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
PF, PPF, ULIPs, ELSS, NSC, principal repayment on home loan
Rs 1 lakh
Rebate for investment in equities
RGESS eligible shares & IPOs, eligible mutual funds, ETFs & NFOs
Rs 25,000
Rebate given for taking medical insurance
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
Lowest of 3 numbers- HRA, Rent paid minus 10% of basic, 50% of basic
Rebate given for interest paid on housing loan
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
Any medical expenses with bills, for self or dependents
Rs 15,000
Conveyance allowance
(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
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
REC and NHAI bonds bought within 6 months of sale of property
Rs 50 lakh
Rebate on interest repayment on education loan
Any loan taken by self, or taken by parents for their children
No limit
Rebate given for donation to charitable organisations
The organisation receipt should mention this exemption
10% of gross total income


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