Deductions from IncomePage 1 of 1

The total limit of deduction which are eligible under these sections is Rs. 1,50,000/-.The nature of deduction under this section is of investment nature.Let us look at some of the investments which are deductible from income of the person under this section: Life Insurance Premium Paid during the previous year on the life of self, wife/husband, children. In case of HUF premium paid on the life of any of the members of the HUF is eligible for deduction. Investment made in PPF account opened in any of the authorized banks or post office. Tuition fee paid in respect of maximum to two children of the person_______________________________________By: CA. Lavneet Relan, M.Com, ACA