What is the overall limit for deductions under section 80C?
The limit for deductions under section 80C is Rs 100000. This means that if you have made the specified payments exceeding Rs 100000, still your deduction will be limited to Rs. 100000. 47. Are payments for medical insurance premiums also deductible? Yes, payments made for medical insurance premiums are deductible under section 80D subject to the conditions regarding mode of payment and for whom the payments have been made. 48. I have made donations to some charitable institutions. Can I claim any tax benefits for the same? Donations made to approved funds, financial institutions would be eligible for deduction from the total income. It may be noted that certain donations are 100% deductible while others are 50% deductible based on institution/fund to which the donation has been made. 49. Can I claim a deduction for the interest paid on any education loan? You can claim a deduction for the interest paid on higher education loan that satisfies the prescribed conditions. It may be noted
