Quick Answer: What Is 80c And 10 10d?

What is 80c in income tax 2020 21?

Income Tax Deductions under New Tax Regime FY 2020-21 The most commonly claimed deductions under section 80C will go.

Section 80C deductions claimed for provident fund contributions, life insurance premium, school tuition fee for children and various specified investments such as ELSS, NPS, PPF can not be availed..

Are gifts from parents taxable?

Gifts up to Rs 50,000 per annum are exempt from tax in India. In addition, gifts from specific relatives like parents, spouse and siblings are also exempt from tax. … Tax on gifts in India falls under the purview of the Income Tax Act as there is no specific gift tax after the Gift Tax Act, 1958 was repealed in 1998.

How can I check my LIC maturity amount?

Check LIC Policy Status Online (For Registered User)Step 1:You must visit the e-Service Portal of LIC. … Step 2:You will need to enter the login credentials namely, your User Name and Password.Step 3:Once you’re logged in your Services Account of LIC, you will see various options related to the account or your policy.More items…

What is the 80c limit for 2020 21?

The maximum deductions available under a few sections are as follows: Section 80C to 80CCC: ₹ 1,50,000. Section 80CCD: ₹ 50,000. Section 80D: ₹ 30,000 for self, spouse and children, ₹30,000 for parents, ₹50,000 for senior citizens.

Is LIC maturity taxable?

When the premium paid on the policy does not exceed 10% of the sum assured for policies issued after 1 April 2012 and 20% of sum assured for policies issued before 1 April 2012– any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax under Section 10(10D).

Can we claim parents LIC in 80c?

LIC Life Insurance Premium Life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C. … Insurance premium paid for yourself, your spouse or your children is allowed as deduction under section 80C of Income Tax Act.

What 80c covers in income tax?

Subsections of Section 80CTax saving sectionsEligible investments for tax exemptionsSection 80CInvestments in Provident Funds such as EPF, PPF, etc., payment made towards life insurance premiums, Equity Linked Saving Schemes, payment made towards the principal sum of a home loan, SSY, NSC, SCSS, etc.4 more rows

Can I invest more than 1.5 lakhs in 80c?

Your total investment upto 1.5 lakhs will only be allowed as deduction u/s 80C. The additional contributions do not have any problem from tax point of view, except that you cannot claim deduction u/s 80C on them.

Can I pay rent to my parents to save tax?

Save tax as a family – By submitting rent receipts and paying it, you will be able to claim exemption on HRA. Your parents can deduct property taxes and also claim 30% standard deduction on the rental income. … In case they do not have any taxable income, you will be able to save significant tax as a family.

Is LIC included in 80c?

1. Tax exemption offered under section 80C on life insurance policies from LIC: … The premiums paid towards deferred annuity are eligible for tax deduction under section 80C of Income Tax Act.

What is 10 10d in income tax?

Section 10(10)D of the Income Tax Act, 1961 As per Section 10(10D) of the Income Tax Act, 1961 the amount of sum assured plus any bonus (i.e. the policy proceeds) paid on maturity or surrender of policy or on death of the insured are completely tax free for the receiver subject to certain conditions.

What is the 80c?

It allows taxpayers to reduce their taxable income by making investments and some expenses and thus save on taxes they pay. Currently, section 80C allows deduction from gross total income (before arriving at taxable income) of up to Rs 1.5 lakh per annum on eligible investments and specified expenses.