Here are some hard facts about various investment option which gives tax breaks according to government rules:-
1. Under 80(c) the tax break is allowed on the following investment tools:-
(a.) ULIP (Unit Linked Insurance Plan)
(b.) ELSS (Equity Linked Saving Scheme)
(c.) LIC (Life Insurance Certificate)
(d.) Tution Fee of your kids
(e.) FD (Fixed Deposit)
(f.) NSC (National Saving Certificates)
(g.) PPF (Public Provident Fund)
Now under 80(c), the maximum a you are allowed to invest is between 1,00,000/- to 1,10,0000/- per financial annum.
2. Under 80(d) the tax break is allowed on the following investment tools:-
(a.) Medical Reimbursement
Now under 80(d), the maximum a you are allowed to invest is 15,000/- per financial annum.
Also the Lock-In period (for those who did not get it like me the first time - lock-in period is the minimum period for you need to remain invested in any above options to get the tax break) for various investment tools, so that we can benefit the tax break are:-
- FD has 5 yr lock-in
- PPF has 15yr lock-in
- ELSS has 3 yrs lock-in
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