I have invested 100000 in GPF,PPF,LIC and 20,000 in Infrastructure Bonds and 15,000 in Health Insurance.?



My tax credit is Rs.21,000.Can I save Income Tax Rs. 21,000? If yes ,than in which section/chapter?

I have invested 100000 in GPF,PPF,LIC and 20,000 in Infrastructure Bonds and 15,000 in Health Insurance.?
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4 Replies to “I have invested 100000 in GPF,PPF,LIC and 20,000 in Infrastructure Bonds and 15,000 in Health Insurance.?”

  1. How you came to conclusion that you can claim tax credit- is it in the form of TDS form 16A in that case you can claim 21000/= credit(or any other type of tax credit please inform in detail so that question will be answered accordingly).First calculate total income and tax payable and deduct TDS amount(balance amount may be tax payable or tax refund). Under section 80C rebate of LIC,PF,PPF,NSC etc. and 80D medical expense/medical insurance PREMIUM.


  2. Rs 1.35 L is the max you can invest to save tax.

    For additional deduction from gross income, you can buy a house availing housing loan. You will get benefit of interest paid u/s 24(b).

    HMT


  3. 1,00,000 + 20,000 is fully deductible from GROSS TAXABLE INCOME under section 80 C & 80CCF.

    15,000 is deductible under SECTION 80 D .

    Balance is taxable.


  4. You can claim 1,00,000 for section 80C & 20,000 as under section 80CCF of income tax act

    15,000 which is Health Insurance is also allowed under SECTION 80 D .

    after that balance amount is taxable





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