Individual tax payer can claim exemption for up to Rs. 4,44,200 from his income.

Posted by Unknown on 07:37 in Budget 2015 Deductions Income From Business Income from Salaries Income tax | Comments : 0

During his Budget speech, Finance Minister Arun Jaitley said an individual tax payer can claim tax benefits for up to Rs. 4,44,200 in addition to the tax exemption.

Here is how you get there:

Deductions under 80C	Rs. 1,50,000
Deductions under 80CCD for contribution to NPS	Rs. 50,000
Interest on house property loan	Rs. 2,00,000
Exemption with new transportation allowance of Rs. 1,600 per month	Rs. 19,200
New deductible health insurance premium	Rs. 25,000
Total	Rs. 4,44,200