Comments on: Deduction under section 80C and tax planning

By: Raghavan K

Raghavan K — Thu, 24 May 2012 12:03:55 +0000

I am planning to buy a residential PLOT. Can i get registration charges & stamp Duty exemption under any section of I.T?

By: KETAN

KETAN — Sat, 19 May 2012 12:42:16 +0000

HUF FIRM PAID 120000 PREM OF KARTA,S INSURANCE . SIR THIS PREM IS ELIGIBLE FOR TAX REBATE, AND ALSO THIS POLICY’S MATURITY IS TAX FREE ?

By: purna chandra palei

purna chandra palei — Tue, 15 May 2012 10:58:36 +0000

i have drawn monthly salary as pay Rs15860+Gp 4200+D.A13039+HRA1003=Rs34102.But i have paid HRA@5000 pm.&p. taxRs2500 annually..Then what will be my monthly income tax which will be deducted from my salary .

By: RK Menon

RK Menon — Mon, 14 May 2012 13:08:46 +0000

Poornima: For the financial year 2012-13, you are liable to pay I.T on Rs.80000/-@10% if your salary is Rs.2.8 lacs/annum. You can invest upto Rs. 80000/- under section 80 c and avoid paying of taxes.
Soniya: if your salary is upto Rs.200000 annually you are out of I.T for the year 2012-13.

RK Menon (Financial Adviser)

By: Poornima

Poornima — Thu, 10 May 2012 10:36:26 +0000

my Salary is around 2.8 lac, how can ppf and nsc help me in tax savings.

By: Soniya

Soniya — Mon, 07 May 2012 17:19:48 +0000

Hello Sir,

I have a query to ask you regarding Investment in NSC.

My age is 27 yrs, If my Annual Income is 2,00,000 & I invest Rs.1,00,000 in NSC, then how much will be deducted u/s 80c ? I want to know the calculation. Will it be the whole Rs.1,00,000 to be deducted u/s 80c ? Or 20% of my Investment…?

Please help…Thanks

By: Edison

Edison — Thu, 26 Apr 2012 06:26:16 +0000

I purchased icici pru tax growth on 30 march 2011 from icici bank, mira road, with clear instructions that i want this for fy2011-2012, now they have completely disregarded my instructions and have given the units as of april 2012, the clerk of icici bank says his CA friend says that i can claim deductions for fy2011-2012 as the cheque given to them is dated 30.03.12 as it takes time to process , but the intention was clear for the product for the fy11-12. I need clarification for the same.

Thanking you,
Edison

By: rubina

rubina — Wed, 25 Apr 2012 06:40:36 +0000

hi….
i m earning above twenty thousnd whch wuld my best deal to save tds and tax.

By: Lata Bhandare

Lata Bhandare — Thu, 19 Apr 2012 07:13:48 +0000

If their is only on child and his Tuition Fees paid Rs. 100000/- then what is exumption amount unde section 80 c ?

By: Preeti

Preeti — Wed, 18 Apr 2012 04:44:11 +0000

Dear itsjiny, you can get extra exumption on Interest on House loan uptill Rs. 150000/- and this amount is apart from 80C’s deduction of Rs. 100000/- so overall you can get 2.5 lac exumption from this scheame.

By: vinod kumar korada

vinod kumar korada — Fri, 13 Apr 2012 08:51:48 +0000

sir, somewhere i had seen section 80CCA. Pls tel me about that

By: Santhosh

Santhosh — Mon, 09 Apr 2012 06:48:42 +0000

I have a housing loan on my mother’s name.

cant i produce that for tax exemption.

By: itsjiny

itsjiny — Mon, 09 Apr 2012 04:36:37 +0000

HI,

If the income is around 4 lacs. What is the best investment under 80 C?
if i take housing loan and get deduction under it upto 1 lac – is it over and above the investment i make in ppf (70 K)?
Pl guide. Thanks.

By: SK Rajeev

SK Rajeev — Fri, 06 Apr 2012 02:09:43 +0000

Sir,

I Have a LIC Policy for 18000/- per year. Can I claim for Rs 5000 for myself and the rest 13000 for my wife income tax under 80C.

Thank You

By: Pallavi

Pallavi — Thu, 05 Apr 2012 15:41:17 +0000

My mother is not working. My father is working. His salary is 5,000/-. So can I use my Mother’s and Sister’s LIC amount for my Income Tax Return filing under 80C deduction..

By: DEEPAK SHARMA

DEEPAK SHARMA — Sat, 31 Mar 2012 02:48:58 +0000

Both my mother and i file separate income tax. i am married and independent.now,my mom took a insurance policy in my name and paid vide cheque 50000/- from her account.can she claim 80c exemption on it?

By: CA Sandeep Kanoi

CA Sandeep Kanoi — Sat, 31 Mar 2012 01:11:07 +0000

If salary is the only income you are earning then you are not required to file your income tax return

By: omkar

omkar — Fri, 30 Mar 2012 17:09:56 +0000

Dear All,
My annual income is 120000 .is it required to submit income tax return.

By: Siva Kumar

Siva Kumar — Thu, 29 Mar 2012 13:19:41 +0000

Does Mortgage Loan comes under 80c for Tax Deduction.
Is Mortgage / Housing Loan, is one and same.
regards. SIva Kumar

By: g p khanduri

g p khanduri — Fri, 23 Mar 2012 16:18:33 +0000

i have lic premium rs.50000/-annual and gpf rs. 50000/-annual. therefore 100000/- limit under section 80c is over. can i avail children education allowance deduction rs.2400/- for two children?

By: CHANDRA

CHANDRA — Thu, 22 Mar 2012 09:28:34 +0000

I want to fill my ITR, So Please send me complete deduction details as per income tax

By: Md. Yousuf Ali

Md. Yousuf Ali — Sun, 18 Mar 2012 03:48:24 +0000

Dear sir, I have deposited Rs. one lack in deccan gramina bank, hyderabad for the period of 7 year & 7 days, is it helps in tax saving?

By: Ramashis Hota

Ramashis Hota — Fri, 16 Mar 2012 06:44:32 +0000

I am PSU employee. Whether can I get the benefit of NSC purchased by me in the name of my wife in the F.Y. 2011-12 U/S 80 C of the Income Tax Act.

By: deb

deb — Mon, 12 Mar 2012 17:38:08 +0000

dear sir,
My query is through which portal I can enter my investment details under 80CC?

By: shyam

shyam — Mon, 12 Mar 2012 17:10:11 +0000

Hi sir, I have a query regarding LIC policy payment through cheque.I have made a payment through cheque on 31st march 2011 and have got the premium receipt showing dated 31st march 2011 but the cheque was encashed by LIC on 7th April 2011 through my Saving bank Account. Will i be eligible to claim deduction under section 80C for the financial year 2010-11? Thanks a lot for spreading your valuable knowledge.

Regards shyam

By: CA Sandeep Kanoi

CA Sandeep Kanoi — Mon, 12 Mar 2012 01:52:56 +0000

Its applicable for A.Y. 2012-13

By: bharath kumar

bharath kumar — Sun, 11 Mar 2012 08:41:12 +0000

dear sir,
I would like to ask “is the increase in ppf limit to rs. 1,00,000 will be applicable to A.Y2012-13 for the purpose of deduction under sec 80C, if not then from which financial year,
i wiil waiting for the reply

By: Rashi

Rashi — Sat, 10 Mar 2012 05:34:22 +0000

i have paid stamp duty registration fees on 17/01/2012. However i am taking possession on 01/04/2012. Can i avail the deduction in F.Y. 2012-13? I have taken the housing loan for this house purchase the repayment has already started. from which year i can start availing the benefit of that?

By: shahid

shahid — Fri, 09 Mar 2012 14:46:23 +0000

hi to all tax payer i can help you to deduction from 80c from income tax act just buy an insurance policy that can give you 70percent returns and you life also will will be cover from risk but be care full that if you want to invest in such know the all details and i will help you from this you can contact my 91 8546992056 and shahidtherobinhood @gmail.com for all are welcome
Bangalore(karnataka)

By: shahid

shahid — Fri, 09 Mar 2012 14:38:51 +0000

hi all of you if you want to deduction from 80c i will give you best plan and it will help you to return back 70percent you have invested for more details contact my shahidtherobinhood@gmail.com and you can call my no +91 8546992056 in Bangalore

By: BIJI ALEX

BIJI ALEX — Thu, 08 Mar 2012 10:58:56 +0000

Sir,
I am investing 1500/- per month as RD in Post Office, the total tenure period is 60 month cum 5 years. One year investment comes as 18000/-.
Can I show this amount to the Form 16 A for the IT filling. Please advice.
If so, then please share the printed notification shared by the Income Tax Department.

By: sandip patel

sandip patel — Wed, 07 Mar 2012 17:29:13 +0000

if i will take national saving certificate joint name with my sister ,then can i get tax exemption under section 80C??

By: Ravindra

Ravindra — Wed, 07 Mar 2012 06:44:36 +0000

Dear Sir,
I have already home loan & it’s shown tax benefit but I have purchase one more home this year hence we have claim this new home registration & Stamp Duty for I.T benefit. u/s 80 c

Please update me.

Thanx & regards,
Ravindra

By: ISHWAR

ISHWAR — Mon, 05 Mar 2012 10:50:48 +0000

Sir
just i want to know that is their any limits for fixed deposit in Income tax.?

By: Prashant Sonar

Prashant Sonar — Fri, 02 Mar 2012 04:27:03 +0000

If the life insurance premium & Post recuring is paid by son by his account or ecs systems for his father then son can’t claim the deduction, but can father claim deduction for this investment?

By: Awdhesh Prasad

Awdhesh Prasad — Thu, 01 Mar 2012 12:29:55 +0000

I have contribute to Employees State Insurance Corporation (ESIC) through my salary, guide me for deduction claim u/s 80C or 80D

By: Ravi A

Ravi A — Mon, 27 Feb 2012 08:30:07 +0000

Sir, I have purchase Falt in Jan-2012, please tell me and i have paid Stam duty to govt.can i take banifit against Income Tax exemption under 80c. Please update me.

By: DEBASISH BOSE

DEBASISH BOSE — Sun, 26 Feb 2012 05:13:46 +0000

If I invest Rs. 37000/- in single premium of LIC’s BIMA BACHAT Policy, am I entitled to get full exemption on the premium paid under 80C? Accounts Deptt of my office says that I will only get 20% of the premium as tax rebate.

Kindly enlighten me on this issue please.

D BOSE

By: Rejifeba

Rejifeba — Thu, 23 Feb 2012 07:09:00 +0000

the write up is good for general knowledge but not for calculation purpose. what are the limits applicable for each type of investments?

By: Eshwar 0512

Eshwar 0512 — Tue, 21 Feb 2012 03:20:00 +0000

how to get these updates to my mobile

By: VKG

VKG — Sun, 19 Feb 2012 05:22:40 +0000

Sir,
i am getting my 50% HRA from company & same 50% is paying to company for giving accommodation. But sir, my parents are also living at rent and i am paying rent for his rents. Can i save my income tax, please suggest.

By: JYOTHI

JYOTHI — Fri, 17 Feb 2012 09:44:26 +0000

I invest rs. 50,000 as Term Deposit for 5 yrs. in SBT during february. I claimed this amt as exemption under section 80 c. is it admissible? will the interest to be included in next years income? what are the consequences if I withdraw the amount before 5 yrs.

By: JYOTHI

JYOTHI — Fri, 17 Feb 2012 09:36:15 +0000

I invest Rs. 50,000 as Term Deposit for 5 yrs in SBT on February. I claim this amount for deduction under 80 c. Is it admissible. Will the interest to be added in next years income. what are the consequences if we withdraw the amount before 5 yrs.

By: geetha

geetha — Thu, 16 Feb 2012 05:32:04 +0000

Sir, my total income per month is 50075/-. how much should be my saving for claiming income tax benefit. Please let us know the celing limit for LIC, Medical bills, Health Insurance, PPF, Housing loan, Infrastructure bond.
Thanks in advance

By: Anshuman Verma

Anshuman Verma — Wed, 15 Feb 2012 05:01:26 +0000

Dear Sir, I want to claim tax on capital gains from sale of land through purchase of house. Is the saving applicable even when new asset is financed through loan or I need to repay the loan from the proceeds of sold land to claim exemption.
Also let me know how to claim exemption on record(through I-T return filing ..? or what)

thanks

By: CHETAN V ANGOLKAR

CHETAN V ANGOLKAR — Wed, 15 Feb 2012 04:37:23 +0000

Dear Sir, Kindly provide information about income tax exemption under section 80C or other sections for the amount paid on service tax 2.25% and vat 1% (on the aggrement value of Flat) in the present financial year 2011-12, the possession is also in this financial year 2011-12. Your expedited reply would be helpful to me.

By: K K Singh

K K Singh — Mon, 13 Feb 2012 10:52:03 +0000

I am maintaining a D-mat account with my wife name. Can I claim IT tax rebate on infrastructure bonds held in the name of my wife.

By: Amit Kumar

Amit Kumar — Mon, 13 Feb 2012 10:50:21 +0000

I am maintaining a D-mat account with my wife name as 1st holder. can I claim IT tax rebate on infrastructure bonds held in the name of my wife as 1st name and my name as 2nd holder.

By: akhilesh kumar

akhilesh kumar — Sat, 11 Feb 2012 16:38:02 +0000

sir 1 lakh has been deducted from my basic salary by section 80c still 11910 is deducting as tax from my salary how can i save it