30 April 2015
I want to know the exemption limit comes under 80C of Rs 1.50 is for FY 14-15 or FY 15-16 ??? and tell me in short what deductions are included under sec 80C like, GIS, GPF, PPF, Tution Fee upto 2 children, Is repayment of loan for construction of house property is eligible u/s 80C or 80CCC, 80CD. Further In which section "Loan taken for higher eduction come ??
05 May 2015
Deduction of 1.5 lac is available w.e.f. FY 2014-15 i.e. AY 2015-16 onwards. Repayment of housing loan i.e. principal is available u/s 80C. If loan is taken for higher education interest paid is allowed as deduction without any limit u/s 80E. You may go through section 80E for further details.
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