GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An individual
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Any assessee
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An individual of HUF
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An individual or HUF who is resident in India
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Detailed explanation-1: -Any individual or Hindu Undivided Family (HUF) can claim deductions up to Rs. 1, 50, 000 under Section 80C of the Income Tax Act, 1961.
Detailed explanation-2: -An HUF is allowed to make investments in tax-saving Fixed Deposits and Equity Linked Savings Scheme (ELSS) to earn tax benefits of up to Rs 1.5 lakh under Section 80C.
Detailed explanation-3: -It allows for a maximum deduction of up to Rs.1.5 lakh every year from an investor’s total taxable income. Section 80C is applicable only for individual taxpayers and Hindu Undivided Families. Corporate bodies, partnership firms, and other businesses are not qualified to avail tax exemptions under Section 80C.
Detailed explanation-4: -If the loan is taken jointly, each loan holder can claim a deduction for home loan interest up to Rs 2 lakh each and principal repayment under Section 80C up to Rs 1.5 lakh each in their tax returns. To claim this deduction, they should also be co-owners of the property taken on loan.