| Applicable If |
 Contribution to Provident Fund or Public Provident Fund
Payment of life insurance premium
Investment in pension Plans
Investment in Equity Linked Savings schemes (ELSS) of mutual funds
Investment in specified government infrastructure bonds
Investment in National Savings Certificates (interest of past NSCs is reinvested every year and can be added to the Section 80 limit)
Payments towards principal repayment of housing loans.Also any registration fee or stamp duty paid.
Payments towards tuition fees for children to any school or college or university or similar institution. (Only for 2 children)
|
| Conditions |
Upper Limit is Rs. 1,00,000 (Rupees One lakh) which can be any combination of the above list. |
| Deductions |
The total amount of rent paid or the amount earmarked as House Rent Allowance in your payslip, whichever is less, will be deducted from your taxable income. |
| Limitations |
The investment can be from any source and not necessarily from income chargeable to tax.
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