Review Blog For The Common Citizens
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
Donations.
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 |
http://www.charteredclub.com/tax-benefit-on-home-loan/
https://www.bankbazaar.com/tax/section-80d.html
http://inwww.rediff.com/money/report/perfin-5-things-you-should-know-whi...
https://cleartax.in/guide/section-80g
Please add any missing points or correct any incorect info.