Tax planning: Know the Deduction for FY 2017-18

Tax planning: Know the Deduction for FY 2017-18


Tax planning : Know the Deduction for FY 2017-18

INCOME TAX Exemption Updates

For every Tax payer For FY:17-18 to help the Tax Planning.

  • 80 C:- Max limit
    150000/- (Life Insurance Premium, MF , FD , NSC, PPF , Home Loan Principal , etc.)
  • 80CCD:-50000/- (NPS)
  • 80CCG:- 25000/- or 50% of your investment which ever is less
  • 80D:-25000/-
    ( Mediclaim Policy for self spouse, children)
  • 30000/- for dependent parents u/s-80D. Medical reimbursement :- 15000/- US 17(2)
  • 80DDB:- Medical expense occurred on dependent for specified illment
  • 80TTA:- Up to 10000/- for Interest saving bank account
  • Gift tax :- Exempted upto 50000/-. Above 50k full amount taxable (FY) from other than Blood relation.. Gift from Blood relation is 100%Exempted…
  • Transport allowance :- 19200/- (FY)
    C.E.A. :- 2400/- (FY)
  • HRA :- as per the calculation
  • 24(b) :- 200000/- (home loan interest :even if you have multiple house the limit is still going to be Rs 2 Lakh only and the ceiling limit is not per house property)
  • 80G :- full amount in few selected organisation. This exemption is 50%.
  • 80GG :-  Rs 60,000 per annum. Section 80GG is applicable for all those individuals who do not own a residential house & do not receive HRA (House Rent Allowance).
  • 80GGB :- 100% exemption for political parties
  • 80EE :- unlimited (interest on education loan)….
  • 80U :- 75000/- (in case of taking care of a Handicapped depends)..

So, Plan Your Financial Year 2017-18 Income Tax Exemption accordingly.

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