Income from salary
This query is : Resolved
20 January 2014
Dear Sir
if a person paying in LIC Rs.50000/- p.a , Post Office saving Rs.80000/- p.a and taken car on loan and paying Rs.50000/- p.a
How much deduction he can take benefit from income tax
Thanking You
Kumar
if a person paying in LIC Rs.50000/- p.a , Post Office saving Rs.80000/- p.a and taken car on loan and paying Rs.50000/- p.a
How much deduction he can take benefit from income tax
Thanking You
Kumar
20 January 2014
u can claim deduction under 80 for LIC and postal savings... no deduction for car loan.
20 January 2014
Agree with expert, In case of post office Investments, only the investment under 5 Years Term Deposit qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007
Thx
Thx
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20 January 2014
Dear Sir
So, LIC RS.50000+80000 POST OFFICE SAVING TOTAL RS.130000/- CAN BE TAKE AS EXEMPTION.
THANKING YOU
KUMAR
So, LIC RS.50000+80000 POST OFFICE SAVING TOTAL RS.130000/- CAN BE TAKE AS EXEMPTION.
THANKING YOU
KUMAR
20 January 2014
no ...it would be limited to 1 lakh under 80c
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