9911796707
TMI BlogDEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, CONTRIBUTION TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES, ETC.X X X X Extracts X X X X X X X X Extracts X X X X ..... ity or making provision for his spouse or children, to the extent of 20% of salary; (d) contribution by an individual to any provident fund to which the Provident Funds Act, 1925 (19 of 1925) applies; (e) contribution to an account with any provident fund, set up and notified by the Central Government, in the name of,-- (i) in the case of an individual, such individual, spouse of the individual and any child of the individual; (ii) in the case of a Hindu undivided family, any member thereof; (f) contribution by an employee to a recognised provident fund; (g) contribution by an employee to an approved superannuation fund; (h) subscription to any security or deposit scheme notified by the Central Government in the name of an individual or any girl child of that individual, or any girl child for whom such person is the legal guardian, if the scheme so specifies; (i) subscription to savings certificate as mentioned in section 3(k) of the Government Savings Banks Act, 1873, (5 of 1873), as notified by the Central Government; (j) contribution for participation in Unit-linked Insurance Plan, 1971 specified in Schedule II of the Unit Trust of India (Transfer of Undertakin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e property the income from which is chargeable to tax under the head "Income from house property" (or which would, if it had not been used for the own residence of the assessee, have been chargeable to tax under that head), subject to satisfaction of conditions laid down in paragraph 3; (s) term deposit for a fixed period of not less than five years with a scheduled bank, and which is as per such scheme framed and notified by the Central Government; (t) subscription to bonds issued by the National Bank for Agriculture and Rural Development, as notified by the Central Government; (u) deposit in an account under the Senior Citizen Savings Scheme Rules, 2004; (v) five years term deposit in an account under the Post Office Time Deposit Rules, 1981; (w) contribution by an employee of the Central Government to an additional account referred to in section 20(3) of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013) of the pension scheme notified by the Central Government,-- (a) for a fixed period of not less than three years; and (b) which is as per the scheme as notified by the Central Government for the purposes of this clause; (x) contribution m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is to be or may be received under the policy by any person. 3. Payments made for purchase or construction of residential house property.- The deduction in respect of amount spent for purchase or construction of a residential house property as provided in paragraph 1(r) shall-- (a) include payments that are made towards or by way of- (i) any instalment or part payment of the amount due under any self-financing or other scheme of any development authority, housing board or other authority engaged in the construction and sale of house property on ownership basis; or (ii) any instalment or part payment of the amount due to any company or co-operative society of which the assessee is a shareholder or member towards the cost of the house property allotted to him; or (iii) repayment of the amount borrowed by the assessee from- (A) the Central Government or any State Government; or (B) any bank, including a co-operative bank; or (C) the Life Insurance Corporation; or (D) the National Housing Bank; or (E) any public company formed and registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , within two years after the date of commencement of insurance; or (b) in any other case, before premiums have been paid for two years. 2. (a) Contribution for participation in the Unit-Linked Insurance Plan, 1971; (b) contribution for participation in the unit-linked insurance plan of Life Insurance Corporation Mutual Fund. Where the assessee terminates his participation in such plan, by notice to that effect or where he ceases to participate by reason of failure to pay any contribution, by not reviving his participation, before contributions in respect of such participation have been paid for five years. 3. Certain payments made for purchase or construction of residential house property. Where the assessee-- (a) transfers the house property before the expiry of five years from the end of the tax year in which possession of such property is obtained by him; or (b) receives back, whether by way of refund or otherwise, any sum specified in that clause. 4. Certain payments for subscription to any equity shares or debentures forming part of any eligible issue of capital by a public company or by any public financial institution and approved by Board. (a) Where the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee account, if any, is received by the assessee or his nominee,- (a) on account of the surrender of the annuity plan whether in whole or in part, in any tax year; or (b) as pension received from the annuity plan. An amount equal to the whole of the amount referred to in column C (a) or (b) shall be deemed to be the income of the assessee or his nominee, in the tax year in which such withdrawal is made or, pension is received, and shall be liable to tax in the said year. 3. Contribution by an individual to a pension scheme notified by the Central Government. Where any amount standing to the credit of the assessee in the pension scheme, in respect of which a deduction has been allowed, together with the amount accrued thereon, if any, is received by the assessee or his nominee, in whole or in part, in any tax year, and if such amount is not used for purchasing an annuity plan in the same year- (a) on account of closure or his opting out of the pension scheme (except when received by the nominee on the death of the assessee); or (b) as pension received from the annuity plan purchased or taken on such closure or opting out. The whole of the amount referred to in colu ..... 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