Here, we will list all income tax exemptions with their limits for salaried employees for the year 2016-1017. All amounts are in Rupees.
80C - 1,50,000
Includes Home loan principal, PF contributions, PPF etc.
Section 24 - 2,00,000
Includes Interest on Home Loan.
Section 80EE - 50,000
Includes Income Tax Benefit on Interest on Home Loan (First Time Buyers)
80 G - No limit
Either 100 percent or 50 percent or 0 percent of amount donated, based on type of donations and receipient.
80 D - 25,000, 55,000, 60,000 or 65000
|Covered Persons||Exemption Limit||Health Check-Up Exemption||total|
|Self and family||Rs.25,000||Rs.5,000||Rs.25,000|
|Self and family + parents||Rs.(25,000 + 25,000) = Rs.50,000||Rs.5,000||Rs.55,000|
|Self and family + senior citizen parents||Rs.(25,000 + 30,000) = Rs.55,000||Rs.5,000||Rs.60,000|
|Self (senior citizen) and family + senior citizen parents||Rs.(30,000 + 30,000) = Rs.60,000||Rs.5,000||Rs.65,000|
Please add any missing points or correct any incorect info.