Income tax deduction under different sections

Section 80DDB income tax deduction

Medical expense deduction for oneself or a dependent relative:-

Medical expense deduction for those under 60 and HUFs

A person or HUF under the age of 60 is eligible for an income tax deduction under Section 80DDB of up to 40,000. It covers all costs associated with treating specific serious illnesses for the patient and their dependents.

Senior and super-senior individuals are eligible for a medical expense deduction

Previously, the cap for senior people was set at 60,000 and for super senior citizens at 80,000 for FY 2017–18. For all older citizens—including super senior citizens—it has been raised to one million rupees.

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Section 80CCG Income Tax Deduction

The Rajiv Gandhi Equity Savings Scheme's tax advantages were provided via this component, which has since been removed. Nevertheless, if you had a deduction in the prior fiscal year, you may keep using it for the next two fiscal years.

Section 24B Income Tax Deduction

Under the heading "Income from House Property," this clause enables persons to deduct the loss. It permits a tax break on the repayment of a second mortgage loan of up to $2,000 per year. The amount of the loss that is not claimed after eight years may be carried over and deducted from home property income. Tax benefits are also available for any interest paid on the mortgage. Municipal taxes, interest on mortgage loans, and 30% of net yearly income are all deductible expenses.

Section 80E Income Tax Deduction

Section 80E allows tax deductions for interest on student loan payments. Please be aware that you cannot deduct loan principal payments. The loan should have been obtained for you, your spouse, your children, or a person over whom you have legal custody.

Section 80EE Income Tax Deduction

First-time house buyers are entitled to an extra deduction of 50,000 on the interest paid on their mortgage. This specifies that the loan must be sanctioned in FY 2016–17 or later and that its sum must be less than 35,000,000. The person should not possess any other rental homes in his name, and the value of the home should not be greater than 50,000.

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