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of <h1>Section 80C: Tax Deductions for Housing Loan Principal, Life Insurance, Annuities, and Provident Fund Contributions Explained.</h1> Section 80C of the Income Tax Act allows for deductions related to the repayment of the principal amount of a housing loan used for the purchase or construction of a new residential property. However, it does not permit deductions for interest payments on such loans. This section also covers deductions for life insurance premiums, deferred annuities, and contributions to provident funds, among other financial commitments. The provision aims to provide tax benefits to individuals investing in residential properties and certain other financial instruments.
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