About deduction
This query is : Resolved
30 April 2016
Respected sir please tell me for; individuals 150000 deduction to be made u/s 80c and medical insurance is 35000 (15000+20000) and 20000 as interest on home loan for A.Y 2015 -16
Can I avail total deduction is 205000 under chapter IV A for individual
01 May 2016
The maximum limit of deduction for financial year 2014-15
1. u/s 80C was Rs. 100,000;
2. Health insurance: in case of individual and his family Rs. 15,000 + On any senior citizen Rs. 15,000 + health check up Rs. 5,000; and
3. Interest on housing loan u/s 24(b): in case of self occupied property - Rs. 150,0000 a certificate from the banker or financial institute shall be provided for. Other wise the maximum deduction available was Rs. 30,000 for that FY. There is no limit on amount of interest in case of let out property. No certificate as well required.
1. u/s 80C was Rs. 100,000;
2. Health insurance: in case of individual and his family Rs. 15,000 + On any senior citizen Rs. 15,000 + health check up Rs. 5,000; and
3. Interest on housing loan u/s 24(b): in case of self occupied property - Rs. 150,0000 a certificate from the banker or financial institute shall be provided for. Other wise the maximum deduction available was Rs. 30,000 for that FY. There is no limit on amount of interest in case of let out property. No certificate as well required.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- FEMA regulation Act. for inward remitance
- Accounting with Claude
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
