TMI BlogDeduction in respect of life insurance premia, deferred annuity, contributions to provident fund etc. - Section 80CX X X X Extracts X X X X X X X X Extracts X X X X ..... ion (i.e., employee s contribution) is counted towards section 80C investments. You also have the option to contribute additional amounts through voluntary contributions (VPF). Public Provident Fund (PPF): In case of Individual - For Self, Spouse Children In case of HUF - Any member of HUF Life Insurance Premiums: LIC premium paid by the taxpayer for insurance policy on own life, spouse life and life of any children (Child may dependent, independent, married or unmarried) in case of HUF the policy can be any member of the family shall be included in Section 80C deduction. Life insurance premium paid for parents (father / mother / both) or in-laws is not eligible for deduction under section 80C. In case if the premium is paid for more than o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s for a home: The amount you pay as stamp duty when you buy a house, and the amount you pat for the registration of the documents of the house can be claimed as deduction under section 80C in the year of purchase of the house. Sukanya Samriddhi Account: It is a special deposit scheme launched for girl child. The details are as follows: The Sukanya Samriddhi Scheme allows provisions for one depositor to deposit money on behalf of the girl child. This depositor could either be a parent or a legal guardian. While contributions towards this scheme are eligible for tax deductions, only one depositor can claim tax exemptions under Section 80C of the Income Tax Act . This means that either a parent or a legal guardian can claim exemptions, not bot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o perform well to give decent returns in the long-term. Tuition Fees: Any sum paid as tuition fees whether at the time of admission or otherwise to any university/college/educational institutional in India for full time education of any two children of an individual. 5 years post office time deposit (POTD) scheme: POTD are similar to bank FDs. Although available for varying time duration like one year, two year, three year and five year, only 5 year POTD qualifies for tax saving u/s 80C. Interest is compounded quarterly but paid annually. The interest is entirely taxable. NABARD Rural Bonds: There are two types of bonds issued by NABARD: NABARD Rural Bonds and NABARD Bhavishya Nirman Bonds. Only NABARD rural bonds qualifies for exemption u/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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