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What is the eligibility criteria for tax savings?

Curious about tax savings

What is the eligibility criteria for tax savings?

In India, the eligibility criteria for tax savings depends on the specific taxsaving investment or expense. For example, some common taxsaving investments like EquityLinked Savings Scheme (ELSS), Public Provident Fund (PPF), National Savings Certificate (NSC), and taxsaving Fixed Deposits (FD) have a lockin period and a maximum investment limit. The eligibility criteria for claiming deductions under Section 80C of the Income Tax Act is having a gross total income below a certain threshold, which is currently set at Rs. 50 lakhs. Similarly, tax deductions for home loan interest payments are subject to certain conditions, such as the property being selfoccupied or let out on rent.

It is important to understand the eligibility criteria for specific taxsaving instruments and expenses before investing or making payments to claim tax benefits.

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