Section 80TTA was introduced to the Income tax act, 1961, with effect from the assessment year 2013-14. As per Section 80TTA of the Income tax act, 1961, an individual can claim tax deduction up to 10,000 rupees in aggregate in respect of any income incurred by way of interest on deposits in a savings account. As the section is silent on the residential status of the … [Read more...] about Tax deduction for interest on deposits in savings account-Section 80TTA
deductions
Income tax deduction on house rent-Section 80GG
An individual can claim tax deduction under section 80GG of the Income tax act, 1961, for house rent paid during the financial year. Section 80GG has specified certain conditions to get eligible for tax deduction. In this article we will discuss who can claim tax deduction for house rent payments, amount of deduction and How to claim tax deduction under section 80GG. Who … [Read more...] about Income tax deduction on house rent-Section 80GG
Tax deduction for medical treatment of specified diseases
A resident individual is eligible for tax deduction under section 80DDB for the expenditure he has incurred for medical treatment of specified diseases. If you are a resident individual, then as per the provisions, you can claim tax deduction for your own medical treatment and/or for the treatment of dependents. HUF is also eligible to claim tax deduction for medical … [Read more...] about Tax deduction for medical treatment of specified diseases
Insurance premium paid to ensure family member’s life – Section 80C
Insurance premium paid by an individual to ensure the life of family members can be claimed as tax deduction under section 80C of IT act. Family members mean spouse or any child of the individual. Child can be dependent or independent on such individual or married or unmarried or minor or major. To get eligible for tax deduction under section 80C of IT act, such amount … [Read more...] about Insurance premium paid to ensure family member’s life – Section 80C
Section 80G – Tax deductions for Donations to specific fund
Any person can claim income tax deduction under section 80G of the Income tax act, 1961, for the amount donated to approved funds or charitable institutions. To understand section 80G of the Income tax act, 1961, we have divided types of donation in to two parts. For “Type I” donations we need not do any calculation. If we have donated to a fund that is coming under “Type I” … [Read more...] about Section 80G – Tax deductions for Donations to specific fund
Income Tax on Medical Expenses – For Salary Individuals
You can claim income tax relief for your medical expense under different sections of income tax act 1961. If you have been reimbursed by your employer for the medical expenses and you have met all the conditions under the income tax act then such reimbursed amount will not be taxable in your hand. If you have spent or incurred such expenditure which your employer has not … [Read more...] about Income Tax on Medical Expenses – For Salary Individuals
Income Tax Effects of Giving Money to Spouse
I am a salaried person and filling my income tax return regularly. Every month I am paying Rs.30, 000 to my wife for our household expenses. She has accumulated around Rs. 2, 50,000 from the money I gave to her for house hold expenses over a period of 8 years. Now she has invested the entire accumulated money in a fixed deposit scheme of a bank. Will the interest amount be … [Read more...] about Income Tax Effects of Giving Money to Spouse
FAQ on Income Tax Benefit of Housing Loan
Construction of my self occupied house has been completed during the financial year. To construct this house I have taken a loan from bank for which I am paying a yearly interest of Rs. 1, 25,000 in addition to the principal amount starting from this year. Can you please let me know if I am eligible for any income tax benefit? Yes, you can claim income tax benefit for both … [Read more...] about FAQ on Income Tax Benefit of Housing Loan
How to claim income tax benefits for Your Housing Loan – Section 80C and section 24 of Income Tax Act, 1961
You have two components in a housing loan. One is the interest portion that you paid for your housing loan and the other one is periodical principal amount paid. The interest amount payable on housing loan borrowed for the purpose of acquisition, construction, renovation, repairing or reconstruction can be claimed as a deduction under section 24 of income tax act. If you … [Read more...] about How to claim income tax benefits for Your Housing Loan – Section 80C and section 24 of Income Tax Act, 1961
Can tax deduction on tuition fees be claimed for 3rd and 4th child
Income tax deduction on Tuition fees can be claimed under section 80C of the income tax act, 1961. It can be claimed for any two children of the individual for a full time education in India. Tax deduction on Tuition fee is allowed to every individual who is liable to pay income tax or to a Hindu undivided family. If in a family both husband and wife are tax payers and … [Read more...] about Can tax deduction on tuition fees be claimed for 3rd and 4th child