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Deductions Under Chapter VIA - Home Loan

jma1234 Started The Discussion:

Hi, Can anyone brief me about the deductions under Chapter VIA and what is the limit of deduction amount. Thanks

Govt. of India in its Income Tax Act, 1961 has provided a provision of saving income tax by investing in multiple particulars and at the same time by declaring your expenditures in investments like medical premiums, interests on home loan, medical treatment etc.

They all are covered under Chapter VI A of the act.

Here they are for your quick reference and bookmark:

Section Particulars Maximum limit for investment
(Rs. per annum)

80C:

1,00,00 ( PPF MAX.-70000, LIC ETC)



80D:
Premium paid on Mediclaim policy covering employee, spouse, dependent parent, and dependant children. 15,000
Or 20,000 (if senior citizen is covered)

80DD:
Expenditure incurred on maintenance/ treatment of handicapped dependant amount deposited with LIC/UTI scheme of insurance company/UTI must be approved by CBDT.If the dependant suffering from a severe disability:50,000
Or1,00,000 for severe disability (Disability over 80%)

80DDB:
Expenditure incurred on treatment of employee or his relative (spouse, children, parents, brother &sister) for treatment of any of the following specified diseases Cancer, AIDS, Chronic Renal Failure Hemophilia Thalassaemia Neurological diseases i.e. dementia, Chorea, Parkinson Disease 40,000 or 60,000 ( For Senior Citizen)

80E:
Repayment of interest on Loan taken for full time higher studies for self, spouse & child. The deduction is available for a maximum of 8 years. Actual interest

80U:
Income of blind or physically handicapped persons (Employee who suffers 40% or more disability) is entitled.
In case he suffers from a permanent physical disability (including blindness) or is subject to mental retardation.
50,000 (100,000 for severe disability of 80% and above)

80CCF:
Deduction in respect of subscription to long-term infrastructure bonds 20,000 which is in addition to Rs.100,000 limit under Sec 80C Other than these you can also save taxes by investing in section 80C of the same act.

PLEASE REFER ABOVE WITH RESPECT TO A.Y.

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