What is deduction under 80C?
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Section 80C - Deduction in respect of specified Investments.
Individual and HUF.
Investments and Conditions
The Assessee can take the benefit of Section 80C by investing in the certain investments and making certain payments as follows:
- Investment in Equity Linked Saving Scheme (ELSS)
- Contribution to Public Provident Fund (PPF)
- Contribution to Recognised Employee Provident Fund (EPF)
- Contribution to Approved Superannuation Fund
- Investment Tax Saving Fixed Deposit
- Investment in National PEnsion Scheme (NPS)
- Investment in National Savings Certificate (NSC)
- Investment in Unit Linked INsurance Plan (ULIP)
- Sukanya Samriddhi Yojana
- Senior Citizen Saving Scheme
- Life Insurance Premium
- Tuition Fees
- Repayment of Housing Loan
Each of the above investments and payments have their respective lock-in period, interest rates and other terms and conditions which are to fulfilled for availing deduction under section 80C.
Amount of Deduction
The maximum deduction allowable under section 80C is Rs. 1,50,000/- subject to section 80CCE.
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