PERSONAL FINANCE
DNA Web Team | Jan 31, 2021, 01:24 PM IST
1.Section 80D
Under section 80D, you can claim deduction up to Rs 25,000 under Health insurance premiums. You can claim deduction for self-insurance, spouse, and dependent children. Extra deduction of Rs 25,000 is allowed for parents aged below 60. You can also claim upto Rs 1 lakh for you and your parents aged above 60.
2.Section 80DD
Under section 80DD, you can claim benefits under Expenses on a handicapped dependent. You can claim a fixed deduction of Rs 75,000 for disability up to 80%, while the deduction for severe disabilities is up to Rs 1.25 lakh.
3.Section 80E
Under section 80E, you can claim benefits under Education loan interest payment.
4.Section 80EE
Under section 80EE, you can claim benefits under Home loan interest payment. This option is available only for individual tax payers and not for HUF, AOP, company. Under this section, uou can claim deduction up to Rs 50,000 over and above the Rs 2 lakh limit under section 24 of the income tax act.
5.Section 80G
Under section 80G, you can claim benefits under Donations to approved charitable institutes.
6.Section 80GG
Under section 80GG, you can claim benefits under Rent paid by employees not having HRA.
7.Section 80TTA
Under section 80TTA, you can claim deduction up to Rs 10,000 under Saving account interest.
8.Section 80U
Under section 80U, Handicapped tax-payers can claim deduction up to Rs 1.25 lakh.
9.Section 80DDB
Under section 80DDB, you can claim benefits for treatment of illnesses. For age up to 60 years, the maximum deduction allowed is Rs 40,000 while for senior and super senior citizens this is allowed upto Rs 1 lakh.
10.Section 80GGB and 80GGC
Under this section, deductions can be claimed for contributions made to a political party.
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