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.
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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
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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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