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You are here: Home / Tax Planning / Income Tax Exemptions FY 2017-18 : List of important IT Deductions for AY 2018-
19
Budget 2017-18 & the Finance Bill 2017 have been tabled in Parliament. The income tax rate for
those earning between Rs 2.5 lakh and Rs 5 lakh has been halved to 5%. Except this change, all
other Income Tax Slab rates have been kept unchanged by the Finance Minister for the
Tax planning is an important part of a nancial plan. Whether you are a salaried individual, a
professional or a businessman, you can save taxes to certain extent through proper tax
planning.
The Indian Income Tax act allows for certain Tax Deductions / Tax Exemptions which can be
claimed to save tax. You can subtract tax deductions from your Gross Income and your taxable
Let us understand all the important sections and new proposals with respect to Income Tax
Exemptions FY 2017-18. I hope you nd this list useful and helps in planning your taxes well in
advance.
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Section 80c
The maximum tax exemption limit under Section 80C has been retained as Rs 1.5 Lakh only.
The various investment avenues or expenses that can be claimed as tax deductions under
(Read : ‘Tax Saving Investment Options u/s 80c | In whose name can they be Invested?’)
Section 80CCC
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Contribution to annuity plan of LIC (Life Insurance Corporation of India) or any other Life
Insurance Company for receiving pension from the fund is considered for tax bene t. The
Section 80CCD
Employee can contribute to Government noti ed Pension Schemes (like National Pension
Scheme – NPS). The contributions can be upto 10% of the salary (salaried individuals) and Rs
50,000 additional tax bene t u/s 80CCD (1b) was proposed in Budget 2015.
As per Budget 2017-18, the self-employed (individual other than the salaried class) can now
contribute up to 20% of their gross income and the same can be deducted from the taxable
income under Section 80CCD (1) of the Income Tax Act, 1961, as against current 10%.
To claim this deduction, the employee has to contribute to Govt recognized Pension schemes
like NPS. The 10% of salary limit is applicable for salaried individuals only and Gross income is
applicable for non-salaried. The de nition of Salary is only ‘Dearness Allowance.’ If your
employer also contributes to Pension Scheme, the whole contribution amount (10% of salary)
Kindly note that the Total Deduction under section 80C, 80CCC and 80CCD(1) together cannot
exceed Rs 1,50,000 for the nancial year 2016-17. The additional tax deduction of Rs 50,000
u/s 80CCD (1b) is over and above this Rs 1.5 Lakh limit.
Contributions to ‘Atal Pension Yojana‘ are eligible for Tax Deduction under section 80CCD.
Section 80D
Deduction u/s 80D on health insurance premium is Rs 25,000. For Senior Citizens it is Rs
30,000. For very senior citizen above the age of 80 years who are not eligible to take health
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Preventive health checkup (Medical checkups) expenses to the extent of Rs 5,000/- per family
can be claimed as tax deductions. Remember, this is not over and above the individual limits as
explained above. (Family includes: Self, spouse, dependent children and parents).
Section 80DD
You can claim up to Rs 75,000 for spending on medical treatments of your dependents
(spouse, parents, kids or siblings) who have 40% disability. The tax deduction limit of upto Rs
1.25 lakh in case of severe disability can be availed.
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Section 80DDB
An individual (less than 60 years of age) can claim upto Rs 40,000 for the treatment of
speci ed critical ailments. This can also be claimed on behalf of the dependents. The tax
deduction limit under this section for Senior Citizens is Rs 60,000 and for very Senior Citizens
To claim Tax deductions under Section 80DDB, it is mandatory for an individual to obtain
‘Doctor Certi cate’ or ‘Prescription’ from a specialist working in a Govt or Private hospital.
For the purposes of section 80DDB, the following shall be the eligible diseases or ailments:
Neurological Diseases where the disability level has been certi ed to be of 40% and
above;
(a) Dementia
(d) Ataxia
(e) Chorea
(f) Hemiballismus
(g) Aphasia
Malignant Cancers
Hematological disorders
Hemophilia
Thalassaemia
Section 80CCG
Tax Bene ts of Rajiv Gandhi Equity Savings Scheme (RGESS) under section 80CCG has been
withdrawn. However, if you have claimed this deduction in current FY 2016-17, you can claim
Section 24 (B) (Loss under the head Income from House Property)
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Tax bene t on loan repayment of second house will be restricted to Rs 2 lakh per
annum only (even if you have multiple house the limit is still going to be Rs 2 Lakh only
income of subsequent 8 years. In most of the cases, this can be treated as ‘dead loss‘.
I believe that this is a major blow to the investors who have bought multiple houses on
tax bene ts ;
Municipal taxes paid, 30% of the net annual income (standard deduction) and
interest paid on the loan taken for that house are allowed as deductions.
After these deductions, your rental income can be NIL or NEGATIVE and is called
‘loss from house property’ in the latter case.
Such loss is currently allowed to be set off against other heads of income like
Income from Salary or Business etc. which helps you to lower you tax liability
substantially.
Section 80E
If you take any loan for higher studies (after completing Senior Secondary Exam), tax
deduction can be claimed under Section 80E for interest that you pay towards your Education
Loan. This loan should have been taken for higher education for you, your spouse or your
children or for a student for whom you are a legal guardian. Principal Repayment on
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There is no limit on the amount of interest you can claim as deduction under section 80E. The
deduction is available for a maximum of 8 years or till the interest is paid, whichever is earlier.
Section 80EE
This was a new proposal which had been made in Budget 2016-17. The same will be continued
in FY 2017-18 / AY 2018-19 too. First time Home Buyers can claim an additional Tax deduction
of up to Rs 50,000 on home loan interest payments u/s 80EE. The below criteria has to be met
The home loan should have been sanctioned during / after FY 2016-17.
Loan amount should be less than Rs 35 Lakh.
The value of the house should not be more than Rs 50 Lakh &
The home buyer should not have any other existing residential house in his name.
Section 80G
Contributions made to certain relief funds and charitable institutions can be claimed as a
deduction under Section 80G of the Income Tax Act. This deduction can only be claimed when
the contribution has been made via cheque or draft or in cash. In-kind contributions such as
food material, clothes, medicines etc do not qualify for deduction under section 80G.
The donations made to any Political party can be claimed under section 80GGC.
W.e.f FY 2017-18, the limit of deduction under section 80G / 80GGC for donations made in
cash is reduced from current Rs 10,000 to Rs 2,000 only.
Section 80GG
The Tax Deduction amount under 80GG is 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).
The extent of tax deduction will be limited to the least amount of the following;
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(If you are claiming HRA (House Rent Allowance) of more than Rs 50,000 per month (or) paying
rent which is more than Rs 50,000 then the tenant has to deduct TDS @ 5%. It has been
proposed that the tax could be deducted at the time of credit of rent for the last month of the
tax year or last month of tenancy, as applicable.)
Tax rebate of Rs 2,500 for individuals with income of up to Rs 3.5 Lakh has been proposed in
Budget 2017-18.
Only Individual Assesses earning net income up to Rs 3.5 lakhs are eligible to enjoy tax
u/s 80C. The total net income in your case comes to Rs 3,00,000 which makes you
eligible to claim tax rebate of Rs 2,500.
The amount of tax rebate u/s 87A is restricted to maximum of Rs 2,500. In case the
computed tax payable is less than Rs 2,500, say Rs 2,000 the tax rebate shall be limited to
gains, business or profession income and income from other sources and then deduct the
eligible tax deduction amounts u/s 80C to 80U and under section 24(b) (Home Loan
of Rs 2,500 comes in to the picture and should be deducted from the calculated total
income tax payable.
Section 80 TTA
Deduction from gross total income of an individual or HUF, up to a maximum of Rs. 10,000/-,
in respect of interest on deposits in savings account with a bank, co-operative society or post
of ce can be claimed under this section. Section 80TTA deduction is not available on interest
Section 80U
This is similar to Section 80DD. Tax deduction is allowed for the tax assessee who is physically
and mentally challenged.
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Conclusion
It is prudent to avoid last minute tax planning. Do not invest in low-yielding life insurance
polices or in any other nancial products just to save taxes. It is better you plan your taxes
based on your nancial goals at the beginning of the Financial Year itself. Plan your taxes from
April 2017 itself, instead of waiting until late December 2017 (or) January 2018.
(Read : ‘Best ELSS Tax Saving (Sec 80c) Mutual Fund Schemes for FY 2017-18‘)
It is OK to pay some taxes when you can not save or cannot invest in right nancial products.
But, do not invest just to save TAXES. The cost of buying wrong nancial products may
outweigh the cost of taxes. Tax Planning is not a goal but a tool. Remember “Tax Planning
alone is not Financial Planning.”
Also, kindly understand the tax treatment of the selected investment products across the
different investment stages (i.e., investment, accrual & withdrawal) and then invest. (Read :
‘Tax treatment of various Financial Investments‘)
I believe that the above list is useful for your Tax Planning purposes. The above Income Tax
Exemptions FY 2017-18 are applicable for nancial year 2017-2018 (Assessment Year 2018-
2019).
Related Posts
TDS deducted by Employer but not Deposited? How to check TDS details online?
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Sreekanth Reddy
Sreekanth is the Man behind ReLakhs.com. He is an Independent Certi ed Financial Planner
(CFP), engaged in blogging & property consultancy for the last 7 years through his rm ReLakhs
Financial Services . He is not associated with any Financial product / service provider. The main
aim of his blog is to "help investors take informed nancial decisions." "Please note that the views given in this
Blog/Comments Section/Forum are clari cations meant for reference and guidance of the readers to explore
further on the topics/queries raised and take informed decisions. These should not be construed as investment
advice or legal opinion."
Comments
2.Insurance Premium paid for Parents eligible for deduction from salary income ?
3.Mutual Funs Investment with Dependants Name Eligible for Deduction from Salary
Income ?
please guide.
Reply
Reply
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Reply
sunil says:
March 19, 2018 at 12:23 pm
Dear Sir,
Please tell me what is the housing loan and interest for nancial year 2017-2018 whether
principal and interest how much limit please tell me what is the exempt principal and
Interest amount how much we have to show, please give me reply ASAP.
Thanks
Sunil
Reply
Reply
Shirin says:
March 8, 2018 at 7:27 pm
Hi
My CTC is 100000.
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Please suggest me, where do I invest so that my TAX deduction is little less – Not 80000
Reply
If you have health insurance then premium paid (the max limits as explained in the
above article) u/s 80D.
Other possible options, I have given in the above article.
Reply
Chinmay says:
March 7, 2018 at 9:03 am
Hello sir
If I habe invested 1.50 lacs in ppf under 80c and 50000 under 80ccd(1b). And my employer’s
contribution in 59000 in nps then under 80ccd(2) do i get exemption of 59000 .? Which
means total exemption would be 2,59,000 ?
Reply
Kartheek says:
March 8, 2018 at 12:17 am
Hi Chinmay,
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Reply
Chinmay says:
March 8, 2018 at 12:21 am
Thank you
Reply
Kriptha says:
March 2, 2018 at 1:56 pm
Hi,
Reply
Reply
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Shyama says:
March 2, 2018 at 12:26 am
Sir
I am married but no child. I am paying tuition fee of a child leaving under the same roof can
I get the bene t of the tuition fee in Income tax? Thanks
Reply
Geethu says:
February 7, 2018 at 6:46 pm
Is 80 CCD2 included in 80C or can I get additional tax bene t ?
Where to claim stamp duty and registration charges for new purchase of house?
Reply
Reply
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Reply
Reply
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Sreedhara says:
February 1, 2018 at 5:37 pm
Dear Srikanth sir
I’m a government employee from Karnataka my net salary about 8.5L…. My savings u/s 80c
is more than 1.5L except NPS (80CCD1) can I add this amount to u/s 80CCD1(B)?????
Also can I show Employer contribution u/s 80CCD2 Without adding this amount to Salary
income?????
Thank you
Reply
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Reply
Sarada says:
January 31, 2018 at 2:54 pm
Hi Sreekanth,
Can you please explain about NPS? Is this exempted upto Rs. 50,000/- over and above Rs.
1,50,000/- U/s. 80 C?
Reply
Related article: National Pension Scheme (NPS) – Why it is not a good Investment
Option?
Reply
Reply
Reply
raju kb says:
January 25, 2018 at 12:39 pm
dear Mr. Srikanth,
I have a taken home loan at my native place near Tirupati. my parent residing there. now
iam residing at Hyderabad in rental house for job purpose . can I claim both the Home loan
bene ts and HRA bene ts.
for exiting home loan I taken top-up loan for house repair purpose, these amount interest
and principle also can club and show in the home loan tx bene ts.
kindly clarify.
Reply
Top up home loan : You can get tax deduction bene t on the top-up loan if you have
receipts/documents to prove that the loan taken has been used for
acquisition/construction/repair/renovation of a residential property. The tax
bene t is available only on the interest portion of the loan under section 24.
Kindly read :
Self Occupied Property (SOP) & Tax implications
Top-up loans
Reply
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Reply
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Ankit says:
January 16, 2018 at 3:56 pm
Dear Sir,
kindly tell me that while ling Income Tax return for AY 2018-19, how much can I claim and
under which section.
Reply
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Reply
B.D.Garg says:
January 14, 2018 at 7:43 pm
R/Sir,
I am a salaried person while my wife is a housewife. We have a Joint Saving Account in a
bank. Please tell me whether I should add the interest income from this Joint Saving A/c in
my income for tax purposes. If yes, how much?
Reply
Reply
R.PRASANNA says:
January 6, 2018 at 9:43 pm
Sir, For claiming relief under Section 89(1), is it necessary to le Income tax returns in the
preceding years to which the income pertains ? For eg., I am getting Arrears for the period
from 2010 to 2017. Is it necessary that to claim relief under 89(1), I should have led I.T
returns from 2010 to 2017 ?
Reply
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Dear Prasanna,
I dont think it is mandatory to le ITRs of previous years.
Do remember to le Form 10E if you want to claim relief under section 89(1) in your
income tax return for this FY.
Suggest you to consult a CA.
Reply
Reply
Ex : If the Travelling allowance received is say Rs 1000 pm and the actual amount
spent by the employee is Rs 800, then only Rs 800 would be exempted as TA.
If RA received is say Rs 1000 pm and the actual amount spent is Rs 120 0pm then Rs
1000 would be exempted.
Reply
Muralidhara A S says:
January 1, 2018 at 4:15 pm
Please tell me/clarify my doubt.
80 G under Income tax Act how much maximum deduction under this deduction for
Individual Person?
Please reply my Email.
Reply
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Reply
Madhu says:
December 28, 2017 at 7:52 pm
Dear shreekant
I m a senior citizen, currently again working in the same company after retirement. I Hv
income from FD & also from salary. To claim rebate from ITax, I wish to do it under
80c,uoto 150000. Now as I Hv invested this in some ICICI prudential scheme, the next
premium date falls only on 4march 2018,& I Hv to submit the tax rebate details by next
month itself to my company for form 16 submission. Can this be deferred & submit the
same while ling return
Reply
Related articles :
Think beyond TAXES when investing!
Reply
Padma says:
December 28, 2017 at 4:10 pm
My Annual package is 6.2Lpa.
I have education loan and I pay interest of 20000 (covered under 80E).
I took up a new policy recently of 22000 per year (80C).
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My father is 100percent blind and we dont do any medical treatment or any insurance still
can I get the bene t under 80DD.
Please suggest me.
Thanks
Reply
As per the IT act – ‘The taxpayer has incurred expenses for medical treatment
(including nursing), training & rehabilitation of the differently abled dependent or
the tax payer may have deposited in a scheme of LIC or another insurer for
maintenance of the dependent’, can claim tax deduction.
Reply
Padma says:
December 29, 2017 at 1:11 pm
I have opted for jeevan Anand on my name with sum insured of 3Lakh and my
mother is nominee.
I need info on 80DD my father is 100%blind.
Is medical bills or any insurance mandatory to get bene t under 80DD
Reply
Reply
Vssarma says:
January 12, 2018 at 3:18 pm
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Pradeep says:
December 26, 2017 at 8:26 pm
My Mother in law is purchasing a home, as she is not earning any, my wife and her sister
are working and paying the home loan EMI for that home. There by my wife and her sister
will be present in sale deed. I want to show that amount as rent paid to my mother in law. Is
that legal or not, please advise.
Reply
Reply
deepak says:
December 20, 2017 at 3:46 pm
sir,
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Regards
deepak
Reply
Reply
deepak says:
December 20, 2017 at 12:42 pm
sir,
Regards
deepak
Reply
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Dear deepak,
If both are self-occupied, you need to declare either of them as a Let-out property.
The maximum loss that you can show under the head income from house property
is Rs 2 Lakh in a FY (both home loans put together).
Kindly read : Income from House property & tax implications!
Reply
deepak says:
December 20, 2017 at 3:27 pm
Hi ,
Regards
deepak
Reply
Reply
Harry says:
December 17, 2017 at 4:33 am
Hello, My mother was diagnosed with cancer 4 years back and was treated for the same
that time. Every year, she is required to undergo tests worth INR 25000 to ensure
everything is normal. Can this be claimed for tax exemption under 80DDB or only 80D. At
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the time of operation, it was taken care by insurance so never claimed any tax deduction
then. Thanks in advance!
Reply
Reply
Udayan says:
December 19, 2017 at 4:46 pm
Dear Sreekanth ReddyGaru,
I am paying EMI from my salary and wife is repaying her share equally
through rent received to her.
Total annual interest is Rs. 5, 70,000/- and principal is Rs.1, 90,000/- as per
Provisional Certi cate.
Requested your valuable advice on following:
1. How we should split interest, principal, 30%Standard deduction and
property tax, etc to claim income tax bene ts? Should it be in 50:50 %
2. Which rent should we consider as income i.e. before TDS deduction or
after TDS deduction?
3. Can my wife ll IT return and claim return of deducted TDS as she is in
lower income slab (rental income)?
4. Should we deduct monthly maintenance cost from income other than 30 %
std deduction?
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Regards,
Reply
Reply
Udayan says:
December 20, 2017 at 4:22 pm
Thanks SreekanthGaru
Reply
Reply
Anand says:
December 11, 2017 at 2:55 pm
Hello Sreekanth,
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I have take home loan in Jun 2013. I got home possession (key handover) in Jun 2017. Till FY
2016-2017 I was claiming only principal amount in section 80C. But this current year FY
2017-2018 I am claiming both principal amount in section 80C and Interest amount (Rs.
2,00,000.00) in section 24 c.
Question – Can I also claim Rs. 50,000.00 in 80EE (along with Interest amount (Rs.
2,00,000.00) in section 24 c) as this is my 1st House and 1st Home loan, Loan amount than
30 L and House value is 45 L?
Thanks
Anand
Reply
Reply
Raveendran says:
December 7, 2017 at 8:09 pm
Hai Sreekath,
I paid income tax of Rs 132074/- as TDS and Rs 5942/- as Self assessment tax during the
assessment year 2016-17. The self assessment tax amount was less than 90% of my total tax
and it was paid during July 2017. But I received intimation u/s 143(1) for demand of tax of Rs
1010/- (234B interest – 475/- and 234C interest 531/-). I replied for the same saying I am
not agreeing. But now I received intimation u/s 154. Kindly advice whether I have to pay
this tax or further how to reply.
Thanks in advance
Reply
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Dear Raveendran,
Can be penalty for the delay in payment of entire tax/advance tax.
Interest under section 234 B and 234 C show up when –
* You have not paid any Advance Tax & your tax payable in a year is Rs 10,000 or
more.
* You paid Advance Tax – but advance tax payments are less than 90% of (Final Tax
calculated less TDS)
Suggest you to consult a CA on this matter. In case, you agree with the IT dept,
suggest you to pay the dues and close this issue.
Reply
Sujatha says:
December 6, 2017 at 1:01 pm
Hi, Thank you so much for the detailed explanation regarding IT. I am working in of ce
who is looking after IT and i am new to this. I dont want to enter just amount under each
section but want to know about the details of deduction under each section. Your blog was
so informative and very very useful to me. Once again thanks and hats off to your work.
Regards suja.
Reply
Reply
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Prasad says:
December 1, 2017 at 8:12 pm
Sir, Thank you very much for the clari cation.
Reply
Reply
Mehaboob KM says:
November 20, 2017 at 8:08 am
Srikanth,
Your blog is something I have been searching for a long time, replete with all minute details
regarding the income tax exemptions. I had a lot of doubts about tax saving plans and now
I made up my mind, I guess.. Thanks again for being open against opting for tax saving
investment options if it is low yielding, i had the same the thoughts though and have
reservations about investing in something like LIC. I am planning invest in ESSL. I have a
home loan at present running (20 lakh) and I’m planning to take another home loan in the
next nancial year to save some additional taxes and make a good investment given the
appreciative value a residential property may get you in the future. For the current home
loan, I am claiming up to 1.8 lakhs tax exemption under home interest section. I hope I
would get another 2-lakh tax exemption option if I take another HL I guess. Please advise!
And I also I would like to contribute to your cause for giving the free advice if you are
interested and having a chat with you about the same. Please let me know. Thanks!
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Reply
Kindly do not make investment decisions just to save some taxes. Kindly read : Think
beyond taxes when investing!
If are able to invest for your other high priority goals like retirement etc and if you
are still be able to pay EMIs for new home loan comfortably then it should be ne.
But do note that from FY 2017-18, one can claim maximum Rs 2 Lakh only as loss
from house property, even if you hold multiple properties, as given in the above
article.
Kindly read : Income from house property & tax implications!
Reply
Reply
2-If I will not declare any HRA, Is there any default amount for which I will get the
tax bene t?
I
Reply
2 -If the annual rent paid by the employee exceeds Rs. 1 lakh per annum, it is
mandatory for the employee to report PAN of the landlord to the employer.
Some employers do insist for land lord PAN details even if the rent paid is less
than Rs 1 lakh pa.
If you can not submit the rent paid details while declaring the Investments in
your company, you can still claim your HRA when ling your income tax
return, provided you have proofs like rental agreement, rental receipts etc.,
Also, it is advisable to ensure that the rent payments are made through
banking channels as cash transactions may not be considered genuine..
Reply
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atulya says:
October 31, 2017 at 8:11 pm
Dear Sreekanth, If husband and wife are co applicants for home loan, to avail tax bene ts, it
seems joint ownership is a condition. If in case the ownership is with either of spouse, how
to get ownership for the other? pl advise.
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Aditya says:
October 28, 2017 at 11:31 pm
Hi,
Reply
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Dear Aditya,
I am not sure if this treatment falls under the speci ed list of treamtments under
80DDB. Is this related to cancer?
You need to obtain ‘Doctor Certi cate’or ‘Prescription’ from a specialist working in a
Govt or Private hospital (treating doctor).
Reply
Reply
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sudharsan sg says:
September 16, 2017 at 7:35 am
Hai
I have taken personal loan in a bank for doing renovation work for my home . is it possible
to claim any tax deduction under head salary loss . Kindly advice
Sudharsan S.G
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sreekrishna says:
September 7, 2017 at 10:38 am
Hi,
I have taken homeloan for 32 lakh on 30 mar 2017. Started paying interest (19k around
monthly) till october 2017, from nov 2017 I need to pay emi for 30k monthly. Home loan is
joint with my wife. What are the bene ts I can claim
Reply
Kindly read :
Income from house property & tax implications
Joint home loan & Tax implications
Under-construction property & tax implications
Reply
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Hi Reddy garu
I’m a retired PSB of cer retired in July 2017. Got 1497000 under gratuity payment. Bank
deducted TDs for Rs
497000. I understand that government has increased the gratuity exemption limit to
2000000 from this fy . Whether I can claim refund of this TDs while ling returns next year
Reply
Reply
Only single query : is tax limit for all section remain same for 2017-18?
Reply
ranajay says:
August 29, 2017 at 3:43 pm
Hi Mr Reddy just a doubt for home loan interest deduction. From this year, if someone has
2 houses: one self occupied and one rented, what is total deduction I can claim? My
understanding :
In rst case I can claim 2+2 while in second I can claim only 2 lakhs in all. Please advice. My
employer saying total of self and rented is 2 Lakhs.
Regards
Ranajay
Reply
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ranajay says:
August 29, 2017 at 4:27 pm
Thanks Mr. Reddy! Appreciate the prompt response!
Reply
T.J.Rao says:
August 29, 2017 at 8:36 am
Under 80D, if self and spouse are both above 60 and parents not living, is the limit 25000
or 30000?
Reply
Reply
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ankit says:
August 24, 2017 at 5:47 pm
Thanks for your reply.
The period of 5 years is from date of booking the house OR from the date of
sanction of loan?
Reply
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This amendment will take effect from 1st day of April, 2017 and will,
accordingly apply in relation to assessment year 2017-2018 and
subsequent years.
5 years is counted from the end of the relevant nancial year (capital
borrowed / date of loan acquisition).
Reply
Case 1
SAA
I am a salaried individual, have an NPS account, and have invested Rs. 1.5 Lakhs under
Section 80C in LIC , Also i have invested Rs. 50000 in NPS , Am I eligible for additional
deduction under 80CCD 1 for nPS amount
Case 2
PSA
I am an individual business owner, Gross Income 11 Lakhs and have invested Rs. 1.5 L under
Section 80CC in Max Life Insurance and I have invested Rs. 1 lakh in NPS for the year 2016-
17
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Do i become eligible for 1.5L +0.50 =2.0 for total deductions or only 1.5 L or 1.5L + 1.0 L
entirely due to self owner
What will be the case for deductions in current year 2017-18 also?
Reply
Reply
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Jeetendra says:
August 16, 2017 at 12:55 pm
Hi Sreekanth,
I have one at which I currently stay in and for which I have already cleared my loans. I am
planning to buy another Flat and plan to move to that house by next June (Jun’18). After that
I will rent out my existing at. I have following questions:
– Will the new at I buy considered as Self – Occupied?
– Can I claim tax bene t of Rs 2Lakhs on this?
– If I do not let out my rst at should I still pay income tax on the notional income
Reply
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Jeetendra says:
August 16, 2017 at 1:59 pm
Thank you Sreekanth for the quick response. Few more questions
– How do we calculate the notional income without actually letting out the
property. Is there a guidance somewhere. Is it based on cost of property?
– Just recon rmation that – if I do not actually rent the rst property then I
have to pay Wealth tax on it (although I show the notional rent as income)
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But for section DDB, I have read somewhere on the web that Form 10I is not
mandatory.
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Kali says:
August 14, 2017 at 1:12 pm
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Hi Sreekanth,
Thanks for your valuable information.
My query is regarding HRA and home loan.
I have a house in Chennai wherein my parents staying, paying 15k EMI as home loan.
Purchased another apartment in Bangalore, same has been rented out for 10K/month and
paying 30kEMI as home loan.
I stay in rented house in Bangalore which is 3 KM away from the newly purchased one and
paying 22K/month as a rent.
How to claim both HRA and house loan 80C and 24B(complete 2lakhs) amount?
Should i show both the properties as rented one, so that , we need to show the rented
income?
Thanks in advance.
Reply
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Hemant says:
August 12, 2017 at 12:09 am
If housing loan has been taken during f. Y. 2017-19, exemption u/s 80ee can be taken or
not.. Pls clarify
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Hemant says:
August 12, 2017 at 12:11 am
It is f.y. 2017-18
Reply
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Harinath says:
August 3, 2017 at 7:24 pm
Hi Sreekanth,
Although car lease amount , driver reimbursement and patrol reimbursement is part
Employee CTC (Salary)
i am little bit confuse about that so pls help me.
Reply
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prem says:
August 1, 2017 at 7:01 pm
I am a govt employee and received HRA on basic salary as 10% but my graoss salary is
basic+DA 146 % of basic + 10% of HRA
Kya mai tax duduction ke tahat house rent alowanace ka exe[tion le sakta hu if I paid for
rent as 2500 per month for whole 12 month
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Harinath says:
August 3, 2017 at 7:17 pm
Yes 2500/- you can avail till 5lac
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KUSHAL says:
July 30, 2017 at 12:49 am
I AM GOVT EMPLOYEE AND BLESS WITH 02 CHILD.
CAN I EXEMPTED UNDER SALARY EMPLOYEE —?
HOW MUCH —?
WHICH UNDER SECTION—?
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Mahesh D says:
July 26, 2017 at 8:30 pm
Hi Sreekanth ,
I took home loan for under construction property in Navi Mumbai which completion
certi cate can be avail after December 2019 or later. And currently I am residing in
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My EMI has started and banker said they can provide me provisional certi cate of home for
tax declaration. Hence just want to know how.
1. I can declare tax rebate on EMI paid as this is under construction property. My company
nance dept said that they may declare with banker provisional certi cate. But IT team
may or may not accept it and it lead to scrutinize.
2. Can I declare HRA same time along with home loan EMI?
Regards,
Mahesh D
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Dear Ram,
This Section does not specify if a house should be self occupied or let-out to claim
the deduction.
The house should be a residential property and it is your rst property..
I believe you can claim tax deduction u/s 80ee.
Reply
Thanks
Ram
97019010**
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I may mention here that one blogger writes that rebate can be claimed since there is no
mention of completion/ occupation or resident/non-resident under Sec.80EE.
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Dear Mr Sachdeva,
Yes, you can claim tax rebate u/s 80EE even for an under-construction property.
Reply
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ramprasad says:
July 19, 2017 at 12:00 pm
sir,
1.what is functional pay. Is it exempted from IT. If so what is the limit.
2. Our employer is showing Rs.10000/- towards conveyance every month in the salary
subject to submission of petrol/diesel bills. Is it necessary to submit bills?
3.Can some amount can be shown towards food coupons in the salary? if so what is the
limit and what its effects on employer
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Hi
Regards
Aj
Reply
P.A.Abraham says:
July 12, 2017 at 8:16 pm
Sir,
For Central Govt Employees there is a CGHS for medical treatment by giving monthly
contribution deducted from their salary. But for Retired person an additional option to pay
a lumpsum amount equal to 10-year contribution for a lifelong treatment facility through
CGHS. I have opted the same and paid Rs 27030 in FY 2016-17. Can I claim this amount
deduction under 80D or any other head?
Reply
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P.A.Abraham says:
July 13, 2017 at 1:10 pm
Thank you, Mr Sreekanth, for this wonderful service and prompt reply.
Reply
rohit says:
July 11, 2017 at 4:27 pm
Sir,
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I have come to know about rebate of Children education allowance of Rs.100 per child but
My Employer (Govt of ce) has not given me tax rebate u/s 10(14)(ii) in the last 3 years even
though I have been giving the fee slips which I am claiming for Rs.1.50 lakhs as in total
deductions. Fee paid by me every year is aprox 1.80 lakhs. Kindly tell since when is the
rebate of Rs.100 being allowed (FY) so that I can (if possible) claim.
So is there a way to claim the rebate of Rs.100 per child i.e. Rs.2400 as exemption for this
year as well as in the last few years as there is no column to give this information in ITR-I
form?
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S Ram says:
July 7, 2017 at 3:49 pm
Sir, I am a govt. staff. I bought 2 fully constructed houses on bank loan. 1 house in the year
2014 and 2nd house in 2016. For 1st house I am claiming as “Self Occupied”. For the 2nd
house, I wish to claim “deduction of interest on housing loan under Section 24B”.
My question is, which IT Return Form should I use to ll my tax return for the FY 2017-18?
Reply
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Chandrakant says:
June 30, 2017 at 6:12 pm
Hello,
I got from the above discussions that whether it’s a rst or second home and either it’s a
self occupied or let-out property, the max tax exemption would be 2 Lakhs. What about tax
exemption under 80C on principal paid? will it be applicable for rst home loan only or we
can get tax bene t for the principal amounts paid for both the homes?
Reply
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Raghvi says:
June 29, 2017 at 10:55 am
Dear Sir,
I wish to know that can i have FDS for more than 4 lakh annually? Will i have to pay any tds
for it if i ll 15G form. Actually, i am a housewife and i dont le ITR. Is there any problem if i
do so.
thanks & regards
Raghvi
Reply
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Kiran K says:
June 28, 2017 at 7:11 pm
I have spent 60000 for my wife maternity charges, under which clause I can claim Tax
relief
Reply
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GANESAN says:
June 28, 2017 at 7:10 pm
VERY NICE ARTICLES . CONTINUE THE GOOD JOB- GANESAN
Reply
Jivan says:
June 26, 2017 at 4:46 am
Dear Shreekanth,
1) how do I show this in ITR2? Should I show it as total of 20×7+21×3=203K and mention the
2 tenant names ?
2) or I need to ll both tenancies as separate entries?
3) If it needs to be shown as separate entries do I need to ll the same property entry twice
with respective tenants info?
Thanks,
Jivan
Reply
Reply
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Vinod says:
June 20, 2017 at 5:23 pm
Thanks for the informative article and answering queries!
My question is regarding the exemption limit on home loan interest for Self occupied and
let-out properties.
Is the combined exemption limit 2 lakshs? Or there is a limit of 2 lakhs for self occupied
and let out seperatly?
Can you quote the nance bill section under which this amendment came for FY 2017-18,
so that I can mention that to our payroll dept.
Thanks in advance.
Vinod.
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PSJ says:
June 16, 2017 at 11:44 am
my wife had a medical treatment, shall I claim the tax for the cost of medical treatment?
Reply
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Mangesh says:
June 8, 2017 at 7:15 am
Hi,
I took home loan in 2015 of 29 Lakhs for house value above 50 Lakhs.
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However, this section has been reintroduced effective FY 2016-17 (assessment year
2017-18).Now the deduction is allowed up to Rs 50,000 per year starting from FY
2016-17 and subsequent years until the loan is repaid.
Reply
Mangesh says:
June 9, 2017 at 12:45 pm
Yes,its self occupied property.
Reply
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sachin says:
June 5, 2017 at 1:38 pm
hello Srikant, I have few issues with my tax components, want to discuss so can you plz
share your number or email id so will share.
Reply
Reply
Under Section 80GG: The Tax Deduction amount under 80GG is 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).
Sir I’m working in PSU NTPC limited and I’m staying in company provided third party
leased accommodation, leased accommodation is taken in my name by my company and
rent is provided to land lord by NEFT by my company in full. But House Rent Perk and HRR
is deducting from my salary approximately deductions 10000 Rs PM.
Is my income is deductible under section 80 GG.
Thanks & regards
Arun Kumar Tak
Reply
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K Chaithanya says:
June 1, 2017 at 9:56 am
Dear Srikanth Reddy
I am working for a pvt co and receivingRs 7.00 lakes as CTC which includes Rs0.51 lakes
“Employers contribution” towards EPF and Gratuty. While Iam contributing matching
amount from my salary.
Can I deduct Rs0.51 lakes salary from CTC as I am not receiving the same and claim Rs0.51
my contribution towards EPF under Sec 80c.
Kindly clarify and guide me
K Chaithanya
D/o ksudhakararao Rao
Reply
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Preetam says:
May 24, 2017 at 7:39 pm
Hi Sreekanth,
Have doubt on whether i can claim the interest as well HRA in the below case.
Have taken a housing loan on my rst home which is far off my of ce and live with my
parents which is near as compared to my rst home. The Housing Loan was
taken(sanctioned) in May ’14. As of now am paying only interest on the loan disbursed. EMI
will start once possession is given which should be hopefully by Jul’17.
Given the scenario
Can i claim the interest for the given nancial and for the previous nancial years. if yes
under which section?
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Thanks again,
Preetam
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SRINIVAS says:
May 20, 2017 at 12:53 pm
Hi Could your please clarify SEC 24 Tax bene t on loan repayment of second house will be
restricted to Rs 2 lakh per annum only. i own only one house which bought using home
loan and rented out due its far off from my of ce and i am staying on rent near to my
of ce. Even if its my rst and only house still tax bene t on home loan interest will be
restricted to 2 lakh only wef fy 17-18. Thanks and regards
Reply
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In 80C only House Loan principal is mentioned. How about the interest, cant I claim on
that too ?
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Parthasarathi says:
May 7, 2017 at 11:47 pm
Thanks for the detailed article. I had a question on section 80E :
What is the de nition of “Education loan” under this section ? I plan to take a “loan against
mortgage property” from HDFC bank to nance my son’s higher studies abroad. Would this
qualify as “Education loan” and make the interest eligible for tax deduction under section
80E ?
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Shripad says:
May 3, 2017 at 4:07 pm
Hi.
I have Flat in Talegaon ,(Outside of Pune).2 month back I change job from Talegaon to
shirawal(Near to Satara).so for easy transportation I shifted to place from where I have
transport facility. New place is my father’s 2nd home and I am paying rent of 500 / month
to him. My question is
1) Can I claim HRA ?
2) If yes , can I provide pan card of father as land lord?
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mode).
2 – Yes.
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shripad says:
May 4, 2017 at 12:54 pm
Thanks for information Sreekanth.
it means I can claim HRA as well as Income / Loss from house Property +
Housing loan principle (Unde 80 C ) right?
With regards,
Shripad
Reply
Reply
I have invested in following mutual funds through SIP in 2017 for 10 years of time horizon
or can be extended up to 15 or 20 years as per priorities & responsibilities.
Goal 1:- Time Horizon 10 Years, Total Corpus Target 20-25 Lacs @ 20% CAGR consolidated
for 6 mutual funds.
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Goal 2 :- Time Horizon 20 Years, Total Corpus Target 1.50 Cr to 2.00 Cr @ 20% CAGR
consolidated for 6 mutual funds.
1. DSP Black Rock Tax Saver Fund-Direct Plan-Growth Option (SIP 1000/-p.m)-ELSS Tax
Planning- First SIP Date 07.05.2017.
2. Kotak Select Focus Fund Direct Plan-Growth Option (SIP 500/-p.m)-Large Cap-First SIP
Date 10.05.2017.
3. Kotak Tax Saver -Direct Plan-Growth Option (SIP 500/-p.m)-ELSS Tax Planning-First
SIP Date 10.05.2017.
4. Birla Sun Life Tax Relief 96-Direct Plan-Growth Option (SIP 1000/-p.m)-ELSS Tax
Planning-First SIP 01.05.2017
5. Reliance Small Cap-Direct Plan-Growth Option (SIP 1000/-p.m)-Small Cap- First SIP
Date 10.06.2017.
6. Mirae Assent Emerging Blue Chip Fund-Direct Plan-Growth Option (SIP 1000/-p.m)-
Mid Cap-First SIP Date 01.06.2017
Q2. Is this goal achievable? I can increase existing investment by 20% annually?
Q3. Please suggest few more funds for my brother separate investments for same time
period and same objective and same investment amount he is 28 years old?
Reply
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3. Tax Saver
3.1 Mirae Asset Tax Saver Fund
3.2 Axis Long Term Equity Fund
3.3 Reliance Tax Saver Fund
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opportunities fund.
Small cap : Birla Small & mid cap, may not be a great choice.
ELSS : kindly read – Best ELSS Tax saving mutual funds.
Reply
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A Panchal says:
May 2, 2017 at 3:39 pm
I really appreciate you r hard efforts…very descriptive information for AAM admi.
Reply
Prakash P says:
May 2, 2017 at 12:06 pm
Hi,
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total tax amount is 5000 and credit in 2500 balance tax amount is 2500
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Suganthi says:
April 27, 2017 at 4:41 pm
Hi Sreekanth,
I was under the impression that tax exemption is only 1.5 L totally. Can i also get exempted
more than 1.5 L other than 80c isn’t? Thank you for your time.
Reply
Rajiv says:
April 24, 2017 at 3:47 pm
Hi Sreekanth
I am paying LIC Premiums of my parents. Can I claim premium paid for my parent? If yes,
then under which section?
Thanks
Reply
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Rajiv says:
April 24, 2017 at 5:21 pm
Thanks Sreekanth, Even though my parents are dependents, still I am not
eligible for claim. Please suggest.
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meiyarasan says:
April 19, 2017 at 5:47 pm
hi,
i have paid my fathers medical LIC policy premium, so could i claim for tax exemption.
fathers age 59 (he have other source of income but it less then 1 lac per year)
thanks !
Mei
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meiyarasan says:
April 19, 2017 at 6:43 pm
health insurance
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meiyarasan says:
April 19, 2017 at 6:51 pm
thanks a lot sreekanth
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Rohit says:
April 18, 2017 at 1:54 pm
Hi Sreekanth, I am staying in rented accommodation near to my of ce in Gurgaon. I am
planning to purchase a at with home loan in outer Gurgaon (20 km away from my of ce)
and put that at on rent. If I declare rented income as income from other source, then can
I take bene t of both HRA and home loan interest?
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Rohit says:
April 20, 2017 at 11:37 pm
Thanks Sreekanth,
If my wife is co-applicant in home loan and our rented property is registered
in joint name, Can each of us show 50% of rental income to save income tax.
For example if annual rental income is 2L, then we have to show 1L each or it
will be in proportionate to amount of share in home loan?
Thanks
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I have a self occupied home on which I have taken a joint loan with my wife. we claim 2L
each as tax bene t last anacial year. We are planning to buy another house with joint loan
for renting it out. with restpect to new tax rules how much we can claim tax bene t? is it
2L each for self occupied and the 2 lakh each for rent out property or , it is 2 lakh each for
self occupied and 2 lakh overall for ( split between me and my wife) for rented out
property?
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Neha says:
April 17, 2017 at 4:56 pm
Hi Srikanth,
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The place where I stay is rented one which belongs to one of my uncle.Is that totally ne if
I provide PAN of my uncle while submitting HRA as he doesn’t have any other source of
income.
Also let me know what can be done in the scenario if an employee is paying rent for
himself/herself and paying the rent for his/ her parents in other city?
Regards,
Neha Varshney
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K says:
April 13, 2017 at 12:36 pm
I have PF which is amounting to 1.5L apart from this can I still claim 1.5L in NPS : under
80CCC – Pension Fund Contribution?
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K says:
April 14, 2017 at 12:04 am
Ooh.. ok.. Thank you very much for the clari cation
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Thirunavukkarasu says:
April 19, 2017 at 11:58 am
I believe we can claim upto Rs. 50000 on top of 1.5L through 80CCC (NPS)
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Thirunavukkarasu says:
April 19, 2017 at 12:03 pm
Please ignore my previous post.
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I have a row item of 10k showing in my salary structure of CTC, which goes as a premium
to a Company Medical Insurance. This amount does not show in my Income under salary
head in Form 16. Can I still use this 10k for showing a deduction under 80D?
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Thanks
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Dear Sir,
As per your query
1- I am getting 60k annual medical allowance and claimed 60k
2- I am saying about as i am working from last 8 years but only claimed last 2
years 19k and 12 k in LTA.
is i am able to take lta bene t this year also because i heard LTA provided in 4
years block 2 times till 48000k.Even it can be carry forward if not claimed in
any block(4year).
3- extra taxes means long term , short term gains or any other taxes if home
loan and rebate taken in past.
thanks
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Ritesh says:
April 7, 2017 at 3:02 pm
Home loan1 has 1.43 lakhs interest and 1.25 lac prinicpal ( which i claim as self occupied)
Home loan2 – i pay 7 lacs interest and 5 lacs principal (and rent received 15K/month – 30%
) accounted and remaining comes around
= 5.75 lacs interest and 5 lacs prinicipal
so myself claim total interest = 3.43 L , principal 1.5 L ( not sure i can claim principal from
2nd HL or i will be capped from 1.25L )
my wife claim interest = 2 L , principal 1.5L ( not sure my wife can claim both principal and
interest even though for her its 1st HL).
With the above conditions can you suggest best way to claim the 2 home loans from both
of us, we pay heavily the interest( close to 9.43L interest + 6.25L as principal) to the banks
need good suggestions to override accounting the changes in this budget.
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1- My CTS is 10 Lakh
2- My savings / rent details are below
a- LIC (Brila Vision Lifeincoe) – 39,400/yearly,
b-ULIP (HDFC Click 2 Protect) -48,000/yealy
c- Company PF – 39060
d- PPF – 10000
e- Rent – 10000/ Month
f- 3 Lakh medical cover from company
Planning to take Term plan ( 1 Cr life cover), earlier I took it but that I’ve cancelled due to
wrong info.
I can’t take home loan due to family responsibilities.
Could you pls suggest me in which section like (80 EE/ 80 GG) I can invest some money to
save more tax.
Thank You !!
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Hope everything is going well with you. I’ve a query related to section 24B.
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If I’ve a house in Hyderabad and it’s the only house on my name, can I still claim the
interest loss on house property by giving it as let out property or My tax exemption in this
case is also limited to two lakhs ?
Please clarify. I’m confused because in your article it is mentioned about the change in rule
for second house onwards.
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To conclude, whether it’s a rst or second house and either it’s a self
occupied or let-out property, the max tax exemption would be 2 Lakh.
(Irrespective of number houses total income loss on house property would be
4Lakhs (2Lakh on 1st house + 2 Lakhs on rest of the houses).
This is too bad. Lot of my friends (including me) will be greatly effected by
this. It should have been for the loans taken on or after April 1st 2017. A lot of
us take large amounts on home loans considering the fact that we can save a
lot on income taxes.
This is kind of a unprecedented burden as we can’t clear this large loan and
can’t keep it with loss of IT bene ts.
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RAJ says:
March 29, 2017 at 2:00 pm
Dear Sreekanth,
regards
RAJ
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Suchita says:
March 28, 2017 at 11:33 pm
Hi , I want to know more about section 80GGT as my husband is working in a NGO n
doesnt get any HRA nor do we own a house. Kindly advise
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SRINATH says:
March 28, 2017 at 7:42 pm
Hi Sreekanth,
Its really good read this blog, i have very less knowledge about Mutual Funds, and Iam very
interested to invest in it, i can invest Rs.12,000/- per month, for next 15 years, to take care
of my kids education & marriage etc.
thanks in advance
Regards
Srinath
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