Deductions under section 80

There are Various deductions Under Section 80. This means in simple terms an Individual or an HUF can avail these deductions. An Individual or an HUF can reduce his taxable Income Under Various Sections of 80 allowed under them.

Section 80 C

Section 80 C is the most common and a very familiar deduction available under section 80 C. Any Individual or an HUF can avail deductions Under Section 80 C.  Under Section 80 C maximum of Rs 1,50,000 can be claimed for reducing your Taxable Income in a Financial Year. Deductions in Section 80 C is allowed for Various Payments Listed Below.

• ELSS Mutual Funds
• Provident Fund (PF)
• Public Provident Fund (PPF)
• 5 Year Fixed Deposit
• National Saving Certificate (NSC)
• Life Insurance Premiums
• Education Fees

The Limit of Rs 1,50,000 is applicable for each Financial Years 2018 – 2019, 2017-2018, and 2016-2017.

Section 80 D: Premiums paid on Health Insurance

Deduction under Section 80 D can be availed by any Individual or an HUF towards the premiums or expenses related to Preventive Health Checkup. Incase of Preventive Health Checkup a Maximum of Rs 5000 is allowed under a Financial year. In Section 80 D there are various maximum limits on Deduction a tax payer can avail as mentioned below which also includes your Preventive health Checkup.

Health Insurance Premium paid

• Self and Family – Rs 25,000
• Self (Senior Citizen) & Family – Rs 30,000
• Parents – Rs 25,000
• Parents (Senior Citizen) – Rs 30,000
• Self and Family Including Parents – Rs 50,000
• Self and Family Including Senior Citizen Parents – Rs 55,000
• Self (Senior Citizen) and Family Including Senior Citizen Parents – Rs 60,000

Section 80 DD: Medical Expenses related to a dependant person with disability

Deduction under Section 80 DD can be availed by any Individual or an HUF towards the maintain, expense, or training a dependant person with disability. To avail this Deduction the Individual cannot claim deduction under Section 80 U.

There are various Limits applicable depending on the severity of disability.

Dependent Person with 40%Disability can Avail deduction Under Section 80 DD to a Maximum Limit of Rs 75,000. Below mentioned disability is considered as Dependant Person with 40% Disability.

1. Blindness
2. Low Vision
3. Leprosy – Cured
4. Hearing Impairment
5. Locomotor disability
6. Mental retardation
7. Mental Illness

Dependent Person with more than 80% Disability can Avail deduction Under Section 80 DD to a Maximum Limit of Rs 1,25,000.

Section 80 DDB: Expenses or Treatment related to Specified Diseases.

Section 80 DDB can be availed by an Individual or HUF. Incase of an Individual the deduction can be claimed for his dependents, Spouse, siblings and parents. Incase of an HUF the Deduction can be claimed for any member in his family.

The Deduction Under this section depends on the age of the person treated.

If the age of the treated person is below 60 Years then the deduction applicable is Rs 40,000 in a Financial year

If the age of the treated person is above 60 and below 80 Years then the deduction applicable is Rs 60,000 in a Financial year

If the age of the treated person is above 80 Years then the deduction applicable is Rs 80,000 in a Financial Year