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Taxpayers in an attempt to lower down their
tax liability have come to know about the
deductions available to them for different
investments made under the provisions of
Sec 80C through their financial consultant or
some other resource. To familiarize with
other rebates available to taxpayers in the
form of different deductions and exemptions
for varying investments or expenses, here-
forth are listed some of the other sections
under which taxpayers can claim deductions
subject to some conditions.
1. Section 80CCG : Also referred to as
Rajiv Gandhi Equity Savings Scheme, 2012
(RGESS), Section 80CCG allowed deductions
to first-time investors in equity, mutual
funds or ETFs if the gross total income of the
individual does not exceeds Rs. 12 lakh. The
deduction is available to the extent of 50%
on the invested amount with a cap of Rs.
25,000. Rebate u/s is allowed to mobilize
funds from small investors into equity markets.
2. Section 80D : Any amount paid for securing health cover for either self, spouse or
children to the extent of Rs. 15,000 is exempt from any tax-liability. The benefit u/s
can be claimed only by resident individuals or HUFs.
3. Section 80DD : This section provides income tax deduction to individuals or HUFs
who pay premium amount to
insurance companies for insuring physically disable dependents . Such individuals or
HUFs are allowed a deduction of Rs. 50,000 and in case of severe disability a
maximum amount of Rs. 1 lakh. For claiming the exemption, the dependent person
should either be a parent, sibling, spouse or children.
4. Section 80DDB : Deduction u/s this section is available for incurring medical
expenses either for self or dependents. The maximum deduction that can be claimed by
resident individual or resident HUF is Rs. 40,000 or an amount actually spent
whichever is less. For senior citizens, Sec 80DDB allows a deduction of maximum Rs.
60,000.
5. Section 80E : Any amount paid as interest on education loan for higher education
of self or dependent is exempt
from tax. The deduction can be claimed for a maximum of 8 years or until interest
Home Personal Finance Taxes
What are the tax deduction or exemptions
apart from 80C?
Updated: Tuesday, October 15, 2013, 15:56 [IST]
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Page 1 of 3 What are the tax deduction or exemptions apart from 80C? - Goodreturns
23-11-2013 http://www.goodreturns.in/personal-finance/taxes/2013/10/what-are-the-tax-deductio...
Topics:
amount is paid off. The claim in this respect cannot be made for loans secured for part-
time courses.
6. Section 80G : Donations made to any charitable institution, trust as well as
qualifying educational institutions can
be claimed for exemption u/s 80G in full or upto 50%.
7. Section 80GG: Individuals who do not receive HRAs from their employer can
claim deduction in respect of rent
paid. Under this section, maximum deduction allowed is 25% of total amount, rent
amount equivalent to Rs. 2000 or rent paid less of 10% of total income whichever is
less.
8. Section 80GGC : All assesses except for Indian companies who make
contributions for electoral trust or for political party can claim exemption.
9. Section 80 TTA : Individuals and HUFs can claim tax exemption for interest
earned on saving amount to the maximum amount of Rs. 10,000 in one year. The
exemption u/s is not allowed for fixed or time deposits.
10. Section 80U: Individuals and HUF taxpayers can claim deduction u/s 80U only
in case they suffer from some physical disability of not less than 40%. Maximum
exemption allowed u/s Rs. 1 lakh.
So, apart from Sec 80C following other sections of the Indian Income Tax provide you
tax relief in different circumstances.
GoodReturns.in
income tax, tax benefit, section 80c, section 80d, section 80u
Story first published: Tuesday, October 15, 2013, 15:37 [IST]
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Page 3 of 3 What are the tax deduction or exemptions apart from 80C? - Goodreturns
23-11-2013 http://www.goodreturns.in/personal-finance/taxes/2013/10/what-are-the-tax-deductio...