F Y 16 -17 Income Tax Exemptions.

INCOME TAX EXEMPTIONS 

FOR THE FINANCIAL YEAR 16 17

COURTESY:: E.R.IYER (  FROM rksahni.blogspot.com)

Here is a guide to help your Tax Planning.

 80 C:- Max limit
150000/- (Life Insurance Premium, MF , FD , NSC, PPF , Home Loan Principal , etc.)

 80CCD:-50000/- (NPS)

 80CCG:- 25000/- or 50% of your investment which ever is less

 80D:-25000/-
( Mediclaim Policy for self spouse, children)

 30000/- for dependent parents u/s-80D. Medical reimbursement :- 15000/- US 17(2)

 80DDB:- Medical expense occurred on dependent for specified illment

80TTA:- Up to 10000/- for Interest saving bank account

 Gift tax :- Exempted upto 50000/-. Above 50k full amount taxable (FY) from other than Blood relation.. Gift from Blood relation is 100%Exempted...

 Transport allowance :- 19200/- (FY)
C.E.A. :- 2400/- (FY)

 HRA :- as per the calculation

 24(b) :- 200000/- (home loan interest)

 80G :- full amount in few selected organisation. This exemption is 50%

 80GGB :- 100% exemption for political parties

 80EE :- unlimited (interest on education loan)....

 80U :- 75000/- (in case of taking care of a Handicapped depends)..

So Plan Your Financial Year 2016-17 Income Tax Exemption accordingly.

Regards, E.R.Iyer