Section 80 deductions
- Section 80C
You can claim a tax deduction of up to Rs 1.5 lakh under this section through multiple tax-saving options. These include:
- Public Provident Fund (PPF),
- National Pension Scheme (NPS),
- Life insurance premium,
- Children’s tuition fees paid,
- Home loan principal repayment,
…and many others.
- Section 80D
Your medical insurance premiums are tax-deductible. Here’s how much you could claim:
- Deduction of Rs 25,000 on premium paid for self, spouse, and dependent children. Limit increases to Rs 30,000 in case of senior citizen family members.
- Additional Rs 25,000 deduction on premium paid for parents under 60 years of age. Limit increases to Rs 30,000 for senior citizen parents.
Uninsured senior citizens can claim up to Rs 50,000 on medical expenditure. There is an extra deduction of Rs 50,000 on medical expenses incurred for your uninsured senior citizen parents.
- Section 80DD
Expenses incurred while taking care of a disabled dependent are tax-deductible. Claim up to Rs 75,000 in case of 40% disability and Rs 1.25 lakh for 80% disability.
- Section 80DDB
Expenditure incurred on specified diseases for yourself or a dependent fetches a Rs 40,000 deduction for those under 60 years and up to Rs 1 lakh for senior citizens. However, you must provide a detailed prescription from a specialist doctor to make this claim. Any insurance reimbursement received is subtracted from the deduction.
- Section 80E
Claim tax deductions on interest payments on education loans for up to eight years or until the interest is paid off (whichever is earlier). The loan could be taken for yourself, a spouse, a child, or any individual for whom you … Read the rest