• Life Insurance Premium (LIP) Deduction is allowed in respect of life insurance premium that you pay on your Life insurance policy but policy must be in the name of:
1. In case of an individual: Individual, spouse or any child of such individual.
2.In case of HUF: Any member of HUF
• Public Provident Fund (PPF) Deduction is allowed in respect of Contribution made by you towards your PPF. The limit for minimum deposit in PPF A/C is Rs. 500 and limit for maximum deposit is Rs 1,50,000 during a year.
1. In case of an individual: Individual, spouse or any child of such individual.
2. In case of HUF: Any member of HUF.
• Children's Tuition Fees You can claim deduction for the payment of tuition fees of your children to any university, college, school or other educational institution situated within India for the purpose of education.
• Principal Repayment of Housing Loan You can claim the deduction of principal repayment of your housing loan taken for purchase or construction of residential house property. This deduction is available for both individuals and HUF.
• Sukanya Samriddhi
