Rebate for specified insurance, provident and housing contributions constrained by income tiered limits and retention conditions. Individuals and Hindu undivided families may deduct from income tax specified sums paid or deposited in the previous year - including life insurance ... Summary
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Rebate for specified insurance, provident and housing contributions constrained by income tiered limits and retention conditions.
Individuals and Hindu undivided families may deduct from income tax specified sums paid or deposited in the previous year - including life insurance premia, deferred annuity contributions, recognised provident and superannuation funds, notified government savings and specified mutual fund or pension subscriptions, payments for purchase or construction of a residential house property, and approved capital issue subscriptions - subject to income based tiered percentages, aggregate caps, sub limits for particular clauses, and conditions requiring retention periods; termination, transfer or early sale can cause previously allowed deductions to be treated as tax payable.
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