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Deductions

Only House Owner can Claim Deduction u/s 80C

April 9, 2009

I Work in an IT Company and took a housing loan from HDFC Bank. I am the co-applicant. The property is in my mother’s name but she is a housewife and i pay all EMIs. Am I eligible for tax benefit ?
A Deduction under section 80C of the act toward the payment made by way [...]

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Deduction u/s 80G | Tax Deduction for Donations made to Charities

March 20, 2009

Can individuals claim tax deduction for donations made to charities? Yes, individuals can claim tax benefits on ‘eligible’ donations made to charities. Deductions are available under Section 80G to any taxpayer i.e. individual – resident and non-resident, firm, HUF and company.
All donations are not eligible for tax benefits. Tax benefits can be claimed only on [...]

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Deduction u/s 80D Mediclaim (Medical Insurance Premia)

January 31, 2009

Deduction in respect of Medical Insurance Premia [Sec. 80D]Deduction is allowed for any medical insurance premium under an approved scheme of General Insurance. corporation of India, (popularly known as MEDICLAIM) or of any other insurance company, paid by any mode except cash, out of assessee’s taxable income during the previous year, in respect of the [...]

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Deduction u/s 80DDB of Medical Treatment

January 31, 2009

Deduction in respect of medical treatement etc.Sec. (80DDB)
Who can ClaimA resident individual or HUF (Hindu Undivided Family)
Which PeriodDeduction is allowed in respect of amount actually paid during a year for the medical treatment of specified disease or ailment for himself or a dependent or a member of a HUF.The diseases an ailments specified under rule [...]

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