Article

Income Tax Deductions (Financial Year 2013-14)
February 06 , 2013
Various rebates and deductions available for Income Tax (Financial Year 2013-14)
Commonly applicable rebates What is it? Section in I-T Eligible items Maximum Limit
Rebate given for investing in certain long-term instruments 80C PF, PPF, ULIPs, ELSS, NSC, principal repayment on home loan Rs 1 lakh
Rebate for investment in equities 80CCG RGESS eligible shares & IPOs, eligible mutual funds, ETFs & NFOs Rs 25,000
Rebate given for taking medical insurance 80D All public or private medical insurance premiums Rs 15,000 + additional Rs 20,000 if taken for parents who are senior citizens
Rebate given for rent paid on house 10(13A) HRA Lowest of 3 numbers- HRA, Rent paid minus 10% of basic, 50% of basic
Rebate given for interest paid on housing loan 24 Interest of home loan Up to Rs 1.5 lakh if self occupied, no limit if let out on rent
Rebate given to medical expenses 17(2) Any medical expenses with bills, for self or dependents Rs 15,000
Conveyance allowance 10(14) (No bills needed) Rs 9,600
Less commonly applicable rebates Rebate given on capital gains, in case another residential property is bought when one is sold 54 Residential propery bought within 2 years of sale, or constructed within 3 years of sale No limit
Rebate given on capital gains, if capital gains bonds are purchased when residential property is sold 54EC REC and NHAI bonds bought within 6 months of sale of property Rs 50 lakh
Rebate on interest repayment on education loan 80E Any loan taken by self, or taken by parents for their children No limit
Rebate given for donation to charitable organisations 80G The organisation receipt should mention this exemption 10% of gross total income

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