IT Exemptions for Salaried Person
This query is : Resolved
06 January 2010
I am aware of the following exemptions a salaried person can claim:
1. Exemption under chapter VI - max 1 lac
2. Home Loan Interest - Max 1.5 lacs
3. Home Loan Principal - Max 1 lac
4. Provident fund
5. HRA exemptions as per the rule
6. Charitable donations u/s 80G
are there any other exemptions a salaried person can claim from his salary...?
1. Exemption under chapter VI - max 1 lac
2. Home Loan Interest - Max 1.5 lacs
3. Home Loan Principal - Max 1 lac
4. Provident fund
5. HRA exemptions as per the rule
6. Charitable donations u/s 80G
are there any other exemptions a salaried person can claim from his salary...?
06 January 2010
Home loan principal, Provident Fund is included in the limit of Rs. 1 lakh of Sec 80C (u have mentioned it as chap VI)
You can have a look at the limits of Sec 10(14) r.w.t the rule where there are many small exemptions.
E.g. Medical reimbursements: Rs.15,000 p.a.
Transport allowance Rs. 800 per motnh.
Children Education and Hostel allowance.
You can have a look at the limits of Sec 10(14) r.w.t the rule where there are many small exemptions.
E.g. Medical reimbursements: Rs.15,000 p.a.
Transport allowance Rs. 800 per motnh.
Children Education and Hostel allowance.
CMA Ramesh Krishnan
(Expert)
06 January 2010
Section 80E = Interest on higher education loan fully
Section 80D= Mediclaim insurance Rs.15000
Section 80DDB= Expenses of medical treatment for specified disases = Rs.40000/-
Section 80D= Mediclaim insurance Rs.15000
Section 80DDB= Expenses of medical treatment for specified disases = Rs.40000/-
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