Those who have taken VRS (voluntary retirement scheme) can opt for it after the age of 55. To participate in the Senior Citizens Saving Scheme, an individual has to be at least 60 years of age. : Investments in Senior Citizens Saving Scheme, which as the name would suggest is suitable for senior citizens, qualify for deduction under Section 80C of the Income Tax Act. The deduction can only be claimed once the property construction is complete and you have legal possession of the house. To give taxpayers some relief, the government has included these expenses under Section 80C of the Income Tax Act, 1961.
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: While buying a property, one of the largest expenses you will have to bear is the stamp duty and registration charges. Interest earned on tax saver fixed deposits, however, are taxable and will be deducted at source. Premature withdrawal is not allowed under this investment. The condition associated with tax saver fixed deposits is that they come with a lock-in period of 5 years. : Most banking institutions offer tax saving fixed deposits where deductions can be claimed under Section 80C of the Income Tax Act. Equity schemes are an ideal option for wealth creation over a long period. If you are considering investing in this scheme, make sure to invest for longer periods like five to seven years as they are equity schemes. Now, an essential point to be noted about equity linked savings scheme is that they have a mandatory lock-in period of three years from the date of investment. : Investments in equity linked savings scheme qualify for tax deduction under section 80C of the Income Tax Act. Partial withdrawals are permitted after 7 years. The money that you put into a PPF account will be locked-in for a period of 15 years. 1,50,000 per year, therefore, all deposits made to your PPF account can be claimed as deductions under Section 80C. PPF accounts have a maximum deposit limit of Rs. : Public Provident Fund (PPF) contributions are eligible for tax deductions under Section 80C. Sukanya Samriddhi Yojana account can be opened for two girl children (one account per girl child) and can be extended to a third if twins are involved. A parent or legal guardian of a girl child, who has not reached the age of 10 years, can open this account. : Investments made in Sukanya Samriddhi Yojana, which is a saving scheme for the girl child, are eligible for tax deduction under Section 80C of the Income Tax Act, 1961.
For insurance policies issued on or after April 1, 2012, annual premium up to a maximum of 10% of the sum assured is tax deductible. An important point to be noted is that if the policy is issued on or prior to March 31, 2012, annual premium up to a maximum of 20% of the sum assured becomes tax deductible. This deduction can be claimed for premiums paid towards insuring self, spouse, dependent children and any member of Hindu Undivided Family. : Premiums paid toward all life insurance policies are eligible for tax benefits under Section 80C. The following investments and payments are eligible for deduction under Section 80C of the Income Tax Act, 1961:
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