40,000 whichever is higher.
It should be noted that this deduction is only for the repayment of interest on education loan and not for the repayment of the principal amount of the education loan. .
Section 80CCG: Deduction for Investment made under an Equity Saving Scheme.The deduction allowed under this section varies depending on whether the person insured is a senior citizen or a non senior citizen.Section 80E: Income Tax Deduction for Interest on Education Loan.An Individual is allowed an income tax deduction under Section 80E for Repayment of Interest on Home Loan taken for the Higher Education of Self, Spouse or Dependent Children.This income tax deduction is allowed to an individual who has invested in listed shares or listed mutual funds in a given financial year.In other words, the cumulative total of these should not exceed.This deduction is also known as the Rajiv Gandhi Equity Savings Scheme.If a taxpayer has taken any Home Loan, he would amazon online coupon codes electronics be allowed to claim a deduction for the interest levied on such a loan.This additional deduction.Deduction under Section 80CCC and Sec 80CCD are income tax deductions which are allowed for payment of any amount to initiate or to continue any annuity plan of any insurance company for receiving any pension, the individual would be allowed a deduction for the amount.
Deduction under Section 80G is a general deduction whereas deductions under Section 80GGA, 80GGB 80GGC are specific deductions.
In other words, a salaried employee who has not availed of the HRA Exemption or any other person who has not claimed expenses for rent paid under any other section of Income Tax Act, is allowed a deduction under this section subject to the limits.
This Deduction is not only allowed for Education in India but also allowed for Education outside India as well.
Income Tax Deduction for Investments specified under Section 80C.The most useful income tax deductions which can be easily claimed and are helpful in reducing the tax burden have been explained below.The most popular income tax deduction is the deduction under Section 80C which is allowed for making investments in certain specified instruments.The good part about this income tax deduction is that there is no maximum limit on the amount of deduction that can be claimed.Income Tax Deductions for Contribution to Pension Funds u/s 80CCC 80CCD.Recommended Read: The Indian Income Tax Department encourages its citizens to make use of the various Income Tax Deductions, Income Tax Exemptions and Income Tax rebates allowed under the Income Tax Act which help the taxpayers to reduce their taxes in India legally.Section 80DDB: Income Tax Deduction for Treatment of Specified Diseases.If any amount has been paid for preventive health check-up, deduction would be allowed for such payment as well.The National Pension Scheme (NPS the individual would be allowed a deduction under Section 80CCD.