Income Tax deductions for Financial Year 2013-14
There are various rebates and
deductions available for Income Tax in the Financial Year 2013-14.
Commonly
applicable rebates
|
What
is it?
|
Section
in I-T
|
Eligible
items
|
Maximum
Limit
|
Rebate given for
investing in certain long-term instruments
|
80C
|
PF, PPF, ULIPs, ELSS, NSC,
principal repayment on home loan
|
Rs 1 lakh
|
|
Rebate for investment in
equities
|
80CCG
|
RGESS eligible shares
& IPOs, eligible mutual funds, ETFs & NFOs
|
Rs 25,000
|
|
Rebate given for taking
medical insurance
|
80D
|
All public or private
medical insurance premiums
|
Rs 15,000 + additional Rs
20,000 if taken for parents who are senior citizens
|
|
Rebate given for rent
paid on house
|
10(13A)
|
HRA
|
Lowest of 3 numbers- HRA,
Rent paid minus 10% of basic, 50% of basic
|
|
Rebate given for interest
paid on housing loan
|
24
|
Interest of home loan
|
Up to Rs 1.5 lakh if self
occupied, no limit if let out on rent
|
|
Rebate given to medical
expenses
|
17(2)
|
Any medical expenses with
bills, for self or dependents
|
Rs 15,000
|
|
Conveyance allowance
|
10(14)
|
(No bills needed)
|
Rs 9,600
|
|
Less commonly applicable
rebates
|
Rebate given on capital
gains, in case another residential property is bought when one is sold
|
54
|
Residential propery
bought within 2 years of sale, or constructed within 3 years of sale
|
No limit
|
Rebate given on capital gains,
if capital gains bonds are purchased when residential property is sold
|
54EC
|
REC and NHAI bonds bought
within 6 months of sale of property
|
Rs 50 lakh
|
|
Rebate on interest
repayment on education loan
|
80E
|
Any loan taken by self,
or taken by parents for their children
|
No limit
|
|
Rebate given for donation
to charitable organisations
|
80G
|
The organisation receipt
should mention this exemption
|
10% of gross total income
|
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