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A Guide To Section 80 Deductions

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Does saving on income tax feature on your to-do list? Section 80 of the Income Tax Act provides a wide range of tax-saving avenues. Here is an overview of what it offers.

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

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Your Guide to Choose a Good Real Estate Agent

If you are planning to sell your home using the real estate agent, choosing a realtor may be the most crucial decision you make. As there are many real estate agents in Jacksonville actively working to help you out, your process should not be hard.  Look at Sell my house fast jacksonville for more information about trusted house buyers in Jacksonville, FL.

Real Estate Agent

An excellent real estate agent is one who can ensure you make a deal that can fulfill all your requirements in the best possible way. Most of the people make a mistake is choosing the very first agent they encounter, which may sometimes cost a lot. A much better strategy is to do some research and uncover several agents and choose the best one which fulfills your criteria. You can easily find the right candidate by:

It may require some extra effort from your side, but worth a lot as purchasing a property is a significant investment. All the real estate agents in Jacksonville will try to show you that they are the best, but it’s you who will determine which one is. And this can only be evaluated by conducting interviews with different candidates considering their education, experience, and past performances.

Checking Qualifications

Choose the candidate who is long enough in the real estate Jacksonville FL industry to acquire thorough experience and has been a part of many deals. In every field, you may find some professionals who perform pretty well because they know what they are doing and are good at what they do. Look for such an agent and make sure his previous clients are satisfied, and no complaints were filed against him.

Personalizing relationship

As selling a real estate Jacksonville FL also incorporates some emotions with it, it’s a must you … Read the rest

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