Deduction Under Section 80C

Deduction Under Section 80C

Deduction Under Section 80C:

Taxpayers can invest in various sources to get deduction u/s 80C.These sources are listed below:-
  1. Eligible Assessee:-Individual and HUF.
  2. Maximum limit of Deduction:-₹150,000.

Eligible Sources:-

1.Amount invested in Public Provident Fund(PPF).

  • Assessee-Individual,spouse and childrens
  • HUF-Its Members

2.Contribution towards Unit Linked Insurance Plan(ULIP).

3.Investment in Notified Pension Scheme of Unit Trust of India or Mutual Funds.
4.Investment in Senior Citizen Saving Scheme.
5.Investment in notified bonds of NABARD.
6.Tuition fees paid for the full time education in India.
  • Max 2 childrens

7.Repayment of loan taken from banks or financial institution for purchase or construction of house.

  • If house is constructed,deduction has to be taken after completion of construction of house.
8.In case of acquisition of house property,deduction can be taken for stamp duty and registration fees paid.
9.Investment in Sukanya Samriddhi Yojana.
  • Assessee-Individual,Daughter of the Individual,Girl child for whom such Individual is a legal guardian.
10.Investment in Fixed Deposit(FD) in a Scheduled Bank or Post Office for 5 years or more.
11.Amount invested in National Saving Certificates(NSC) as well as interest accrued on that amount.
12.Investment in Notified Units of Mutual Funds or Unit Trust of India.
13.Contribution of employee towards Statutory Provident Fund,Recognised Provident Fund,
      Approved Superannuation Fund.
14.Investment in LIC

  • In case of Individual:-Self,Spouse,Childrens
  • In case of HUF:-Any Member of HUF


      If Policy is issued before 01/04/2012
  • Premium paid                         xx                or  
  • 20% of Sum Assured             xx                           

    Whichever is lower.

      If Policy is issued on or after 01/04/2012
  • Premium paid                         xx                or  
  • 10% of Sum Assured             xx

       Whichever is lower.

      If Policy is issued on or after 01/04/2013 for persons with disability u/s 80U or persons suffering from specified disease u/s 80DDB
  • Premium paid                         xx                or  
  • 15% of Sum Assured             xx

       Whichever is lower.


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