Deduction under 80C

Deduction under 80c under this can be claimed by an assessee

being individual, Hindu undivided family and association of
person or a body of individual consisting of any husband or wife
governed by the system of property enforcing Dadra, Nagar
Haveli, Goa, Daman and Diu in respect of the following payments,
whether the payment is made out of GTI or not.
1. Life insurance premium paid. Not exceeding 20% of the actual sum
assured on the insurance policy on the life of himself/ his spouse, his
child/children.
2. Contribution to Statutory Provident fund, superannuation fund or
recognised provident fund. (not being repayment of loan)
3. Contribution to 15years Public Provident fund by the individual in his
name or in the name of his spouse or his children, in the case of HUF
subscription can be in the name of any member.
4. Contribution to unit linked insurance plan of UTI in the name of self,
spouse or any child or such unit linked insurance plan of LIC mutual fund
notified under section 10(23D) (Dhanarakshaka plan of LIC mutual fund)
5. Any sum paid to effect or to keep in force contract for deferred annuity on
the life of the assessee or his or her spouse or any child.
6. Any sum paid for NSC 8th series, the accrued interest on NSC 6th and 8th
issue is deemed to be reinvested every year.
7. Deposit under National Saving Scheme.
8. Investment in equity linked saving scheme of mutual fund specified U/S
10(23D)
9. Contribution by an individual in any notified pension fund setup by a
mutual fund or by a UTI.
10. Any payment made towards the cost of purchase or construction of a
new residential house property during the previous year.
• Payment made towards the cost of land, of any addition,
renovation or repairs of the house carried out after its completion
are not qualified for deduction
11. Amount Deposited in the home loan account scheme (launched by the
national housing bank with the effect from 1/7/1989) the accrued
interest is also eligible for deduction.
12. Subscription to any deposit scheme floated by a Public Sector
company which is engaged in providing long term finance for
construction of house in India
13. Subscription to any deposit scheme floated by a statutory
authority formed for satisfying the need of housing
accommodation in cities, towns or villages in India.
14. Payment made as Tuition fees to any education institution
situated in India for the purpose of full-time education in respect
of any two children of the assessee.
15. Any amount invested in debenture and equity share (for a public
company engaged in infrastructure including power sector)
16. Term deposited for 5 years with scheduled bank (tax savings
deposited)
17. Subscription to any notified bonds of NABARD.
18. Amount deposited in 5 years postal TIME Deposit Scheme.
Overall limit is Rs. 1,00,000, together with 80 CCC and 80 CCD.