List of Various Deductions Under Section 80C. deduction under section 80c. Deduction U/S 80C in respect of Life Insurance Premium, Contribution to PF, etc., (Only Individuals/HUF). Find List of Income Tax Deduction under section 80C. Hi, Friends here we are providing Complete List of available Deductions U/S 80C for AY 2016-17 or FY 2015-16. In this article, you can find a list of Available deduction in the hands of INDIVIDUALS Only, a list of Available deduction in the hands of INDIVIDUALS & HUF, Other Special Points for Sec. 80C. Now you can scroll down below and check complete List of Various Deductions Under Section 80C
List of Various Deductions Under Section 80C

Available deduction in the hands of INDIVIDUALS Only:                                       Subscription to  National Savings Scheme.                            Subscription  to NSC, even interest on that is qualified for deduction                             Subscription Units of Mutual Fund/UTI                         

Contribution to a Pension Fund set up by a Mutual Fund/ UTI/ National  Housing Bank                     Tuition Fees paid to University, College, School or other Education  Institution situated in India for full-time education of Children, other  Donation or Development Fees. (Maximum 2 Children)                             

Housing Loan Principal.                             

 Term Deposit for at least 5 years with a Scheduled Bank.                              Subscription to notified NABARD Bonds.                             

A deposit under the Senior Citizen Savings scheme                         5 year Time Deposit in an account under the Post Office Time Deposit  NSC.                          G.P.F./VPF/EPF


Available deduction in the hands of INDIVIDUALS & HUF:

·                                 Any sum paid by an Individual to  effect or to keep in force an Insurance on the life of an Individual, his/her  Spouse, any Child (whether  married/unmarried or dependent/not  dependent). In the case of the HUF, the  premium should be paid in the life of any  member of the family.
·                                 Contribution to a PPF .   Minimum  Rs. 500 & Maximum Rs. 1.5 Lakh
·                                 Contribution to ULIP of LIC/UTI and  continuous for a minimum period of 5  years.
·                                 Contribution to Annuity Plans of  Insurance Companies.

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Other Deduction of Sec. 80C

1.                              The total limit under this section is Rs 1.50 lakh from Financial year 2016-17 / Assessment Year 2017-18. Under this heading many small savings schemes like NSC, PPF, and other pension plans. Payment of life insurance premiums and investment in specified government infrastructure bonds are also eligible for deduction under Section 80C
2.                              If  the assessee transfers  the HP in  respect  of  which  deduction  has  been claimed, before the expiry of  5  years  from  the end  of  the  F.Y in  which  possession  of  such  properties  obtained  by  him.  No  deduction  shall  be  allowed  in  the  PY  in  which  house  is  transferred.   The deduction  allowed  in  the  earlier  years shall  be  deemed  to  be  income  of  the  assessee  of  the  PY,  in which the house is transferred.    
3. In  case a member  participating in  the  ULIP  terminates  before  making  the contribution  for  5  years,  then  the  same  treatment  shall be given as given in point 2.
4.                              DThe deduction is  available  only  if  amount  is  paid/contributed/  invested during  the  previous  year  i.e. on or before 31st of March.
5.                              Additional Deduction U/s 80CCD(2) :- Employer’s Contribution to the Employee’s Pension Fund.

6.                              Additional Exemption U/s 80CCD(1B) :- Max Rs. 50,000/- out of Max Limit 1.5 Lakh U/s 80C.