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Deduction available to Individual and HUF

Deduction available to Individual and HUF from Gross Income under IT Act

The date for filing the Income Tax Return may have extended by the Government from 31st July 2018 to 31st August 2018. But still, the individuals and HUF’s have to file the return. So, the major problems faced by the people are that they don’t know about the deductions to be claimed properly. So we have brought you the Summary of the deduction available to Individual and HUF Under Section 80C to 80U. These deductions should be deducted after the calculation of the Gross Taxable Income. 

Deduction Available to Individual and HUF

 Following are the deductions available in the brief:

Deduction Table

Section

Particular

Available To

Maximum Deduction

Allowed (₹)

80C

Premium for Life Insurance Policy

Individual and HUF

 

1,50,000

80CCC

Contribution to Pension Funds

Individual

80CCD

Contribution to Central Government Pension Schemes

Individual

80CCG

Deduction for investing in Equity shares and Equity Oriented Funds Notified by The Central Government

Individual who fulfill the conditions under this section

25,000

80D

Health Insurance premium and Checkup fees paid up to 5,000.

Individual

25,000(Self, Spouse, Dependent Children)

+

25,000(Parents)

(30,000 if Senior Citizen)

Health Insurance premium

HUF

25,000(Member)

(30,000 if Senior Citizen

80DD

Medical Treatment of Person With Disability

Individual and HUF

75,000

(1,25,000 in case of Severe Disability)

80DDB

Treatment of Disease or Ailment notified

Individual and HUF

40,000

(60,000 if Senior Citizen)

(80,000 If Super Senior Citizen)

80E

Payment of Interest on Loan

Individual

Distributed in 7 Years

80EE

Payment of Interest on Loan for Residential House Property

Individual

50,000

80GG

Rent Paid for Residential Accommodation

Individual not Receiving HRA

Least of:

(a)Rent – 10% Total Income

(b)25% Total Income

(c)5,000/Month

80QQB

Royalty for Books(Other than Text Book)

Individual(Author)

In Lump sum – 3,00,000

15% of Book Sold in PY

80RRB

Royalty on Patents registered on or Before 1st April 2003

Individual(Patentee)

3,00,000

80TTA

Interest on saving account

Individual and HUF (Other than Senior Citizen)

10,000

80TTB

Interest on saving account

Individual (Senior Citizen)

Senior Citizen

80U

Person certified to be with Disability (Certified in PY)

Individual

75,000

1,25,000(Severe Disability)

 

Note: There may certain condition to avail the deduction. So, please also refer the bare act by Clicking on the Sections mentioned In the Table. Confirm the Available Deduction available to Individual and HUF before Claiming Such deduction. 

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Profile photo of Neeraj Rohilla Neeraj Rohilla

New Delhi, India

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