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Investments in unit-linked insurance plans are eligible for tax benefit up to a maximum of Rs 1.5 lacs under Section 80C of the Income Tax Act. Maturity proceeds are also exempt from income tax. There is a caveat. The Sum Assured or the minimum death benefit must be at least 10 times the annual premium.
For non-salaried individuals, this benefit is capped at 20% of gross total income. The benefit under Section 80C, Section 80CCC and Section 80CCD(1) is capped at ₹1,50,000 as per 80CCE. Additional investment of up to ₹50,000 under Section 80CCD(1B). This is over and above tax benefit under Section 80C; and is exclusive to NPS. [51]
[1] [2] They offer tax benefits under the Section 80C of Income Tax Act 1961. [3] ELSSes can be invested using both SIP (Systematic Investment Plan) and lump sums investment options. [4] [5] [6] There is a three years lock-in period, and thus has better liquidity compared to other options like NSC and Public Provident Fund. [7]
Annual contributions qualify for tax deduction under Section 80C of income tax as per the old Tax regime. The tax benefit is capped at ₹1.5 lacs per financial year. PPF falls under the EEE (Exempt, Exempt, Exempt) tax basket. Contribution to the PPF account is eligible for tax benefit under Section 80C of the Income Tax Act in the old Tax ...
If you borrow money to buy investment assets, the IRS will sometimes allow you to deduct the loan's interest from the taxable income the investments generate. This is called the investment ...
The securities eligible for investments under the scheme are equities listed in BSE 100 or CNX 100, shares of public sector companies categorised by the Government as Maharatna, Navratna, or Miniratna. Select ETFs and Mutual funds, and IPOs of public sector undertakings fulfilling certain criteria, [6] are also eligible.
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