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Sunday, December 4, 2016

Section 80C

Before you rush to make any investments under Section 80C, check the outflows that qualify for a deduction in this section.

1) EPF contribution

If you are a salaried employee, calculate the amount that is already exhausted under the EPF. This is a forced contribution from your salary to your provident fund.

2) Education expenses

Now look at the education expenses of your child. To avail of a tax break, the fees are for a maximum of two children and for full-time courses at a recognised institution within India.

3) Home loan repayment

The principal paid towards a home loan, up to Rs 1.50 lakh, can be claimed as a deduction.

4) Life insurance premium

If you are paying any premium towards life insurance policies, then this too will qualify for a deduction under Section 80C.

Only once you have exhausted the above, look at the investments permitted under this section.

EPF: Employees' Provident Fund

PPF: Public Provident Fund

NSC: National Savings Certificate

ELSS: Equity Linked Savings Scheme -->> This is the Best Tax Saving option


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For further information contact Prajna Capital on 94 8300 8300

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