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Apr 4, 2016

IT.Exemption Updates (For AY 16-17)

80 C:-Max limit
150000/- (ELSS, LI, PPF ,PF,NPS)

80CCD:-50000/- (NPS)

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

80D:-25000/-
( Mediclaim Policy for self spouse, children)
30000/- for  parents dependent Medical reimbursement :- 15000/- US 17(2)

80DDB:-Medical expense occurred on dependent for specified illment

80TTA:- Up to 10000/- for SB bank account ROI

Gift tax :-  Exempted upto 50000/- above 50k full amount taxable (FY)

Transport allowance :- 19200/- (FY)
C.E.A. :- 2400/- (FY)

HRA :- as per the calculation

24(b)  :- 200000/- (home loan interest)(unlimited for non self occupied house)

80G  :- full amount in few selected organisation this exemption is 50%

80GGB.   :- 100% exemption for political parties

80EE :- unlimited (interest on education loan)

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