Under Section 80C
This section allows for an overall deduction up to Rs.1.2 lac in the following specified instruments:
- Premium for life insurance
- Premium for pension plan
- Contribution to a provident fund, including Public Provident Fund
- Repayment of home loan principal
- Investment in Equity-linked Savings Schemes of Mutual Funds
- Deposits in NSC, five-year term deposits of Post Office and schedule commercial banks, Senior Citizen Savings Scheme etc.
Under Section 80D
Premium paid for health insurance up to Rs.15,000 (Rs.20,000 for senior citizens) for individuals or spouse or children. Additional Rs.15,000 is available for deduction if the premium is paid towards health insurance of parents.
Under Section 80E
Payment of interest on education loan taken for higher education for yourself, spouse or children.
Under Section 24
A maximum of Rs.1.50 lac is allowed for deduction from total annual income towards interest payment on a housing loan
Possibly Related Posts:
- Health insurers see cost in in-house conclusion of claims
- Govt considers universal health cover scheme
- Don’t let accessible diseases cut into your health cover
- Goa govt to launch mediclaim plan in Margao on Aug 15
- Health Insurance Coverage Should Be Increased In India: FICCI
- When buying Ulip make good judgment
- Life Insurance Policy
- Whole Life Insurance
- Irda | Insurance cover for nuclear accidents
- Choose the Best Life Insurance Policy