s 80C. Not more than that.
DHARMENDRA SHARMA
(Senior staff)
(444 Points)
Replied 30 July 2012
She can get only 1 Lac deduction under section 80C.Although,She can get deduction of Rs 20000 u/s 80D,if she has invested in Mediclaim.
Additional,Maximum deduction of Rs.24000/- can be taken if you are living in a rental house and has paid any rent.But make sure that she is not getting any HRA.
rajeev
(Accountant)
(159 Points)
Replied 30 July 2012
Thanks All
At the end there is no scop to reduce tax of Salaried.
Thanks
Narendra choudhary
(mumbai)
(109 Points)
Replied 30 July 2012
Maximum 1 lac allowed.
Additional:- You also get Interest amout (interest on repayment of loan) deduction in house property head. it is loss in house property but set off available against salary income.
so you reduce your tax.
Satish
(CA (Final), CS (Final))
(172 Points)
Replied 31 July 2012
Maximum she can claim Dedn u/s 80 C up to 100000 only and in 80 D 15000 or 20000(senior citizen) and if she is interest in trading she can invest in Infrastructure bond U/S 80 CCF up to 20000 apart from that there is no investment for salaried employees, better to avoid other deduction in 80 C for this year (2012-13)because the interest on housing loan will cover the maximum amount in 80 C .
Satish
(CA (Final), CS (Final))
(172 Points)
Replied 31 July 2012
Its not only the deduction where u can save tax but also give proper documentary evidence to claim the exemption to reduce the tax burdon, when the employer ask for documentary investment proof and house rent recipt, medical receipt, and other receipts related to the exemption, utilise the full amount of exemtion so that u can also reduce the tax on the taxable part of exemption
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