Nikhila (ca final student) (187 Points)
06 February 2010Hiiii 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
Amir
(Learner)
(4016 Points)
Replied 07 February 2010
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
@ CA. $ahar$h @
(Student)
(338 Points)
Replied 07 February 2010
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.
Nikhila
(ca final student)
(187 Points)
Replied 07 February 2010
can he show the tution fees paid for my younger brother & me
Amir
(Learner)
(4016 Points)
Replied 07 February 2010
Dear Nikhila,
No tuition fee can be claimed only in respect of 2 children.
CAclubindia
