Here is a guide to help your tax planning.
INCOME TAX Exemption Updates…(For FY:16-17)
80 C:- Max limit
150000/- (MF-ELSS, MF-Pension Plans, Life Ins Premium, One time investment in LI-Immediate Assured Pension Plans, NSC, etc.)
80CCG:- 25000/- or 50% of your investment which every is less
( Mediclaim Policy for self spouse, children)
30000/- for dependent parents u/s-80D. Medical reimbursement :- 15000/- US 17(2)
80DDB:- Medical expense occurred on dependent for specified illment
80TTA:- Up to 10000/- for Interest saving bank account
Gift tax :- Exempted upto 50000/-. Above 50k full amount taxable (FY) from other than Blood relation.. Gift from Blood relation is 100%Exempted…
Transport allowance :- 19200/- (FY)
C.E.A. :- 2400/- (FY)
HRA :- as per the calculation
24(b) :- 200000/- (home loan interest)
80G :- full amount in few selected organisation. This exemption is 50%
80GGB. :- 100% exemption for political parties
80EE :- unlimited (interest on education loan)….
Have a Great 2016-2017 Financial Year……!!