TaxTMI 
TaxTMI 
Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund etc. - Section 80C
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....ntribution (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....
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....n the interest component is treated in section 24 of the Act. * Stamp Duty and registration charges 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 S....
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....er Life insurance with benefits of equity investments. * They have attracted the attention of investors and tax-savers not only because they help us save tax but they also 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 ....