Important Sections for

exempting TAX
 Sec 80C / 80CCC:
Investment up to Rs.1 lakh in NSC, 5-year tax-saver bank deposits, 5-year Post Office Time
Deposit, EPF, PPF, ELSS, Life Insurance and ULIP premiums, pension/annuity plans, stamp duty/
registration fee for purchase of house, principal payment of home loan and children’s tuition fees.

 Sec 80D:
A maximum limit of Rs.15,000 under mediclaim or health insurance offered by life insurance
companies. An additional limit of Rs.15,000 for coverage of dependent parents. For senior
citizens, the limit is Rs.20,000. This amount is deducted from your taxable income.

 Sec 80DD:
The maximum amount of Rs.50,000 or Rs.100,000 (in case of severe disability) for treating
maintenance of a dependent family member with severe disability.

 Sec 80DDB:
It offers deduction on medical expenditure on treatment of prescribed ailments.

 Sec 80E:
Tax relief deduction on interest payments on education loan taken for higher studies of self,
spouse or child.

 Sec 80G:
The eligibility is 50% or 100 of the donation amount, subject to overall ceiling of 10% of your
gross total income to certain funds and charitable institutions.

 Section 24:
The maximum limit of Rs.1.5 lakh on interest payments of a housing loan. The limit rises to Rs.3
lakh in case of joint borrowers. There is no limit on deduction of interest in case the house is either
let out or deemed to be let out.