Comments on: Deduction under section 80C and tax planning

By: S.S.Joshi

S.S.Joshi — Thu, 09 Feb 2012 06:30:13 +0000

Last 15 years I am depositing regularly in PPF A/c. Can I continue the same PPF A/c ? Can I get income tax exemption on that investment.?

By: megha

megha — Tue, 07 Feb 2012 17:46:11 +0000

At which case limit u/s 80c is from 100000 to 120000

By: admin

admin — Tue, 07 Feb 2012 10:25:38 +0000

No Sir.

By: Parthasarathy

Parthasarathy — Tue, 07 Feb 2012 10:02:02 +0000

Is it possible to show my car loan interest under 80c?

By: sweta

sweta — Mon, 06 Feb 2012 12:49:12 +0000

we purchase resale flat of rs.2381000/- and pay the stamp duty, registration, so could we get the excemption u/s 80c
if yes, then how much excemption

By: Anant

Anant — Sun, 05 Feb 2012 12:10:02 +0000

if i paid my wife L.I.C. premium weather i will tax exemption benefit if my wife is salary employee

By: gurpreet

gurpreet — Sat, 04 Feb 2012 13:30:01 +0000

whether i can get rebate under 80 c for policy on my husband’s name ?

By: Ashim Kumar

Ashim Kumar — Sat, 04 Feb 2012 10:06:37 +0000

My investment in 80 C has crossed the limit of 1 Lac. Can I allow my wife to show the surplus of LIC premiums paid by me on my life policies as her investment to claim rebate under 80C

By: Ashim Kumar

Ashim Kumar — Sat, 04 Feb 2012 10:04:58 +0000

My investment in 80 C has crossed the limit of 1 Lac. Can I allow my to show the surplus LIC premiums paid by me on my life policies as her investment to claim rebate under 80C

By: Dimpu

Dimpu — Fri, 03 Feb 2012 08:27:36 +0000

3,00,000 Per annum,

Have 20,000 NSC & 18,000 in LIC. Should I need to show more Investment so that tax may not get deducted.

Please reply

By: BHASKARANSUBRAMANIAN

BHASKARANSUBRAMANIAN — Thu, 02 Feb 2012 13:28:59 +0000

BOTH HUSBAND AND WIFE WORKING IN GOVT. SERVICE. WE TAKING HOUSING LOAN FROM H.D.F.C BANK IN JOINTLY . BOTH SHALL DEDUCT PRINCIPAL AND INTEREST FULLY.

By: SHOBY

SHOBY — Wed, 01 Feb 2012 05:23:25 +0000

whether gratuity deducted from salary is eligible for deduction u/s 80 C?

By: admin

admin — Fri, 27 Jan 2012 15:11:40 +0000

No. Only father can claim on premium paid on Life of kids.

By: sarath

sarath — Fri, 27 Jan 2012 12:23:51 +0000

whether grandfather can claim insurance premium of his grandson for IT purpose

By: NIKHIL

NIKHIL — Thu, 26 Jan 2012 09:26:18 +0000

Will I get Tax benefit on Stamp duty and Reg fees for this year (2011-12) under sec 80c if possession is after 1 year(Next financial year)? And Im also paying VAT and Service tax on property. Are they also exempted. if yes under which section?

By: ABHISHEK RATHI

ABHISHEK RATHI — Thu, 19 Jan 2012 15:58:29 +0000

sir, in want to know that whether my father in law will get the benefit of section 80c under income tax act, if he pays the life insurance premium of my policy as well as of my wife’s policy ?

By: narendra

narendra — Tue, 17 Jan 2012 17:27:44 +0000

Sir
1. Are 5 years bank fixed deposite interest amount is taxable?
2. If yes, the interest amount is calculated as income per year OR on maturity?
How to calculate ?

By: Nisha Avinash

Nisha Avinash — Tue, 17 Jan 2012 12:13:41 +0000

I have personal loan from my salary account bank. Shall I get tax exception for this?

By: M.P. SINGH

M.P. SINGH — Mon, 16 Jan 2012 13:21:00 +0000

I have taken a housing loan which is in joint names of mine and my wife. My wife is also a working lady. The house property is also in joint names. The EMI is being paid totally out of wife’s salary account due to operational convenience and household expenses are being met totally out of my account and there is an understanding to this effect between us. Can I claim benefit of tax under Section 24 & 80C for the whole amount of interest & principal.

By: suniloc

suniloc — Mon, 16 Jan 2012 12:39:27 +0000

sir,
i have saved up to Rs.o1 lac for income tax benefits during current financial yr…kindly communicate whether section -80c of deductable items such as ulip inked insurance plans of sbi is included in the margin of Rs.01 lac.. or not.?
02) sir, .if it is beyond the limit of Rs one lac what is time limit for submission of return?

By: suniloc

suniloc — Mon, 16 Jan 2012 12:35:48 +0000

sir,
i have saved up to o1 lac for income tax benefits during current financial yr…kindly communicate whether section -80c of deduction is included in the margin of Rs.01 lac.. or not.

By: Jiten

Jiten — Thu, 12 Jan 2012 18:10:43 +0000

I have purchased a flat in non municipal cooperation (gram panchayat) and have not taken loan from any bank. I have an agreement with the builder for paying the amount as EMI and at 0% Interest. Can I claim it as housing loan payment under 80C. If yes what document do i need to submit to save TDS.

By: admin

admin — Thu, 12 Jan 2012 11:01:17 +0000

In respect of payment husband can claim the deduction. Supporting documents can be marriage certificate and your marriage invitation card.

By: Sachin

Sachin — Thu, 12 Jan 2012 10:02:21 +0000

I had gon all the comments mentioned above but didn’t found answer of the below question Can husband get tax benifit on the premium paid for the wife’s life insurance policy.The policy is on the name of wife.But the name is before marriage name and contains the address same as of me? .If yes what documents needs to be submitted.

By: Anil

Anil — Mon, 09 Jan 2012 22:52:33 +0000

Kumar Ashish ,

I am also looking for the same information.

property/loan is on both wife and husband name and EMIs have been paid by husband from citi bank can my wife claim tax exemption u/c 24 or 80c ??

if no , what are the penalties for claiming interest like that ?

Regards
Anil

By: Akhilesh

Akhilesh — Mon, 09 Jan 2012 14:57:13 +0000

sir, i am doing mba is it fees recipt is help full in tax diduction

By: Kumar Ashish

Kumar Ashish — Sat, 07 Jan 2012 07:15:06 +0000

Dear Sir,
Gretting for the day.
A query regarding housing loan. If husband and wife both are working in private sector and come in tax. Housing loan had taken on the name of husband and wife. But payment made by husband bank account. Interest component are above 2 lacks. Can husband and wife both take deduction on the interest component.

Regards,
Kumar Ashish

By: 80c

80c — Fri, 06 Jan 2012 13:41:12 +0000

Best.

By: Amit Surpuriya

Amit Surpuriya — Fri, 06 Jan 2012 04:51:41 +0000

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By: P R SARKAR

P R SARKAR — Thu, 05 Jan 2012 05:06:53 +0000

Kindly intimate me :
1. Money invested in the name of parent/children -
Does the money received is taxable in the hands of parent/children ?
2. IIn case, the money is invested in joint name with parent/children (1st holder) & taxpayer (2nd holder): Can the income on investment be shown as income of 1st holder & the 2nd holder can get rid of tax burden?

regards

By: OP Satheesh

OP Satheesh — Wed, 04 Jan 2012 06:29:37 +0000

In a 5 year Fixed Deposit in bank is the principal and interest taxable on maturity

By: Chadra N

Chadra N — Tue, 03 Jan 2012 19:56:55 +0000

Hi,
My father was expired and my mother is a housewife and i am paying LIC for her as she is dependent on me, can i take tax exemption by providing her LIC Receipts of her if yes is there any document i need to attach for that.

By: Giri

Giri — Tue, 03 Jan 2012 14:01:02 +0000

Me and my wife have taken a home loan. Also we have SBI Life Insurance (SBI RINN Raksha) for Funding of Home Loan Insurance Cover. Please advise can we claim exemption for paying the Premium amount.
This coverage is paid against another loan by the same banker that of home loan. We are paying interest for the Insurance Loan. Can we get exemption for both the premium paid and the interest for the insurance loan ?

By: jyoti

jyoti — Tue, 03 Jan 2012 12:34:04 +0000

Invested in post office monthly paymnet 1500. is it deducted u/s 80c?

By: ravi

ravi — Mon, 02 Jan 2012 14:24:31 +0000

hi, how much amount will invest in elss m.f. in this assessment year?

By: Anup

Anup — Mon, 02 Jan 2012 12:25:31 +0000

Regarding Stamp Duty and Registration Charges –> Can husband and wife both claim the Stamp Duty and Registration Charges, in case of joint home laon?

By: Girish

Girish — Tue, 27 Dec 2011 04:09:44 +0000

I am purchasing a site from BDA and shall pay registration charges and stamp duty of Rs 2 Lakh , will the amount paid for registration charges and stamp duty for site purchase extemted under section 80 C , Please advise.

By: Giri

Giri — Sat, 24 Dec 2011 13:59:16 +0000

Me and my wife have taken a home loan. Also we have SBI Life Insurance for Funding of Home Loan Insurance Cover. Please advise can claim exemption for paying the Premium amount.
This is coverage is paid against another loan by the same banker that of home loan. We are paying interest for the Insurance Loan. Can we get exemption for both the premium paid and the interest for the insurance loan ?

By: admin

admin — Sat, 24 Dec 2011 09:34:06 +0000

No. Only parents can claim for policy of their son/daughter

By: Balaji S

Balaji S — Sat, 24 Dec 2011 09:10:42 +0000

Hi, whether Grand parent has a benefit of 80c , for taking insurance for granddaughter.

By: divya

divya — Thu, 22 Dec 2011 07:23:38 +0000

Hi
can i show my husbands lic policy for tax deduction.As he is remitting 30000each in 4 installments.can we both show the same policy in deduction(as 2 installments for me2 installments his)

By: venkat

venkat — Fri, 16 Dec 2011 10:01:58 +0000

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By: Jayantilal

Jayantilal — Thu, 15 Dec 2011 04:29:27 +0000

can a HUF claim exemption U/s. 80/c if HUF give cheque to karta,s PPF Account

By: Prashanth

Prashanth — Wed, 14 Dec 2011 03:59:33 +0000

Hi, can premium paid for a pension plan by father for major earning child qualify for deduction under section 80CCC. Please guide.

By: Tanuja

Tanuja — Tue, 13 Dec 2011 09:17:36 +0000

Hi
It is mentioned stampduty for purchase of residential property can be claimed under 80C.
Is that applicable for purchase of residential site(KHB) ?

Next need suggestions for best option which will help in tax saving as well as my parents and child.

Thanks.

By: sathish

sathish — Sat, 10 Dec 2011 15:45:29 +0000

hi,

this is sathish, i planned invest Saving s certificate in Indian bank for Rs. 50000 for the 5years period. This certificate comes under 80c. i have some questions regarding tax. please clarify the following points.

How much amount will deduction on 50000. whether whole amount or some percentage of amount only.
can i show savings certificate for next year also, is that possible.
please advice some best plans for tax savings.

Thanks in advance
sathish

By: Kumar Ashish

Kumar Ashish — Fri, 09 Dec 2011 10:03:40 +0000

Dear Sir,

I have a question about investment.

If husband and wife both are working (private sector) and tds deducted of both. Will husband show the investment for tax exemption, if the investment as like LIC is on the name of his wife. His wife will not show the investment in her organisation.

Please reply as soon as possible.

Regrds,
Kumar Ashish

By: Balaji

Balaji — Thu, 08 Dec 2011 13:49:21 +0000

Hi,
I am paying ULIP in my spouse name. Can I show that for Income Tax Exemption?(she is not filing IT)

By: msrc murthy

msrc murthy — Wed, 23 Nov 2011 15:10:40 +0000

in which section agriculture income comes?