Deduction u/s 80C - 2009

Table of 80C

Scheme U/S 80C

Applicable to

Cap & Other conditions to be complied with

Life Insurance premium

Individual (spouse and children) and in case of HUF any member of family

premium (during the year) should not exceed 20% of the capital sum assured

Amount actually paid during the year.

Contribution by an employee to Recognised Provident Fund

employee

Contribution made in Recognised Provident Fund or a Statutory Fund, approved superannuation fund by the Central Govt. only.

Public provident fund

Individual

Safest way to invest

current rate of interest on PPF is 8% which is also tax exempt

Repayment of loan

Individual & HUF

loan taken for purchase or construction of house( residential)

Deduction of principal amount only

Tuition Fees

Individual

Deduction of “Tuition Fees” expensed out of his income towards the education of his children subject to maximum of 2 children.

It will not include donations or development fees.

Educational institute can be a university, college, school or other educational Institute situated in “India”.

Type of education shall be full time and not correspondence based.

Fixed deposits

Individual & HUF

Lock in period of 5 years

Deposits in a scheduled bank.

Mutual Funds

Individual & HUF

Tax Saver funds only

Eligible Equity Shares or Debentures

Individual & HUF

Of a Public Co.

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