List of Various Deductions Under Section 80C. deduction under section 80c. Deduction U/S 80C in respect of Life Insurance Premium, Contribution to PF, etc., (Only Individuals/HUF). Find List of Income Tax Deduction under section 80C. Section 80C provides deduction to (a) an individual; (b) a Hindu undivided family for investments made in specified assets subject to a maximum amount of’ one lakh and fifty thousand rupees. In this article you can find list of Available deduction in the hands of INDIVIDUALS Only, list of Available deduction in the hands of INDIVIDUALS & HUF, Other Special Points for Sec. 80C. Now you can scroll down below and check complete List of Various Deductions Under Section 80C

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List of Various Deductions Under Section 80C

You can claim the deduction under section 80C as per follows:

  • A.Y. 2020-21: Up to 1,50,000/-
  • A.Y. 2019-20: Up to 1,50,000/-
  • A.Y. 2018-19: Up to 1,50,000/-
  • A.Y. 2017-18: Up to 1,50,000/-
  • A.Y. 2016-17: Up to 1,50,000/-
  • A.Y. 2015-16: Up to 1,50,000/-
  • A.Y. 2014-15: Up to 1,00,000/-

Available deduction in the hands of INDIVIDUALS Only:

  • Any payment made by the Individual to keep in force a contract of Non commutable Deferred Annuity on the life of himself, Spouse, any Child of the Individual
  • Any sum deducted from Salary payable by the Govt., for the purpose of  securing to him Deferred Annuity.  However deduction should not exceed 1/5th  of salary.
  • Contribution to SPF/RPF.
  • Contribution towards approved Superannuation Fund.
  • Subscription to  National Savings Scheme.
  • Subscription  to NSC, even interest on that is qualified for deduction
  • Subscription Units of Mutual Fund/UTI
  • Contribution to a Pension Fund set up by a Mutual Fund/ UTI/ National  Housing Bank
  • Deposit with National Housing Bank, HUDCO
  • Deposits with a PSU providing Long term finance for construction or Purchase of Residential Houses in India.
  • Deposits with notified Housing Boards set up under Law for Planning,Developing and Improvement of Cities/ Towns / Villages.
  • Tuition Fees paid to University, College, School or other Education  Institution situated in India for full time education of Children, other  Donation or Development Fees. (Maximum 2 Children)
  • Housing Loan / Cost
  • Subscription to approved Equity Shares or Debentures of a Public Company or a Public Financial  Institution, and the entire proceeds of the issue is utilized wholl  and exclusively for Power  Generation  or Infrastructure  Facility Company. (Holding Period minimum 3 Years)
  • Term Deposit for atleast 5 years with a Scheduled Bank.
  • Subscription to notified NABARD Bonds.
  • Deposit under the Senior Citizen Savings scheme.
  • 5 year Time Deposit in an account under the Post Office Time Deposit  rules.

Must Read – Section 43B Deductions Based Actual Payments

Available deduction in the hands of INDIVIDUALS & HUF:

  • Any sum paid by an Individual to  effect or to keep in force an Insurance on the life of an Individual, his/her  Spouse, any Child (whether  married/unmarried or dependent/not  dependent). In case of the HUF, the  premium should be paid on the life of any  member of the family.

NOTE: Premium paid on life insurance  policy exceeding 20% of the capital  sum assured is not eligible for deduction (Relevant for policy issued  prior to  01/04/2012)  Maximum Premium deductible = 10%  of Actual Sum assured.   (15% for persons covered u/s 80U/80DDB)

  • Contribution to a PPF .   Minimum  Rs. 500 & Maximum Rs. 1 Lakh
  • Contribution to ULIP of LIC/UTI and  continuous for minimum period of 5  years.
  • Contribution to Annuity Plans of  Insurance Companies.

Must Read – Deduction For Donation Under Section 80G


Other Points for Sec. 80C

  • The total limit under this section is Rs 1.50 lakh from Financial year 2014-15 / Assessment Year 2015-16. Before FY 2014-15 the limit was Rs. 1 Lakh. Under this heading many small savings schemes like NSC, PPF and other pension plans. Payment of life insurance premiums and investment in specified government infrastructure bonds are also eligible for deduction under Section 80C
  • If  the assessee transfers  the HP in  respect  of  which  deduction  has  been claimed, before the expiry of  5  years  from  the end  of  the  FY in  which  possession  of  such  properties  obtained  by  him.  No  deduction  shall  be  allowed  in  the  PY  in  which  house  is  transferred.   Deduction  allowed  in  the  earlier  years,  shall  be  deemed  to  be  income  of  the  assessee  of  the  PY,  in which the house is transferred.
  • In  case a member  participating in  the  ULIP  terminates  before  making  the  contribution  for  5  years,  then  the  same  treatment  shall be given as given in point 2.
  • Deduction  is  available  only  if  amount  is  paid/contributed/  invested during  the  previous  year  i.e. on or before 31st of March.

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