What are the various deductions and Exemptions available?
Deductions is available only from gross income received in India Section 80CCC Deduction in respect to the contribution to the pension funds Maximum deduction Rs.10000 Flexi secure life retirement Plan from Birla Sun Life Insurance provides all the benefits. One can also withdraw money as and when needed. Surrender/ Withdrawal will be subjected to Tax Pension received will be taxable. Section 80D Deduction in respect of medical insurance premium Individual or HUF, whether resident or non- resident Maximum Rs.1000, an additional Rs.5000 for senior citizen The BSLI critical illness Plus rider covering an array of illness gives dual benefit of tax saving along with CI cover when it is needed the most. Section 80C Deduction is available amounting to Rs.100000. The benefit for life insurance premium u/s 80c is restricted to 20% of the actual capital sum assures. Surrender of plans before two two years will result in reversal of tax benefit. Capital sum assured is the sum which is assured on
