Hiiii frenzzzzzz my brother is a software engineer
his Per annum salary is 3.8 Lakhs
my question is in order to Reduce the tax liability for A.Y 2010-2011
what r the possibilities for investment i.e 80c
Plez Let me know the amt also max he can invest in
Dear Nikhila,
Yes investments in 80 C can be made in upto Rs. 1 Lacs in any one or more of the followng modes-
1) Fixed Deposit with a scheduled Bank for 5 years
2) Deposit in PPF a/c (upto Rs. 70 K)
3) Investment in Equity Linked Saving Schemes (ELSS) Mutual Funds
4) Life Insurance Premium
5) Contribution of PF(Mandatory +voluntary)
6) Apart from above there are other schemes as well, like housing loan, investment in noified bonds, etc, plz go through the section
totally agreed with amir but i would like to add that he can also contribute in 80d mediclaim.and if u wanna get a house property then best option is to take a housing loan.he can get deduction of interest u/s 24b and he can set off the loss from any rental income and he will be getting deduction of principal u/s 80C.
can he show the tution fees paid for my younger brother & me
Dear Nikhila,
No tuition fee can be claimed only in respect of 2 children.
Thank u Amir
CAclubindia
