Section 80C deduction
Every financial year, you can lower your taxable income by up to Rs. 1.5 Lakh by taking advantage of the section 80C deduction
Who is eligible
Only those who opt for the old tax regime before 31st March are eligible. Section 80C deduction is available for individuals and Hindu Undivided Families (HUFs), you can claim up to Rs 1.5 Lakh from your total income
Tax Saving expenses
Here are list of Tax saving expenses eligible for section 80C deduction
Tution Fees paid for 2 children
Each parent can claim a deduction up to Rs 1.5 lakh for maximum 2 children separately. Therefore, if both parents are taxpayers, they can claim deductions for a total of 4 children. This deduction is applicable only for payments towards the full-time education of the child
Registration charges and stamp duty for property
If you buy a Home or property and suffer expenses on stamp duty and registration fee, you have the opportunity to claim tax deductions for these amounts under section 80C for that particular financial year
Principal repayment of Home Loans
There are 2 parts to the equivalent monthly instalment (EMI) you pay back on your Home loan: principal and interest. Section 80C allows for a deduction of the principal