Hi, Friends now we will discuss about tax Deduction Under Section 80EE. This section of the deduction is all about interest for a loan on house property. Contents According to Income Tax - '80EE. Deduction in respect of interest on loan taken for residential house property.—(1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential house property.

Hi, Friends today we are going to discuss Income Tax Deduction Under Section 80E which comes in Deduction Under Section 80 or Under Chapter VIA on your Income Tax Computation. You Can call this section as Deduction Under Section 80E . This comes in computation of total income for individual Assessee, that's means any Individual can claim this deduction if he or she is eligible for that.  Tax Deduction Under Section 80E - Deduction on Education Loan Interest What is Deduction Under Section 80E Deduction Under Section 80E is all about DEDUCTION ON EDUCATION LOAN INTEREST. That's means any individual can claim this deduction if he or she taken any education loan for higher education for self, spouse or children or for the students for whom the individual is legal guardian. Then the individual can claim this deduction for the interest he or she paid on the educational loan taken for higher education. We already covered -   Tax Deduction U/S 80C, 80CCC, 80 CCD

Section 80TTB is the deduction on ANY KIND OF FIXED DEPOSIT Or DEPOSIT INTEREST from Bank Savings Account or Post Office Savings. This section introduced in budget 2018. The Maximum deduction under this section available up to Rs. 50,000/- applied for INDIVIDUAL Senior Citizen or Super Senior Citizen only. The maximum limit should be claimed under this section is Rs. 50,000/- Section 80TTB Explanation- Senior Citizen means Individuals aged from 60 years plus to Below 80 years. And Super Senior Citizen means Individuals aged from 80 years and above. Conditions of Deduction Under Section 80TTB   (1) Where the gross total income of an assessee, being a senior citizen includes any income by way of interest on deposits with—   ( a ) a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act);   ( b ) a co-operative society engaged in carrying on the business of ba

Section 80TTA is the deduction on saving bank or post office interest up to Rs. 10,000/- applied for INDIVIDUAL or HUF and non-senior citizen. The Maximum limit should be claimed under this section is Rs. 10,000/- Some features of   Deduction Under Section 80TTA is- ·   The tax exemption from interest income in the savings account is limited up to ₹10,000 per annum ·   This deduction is for the savings accounts held by individuals and Hindu Undivided Family (HUF) ·   A person can have multiple savings accounts with different banks. But the cumulative interest income from all those accounts together should be under ₹10,000 to get a complete exemption ·   In case, the total cumulative interest-earning exceeds 10,000 from savings accounts, then tax exemption could be claimed for ₹10,000 only. The additional income in this respect will be subject to income tax.   ·   The tax deduction under Section 80TTA  is over and above the deduction of ₹ 1.5 lakhs, which is de

Section 80GG Deduction – Income Tax Act Section 80GG deduction under Income Tax is available for taxpayers who do not have HRA. As the majority of individuals taxpayers file for income tax return claiming HRA, Section 80GG deduction is applicable only for a select amount of taxpayers.  Section 80GG Deduction Eligibility Section 80GG deduction can be claimed by individuals who do not receive House Rent Allowance or HRA. For a taxpayer to claim Section 80GG deduction, the following conditions must be satisfied HRA has not been claimed by the taxpayer. The taxpayer or spouse or minor child should not own a residential house property which is also a place of business. If the taxpayer is a member of a HUF then the HUF should not own a residential house property which is also a place of business. If the taxpayer owns a residential house property at any other place, then the taxpayer should not claim any benefits under the Income Tax A

SECTION 80DD DEDUCTION FOR DISABILITY:-   Section 80DD deduction can be claimed by individuals who are resident in India and HUFs for maintenance and medical treatment of a disabled dependent. The maximum deduction under section 80DD is Rs.75,000 for disabled dependants. In case the disabled dependent is a person with severe disability, the maximum deduction allowed is Rs.1.25 lakhs. Deduction under Section 80DD is not dependant on the sum of expenses incurred. Hence, even if the actual expenses on the above mentioned disabled dependent relative is less than the amount mentioned, a full deduction can be claimed under Section 80DD.

Section 80D refers to deduction on premium paid for medical insurance for self, spouse, dependent children or parents. You can claim maximum Rs. for .15,000, towards spouse,dependent children and for parents Rs.25,000 , for senior citizen and super senior citizen the sum is Rs.50,000.

  TAX DEDUCTION UNDER SECTION 80C Hi friends our todays todays topic of discuss is tax deduction under section 80C of Indian Income Tax act 1961. Under Section 80 C of the Income-tax, you can claim deduction up to Rs 150000 in one financial year. Section 80 C offers many options for investors. ·          ELSS fund  - Equity Linked Saving Scheme is one of the best options under section 80 C to earn more return with a minimum lock-in period. This investment can generate market returns of 12 to 15 %. Lock in period is only 3 years. Returns and liquidity make this one of the preferred options. ·          PPF  is one of the most favorite debt products in India. The Public Provident Fund (PPF )  Scheme was started by the National Savings Organization in 1968 to promote small savings and investments. It is mainly used for long term investment. It has 15 years locking period. It gives Compounding Interest benefit.  PPF enjoys   EEE status . Contribution to PPF account is eligible