INCOME TAX Exemption Details

Income tax
Here is a guide to help your tax planning.
#INCOME TAX Exemption Updates...
(For FY:16-17)
1. 80 C:- Max limit
150000/- (Life Insurance Premium, MF , FD , NSC, PPF , Home Loan Principal , etc.)
2.80CCD:-50000/- (NPS)
3. 80CCG:- 25000/- or 50% of your investment which ever is less
4.80D:-25000/-
( Mediclaim Policy for self spouse, children)
5.30000/- for dependent parents u/s-80D. Medical reimbursement :- 15000/- US 17(2)
6.80DDB:- Medical expense occurred on dependent for specified illment
7.80TTA:- Up to 10000/- for Interest saving bank account
8. Gift tax :- Exempted upto 50000/-. Above 50k full amount taxable (FY) from other than Blood relation.. Gift from Blood relation is 100%Exempted...
9.Transport allowance :- 19200/- (FY)
C.E.A. :- 2400/- (FY)
10.HRA :- as per the calculation
11.24(b) :- 200000/- (home loan interest)
12. 80G :- full amount in few selected organisation. This exemption is 50%
13. 80GGB :- 100% exemption for political parties
14. 80EE :- unlimited (interest on education loan)....
15.80U :- 75000/- (in case of taking care of a Handicapped depends)..

So Plan Your Financial Year 2016-17 Income Tax Exemption.

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