Personal Finance

Income Tax Exemption Updates : For FY: 2016-17

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80 C : Max limit  : 150000/- MF-ELSS, Pension Plans, Life Insurance, PF, PPF etc

80CCD : 50000/- NPS

80CCG : 25000/- or 50%  of your investment which ever is less

 80D : 25000/-  Mediclaim Policy for self spouse, children

 80D30000/- for dependent parents u/s-80D.  Medical reimbursement :- 15000/- US 17(2)

80DDB : Medical expense occurred on dependent for specific ailments

80TTA : Up to 10000/- for Interest saving bank account

Gift tax : Exempted upto 50000/-. Above 50k full amount taxable (FY) from other than Blood relation.. Gift from Blood relation is 100%Exempted…

Transport allowance : 19200/- (FY)

Children Education Allowance : 2400/- (FY)

HRA : As per the calculation

24(b) : 200000/- Home loan interest

80G : Full amount in few selected organisation. For rest exemption is 50%

80GGB : 100% Exemption for political parties

80EE : Unlimited (Interest on education loan)

Categories: Personal Finance

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