Topic: Should i take the tax rebate under 80C

This message was edited 1 time. Last update was at 10/12/2009 14:38:40

My wife having the LIC policy of 5000000. and it is paid by my account.

i dont think the fig you referred is the premium payable...it might be sum assured...under sec 80c only premium paid is deducted and you can claim deduction up to Rs 100000for the premium paid on spouse"s life too..and make sure that enough income is delared to authorities before claiming the deduction...sometimes it may so occure that we declare a meager amt of income and claim heavy deductions which may arouse suspicion in the minds of authorities...so dont try to evade tax..but plan the tax...good luck

prgoyal wrote:

Dear Sir,
I am resident of Hyderabad. I recently transferred my Home loan from ICICI(5Lacs) to HDFC last year in the month of Jun2010. and I have taken additional topup loan of Rs. 4Lacs. Now I am paying home loan emi for Rs.8667.00 for the total loan amount of Rs.9 Lakhs. Ever since then my parents are staying in that house and I am staying in a rented house and paying rent of Rs.5000pm. So while submitting the investment documents for tax purpose, I have submitted rent Receipts for Rs.60,000pa. and housing loan of both HDFC and ICICI under section 80C. and form12C for loss of income from house property.(since My parents are staying in that residence and I am not getting any income from that property). But my HR manager said I cannot claim Housing loan since I am staying in the same city and only rent receipts were taken into consideration. But I submitted the same documents even last year and I got tax exemption,please clarify if there are any recent changes in the tax policy that took place. my email Id is lap.dipankar@gmail.com. Thanking you in advance anticipation of your kind response.
Warm Regards
Dipankar

Your comment is really informative for the visitors.
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