Home Insurance Under 80C. To save tax, make an investment of ₹ 1.5 lakh under section 80c. Nscs are eligible for tax breaks for the financial year in which they are purchased.
Premiums paid for a home loan protection insurance plan are tax deductible under section 80c of the income tax act 1961 only if the borrower makes repayment. Under section 80 (dd), an individual can claim tax deduction against the expenditure incurred for medical treatment of a dependent person with disability. Buying life insurance can help you in income tax saving under section 80c of income tax act, as it not only helps you in reducing your tax liability but also help protecting your loved ones financially against life's unforeseen challenges.
Under section 80c of the income tax, you are eligible to claim deductions up to rs.
Total amount of income tax deduction under sections 80c, 80ccc (investment in pension plan offered by an insurer) and section 80ccd (1) (for nps) investors get tax benefits up to ₹ 1.5 lakh insurance premium, under section 80c. This is the shortest holding period in for pure saving based investments under section 80c. Eligible payments include life insurance premium, principal repayment of home loan and children's tuition. Buy medical insurance and claim a deduction.