Which savings come under section 80C, which come under 80D and which under section24?



Which savings come under section 80C, which come under 80D and which under section24. How much can I save under each section listed?

Which savings come under section 80C, which come under 80D and which under section24?
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3 Replies to “Which savings come under section 80C, which come under 80D and which under section24?”

  1. FOR SECTION 80C :
    LIC PREMIUM, PPF, NSC, INSTALLMENT OF HOUSING LOAN, TUTION FEES OF CHILDREN, ETC
    FOR SECTION 80D : MEDICAL PREMIUM PAID BY CHEQUE OR BY ANY OTHER MODE OTHER THAN CASH UP TO RS.15000/-
    SECTION 24 : INTEREST ON HOUSING LOAN UP TO RS.150000


  2. under sec. 80C- LIC premium, PPF, ULIP, NSC, saving in post office, int. payment for education loan in INDIA, payment of installment for housing loan, fixed deposit int.etc..subject to a max. of Rs. 100000.
    under sec. 80D-premium to be paid for MEDICAL INSURANCE subject to the maximum of 20% of the assured amt…
    under sec. 24- sec 24(a)- standard deduction of 30%.
    sec 24(b)- int. allowed to be deducted subject to max. of Rs. 150000 provided the construction of house gets completed in 3 yrs. otherwise Rs. 30000…..


  3. Loss from house property – 24(b) – Interest paid on borrowed capital (housing loan) up to Rs. 1,50,000/- is exempt.

    Deductions under Chapter VI A :

    Ext. of Rs.15000/- to 20000/- paid for medical insurance premium.- u/s 80D

    Deduc. u/s 80C
    1) Contributions to EPF, VPF, FPS, Approved Superannuation Fund.
    2) Contributions to PPF.
    3) To premium paid for Life Insurance Policy of self/spouse/children, ULIP, Dhanraksha.
    4) To NSC VIII issue / accrued interest on NSC.
    5) To schemes of PSU’s providing long term housing finance.
    6) Time deposits with Post Office.
    7) To ELSS of Mutual Funds.
    8) Repayment of home loan principle.
    9) Tuition fees of full time education for 2 children – Rs. 12000/- each.
    10) Investments in Infra-structure bonds.
    11) Investments in Bank Fixed Deposits for 5 years.
    12) Investment in Pension fund.- u/s 80CCC





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