• This is generally cut by companies as part of your provident fund. Maximum limit is same; Rs 1 lakh
• While employer’s contribution is tax exempted, your contribution is counted towards section 80C investments.
• There is option to contribute through voluntary option. (VPF)

• If you are paying EMI on house loan then principal part of it can be taken as deduction under 80C
• You need to have possession of property and certificate of ownership to claim tax deduction under 80C
• Amount paid as stamp duty when buying  house, and the amount paid for the registration of the documents of the house can be claimed under section 80C in the year of purchase of the house

Benefit can’t be taken for under construction home.

Loan has to be from some bank or financial institution and not from family / friends.

• Every person having dependents should have life insurance so this comes as another favourite.
• Policy can be from any company approved by IRDA (Insurance regulatory & Development Authority)
• Allowed for Premium paid for self, spouse and children.

Premium paid for parents is not covered.

For Single premium plans, max 20% of sum assured is allowed for deductions.

• It is statutory scheme of Government of India. Accounts can be opened at post offices and various banks.
• This scheme is for 15 years. But here interest earned is also tax free. So actual returns through PPF comes out to be much higher than normal Fixed deposits.
• Account can be opened for self, spouse and children for 80C benefit. The contribution to the account can vary from year to year, from a minimum of Rs 500 to a maximum of Rs 100,000 in any given year.

• If one has not reached the limit of Rs. 100000, then investment of the remaining amount in Equity Linked Savings Scheme (ELSS) is next best.
• Equities provide the best, inflation-beating return in the long term. After all, what can be better than something that gives great return and helps save tax at the same time? Though lock-in period is 3 years for these schemes.

• Self named NSC certificate upto limit of Rs 1 lakh is allowed for deduction.
• Interest accrued every year is liable for tax. Though interest is also deemed to be reinvested and so eligible for tax deduction.

• Fixed deposits in scheduled banks with minimum period of 5 years are eligible. (Please clarify with the bank about the eligibility of 80C deduction for individual scheme)

• Self named five year time deposit is allowed for 80C benefits

• ULIPs cover Life insurance with some benefits of equity investments. But go through the various charges and fine prints for individual policies so that you don’t end up loosing while saving tax.

• Tuition fees paid on two children’s education upto limit of Rs 1 Lakh. Even if you have more then two children, you can claim tuition fees paid of only two children.
• Though, husband and wife both have a separate limit of two children each, so they can claim deduction upto 4 children.

• Senior citizen > 60 years can make deposits under this scheme which will be allowed for deduction under Section 80C