INSUBCONTINENT EXCLUSIVE:
Section 80C benefits: A reduction of Rs 1.5 lakh in gross income (for income tax calculation) is allowedHave you fully utilised the income
tax benefit available under Section 80C of the Income Tax Act Considered one of the more popular income tax deduction among assessees by
wealth planners, Section 80C provides for a reduction up to Rs 1.5 lakh in taxable individual income in a year under certain conditions
Saving Scheme), Section 80C of the Income Tax Act provides for a range of benefits available to the income tax assessee
to arrive at taxable income - in a financial year.Total tax benefit under Section 80CSection 80C of the Income Tax Act offers a total
insurance policy is eligible for tax benefit under Section 80C
This includes premium paid towards life insurance for self, dependent children and parents under certain conditions
The amount of premium up to 10 per cent of the sum assured (in case of policies issued after April 1, 2012) is eligible for deduction,
according to income tax laws.Five-year tax-saving FDMost commercial banks offer a special type of fixed deposit scheme
This scheme, often referred to as a five-year tax-saving FD, comes with a lock-in period of five years - which means premature withdrawals
Investment in such FDs is eligible for tax benefit under Section 80C of the Income Tax Act.Public Provident Fund (PPF)Contributions made to
a Public Provident Fund (PPF) account are eligible for tax benefit under Section 80C
Investment in PPF is subject to a lock-in period of 15 years and an upper limit of Rs 1.5 lakh in a year
( Key things to know about partial PPF withdrawal)Equity-Linked Saving Scheme (ELSS)Mutual funds under ELSS come with a lock-in period of
Not to be confused with a Systematic Investment Plan (SIP), an ELSS is a type of mutual fund eligible for tax exemption under Section 80C
( Know the difference between SIP and ELSS)Small savings scheme Sukanya SamriddhiInvestment in the Sukanya Samriddhi scheme for up to two
girl children is eligible for deduction under Section 80C
A Sukanya Samriddhi account can be opened in the name of a minor child
( All you need to know about Sukanya Samriddhi account)Repayment of home loan principalSection 80C also offers deduction against repayment
of home loan under certain conditions
Individuals can claim a deduction against the repayment of the principal amount in a home loan for a house whose construction is complete
Also, the person should not have transferred the property before completion of five years from the date of possession to be able to avail
partner, NA Shah Associates LLP.As a beginner, a person may prioritise his or her 80C investments in the following order, he adds:Employee
contribution to a recognised provident fund/approved superannuation fundLife insurance premium paid for self and family membersRepayment of
loan taken from a specified person for purchase of propertyTuition fees paid to a university, college, school etc
a scheduled bankStamp duty, registration fee and other expenses incurred for purchase of property
