8) An Contribution in the name of Individual/Spouse/Children or by HUF in the name of any family member in Unit Linked Insurance Plan of Unit Trust of India or Unit Linked Insurance Plan of LIC.
9) Any premium paid in New Jeevan Dhara, New Jeevan Dhara 1, New Jeevan Akshay, New Jeevan Akshay 1, New Jeevan Akshay 11
10) Subscribing Units of Equity Linked Saving Schemes, 2005 or Mutual Funds under section 10(23D).
11) Contribution by Individual to UTI Retirement Benefit Pension Plan or Notified Pension Funds under mutual funds of 10(23D)
12) Any contribution by Individual or HUF to deposit or contribution schemes of National Housing Bank pension funds. The Home Loan Account Scheme has been notified.
13) Subscription by an individual Hindu
undivided family, any notified deposit scheme of:
b) any authority constituted in India by or
under any law enacted for the purpose of dealing with and satisfying the need
for house accommodation or for the purpose of planning, development or
improvement of cities, towns and villages, or for both.
14) Any sum paid by an individual as tuition
fees provided following conditions are satisfied:
a) no portion paid as development fees or
donation or payment of similar nature shall be allowed as deduction
b) tuition fees may be paid on or after the
admission
c) it is to be paid do any university,
college, school or other Educational Institute situated in India
d) it is to be paid only for the purpose of
full time education
e) deduction will be allowed for maximum 2
children
15) Any payment made by individual or Hindu
undivided family, for purchase or construction of residential house property,
the income from which is chargeable to tax under the head income from house
property. Search payment maybe towards:
a) Any installment or part payment, of the
amount due under any self financing or other schemes of any development
authority, housing Board or other similar authority engaged construction or
sale of house property on ownership basis.
b) any installment or part payment the
amount due to any company cooperative Society of which the assessee, is a
shareholder or member towards cost of the house property allotted to him
c) repayment of the amount borrowed by the
assessee from
i) the central government or state
government
ii) any bank including Cooperative Bank
iii) the Life Insurance Corporation
iv)
the national housing Bank
v)
an Indian public company with the main object carrying on the business
providing long term Finance for construction or purchase of house in India
eligible for deduction under section 36(1)(viii)
vi) any company in which the public are
substantially interested any Co-operative Society, where such company or
cooperative society is engaged in the business of financing the construction of
houses
vii) the assessee's employer where such
employer is a public company, public sector company, university established by
law, college affiliated to search University or a local authority or a
cooperative society. Also this is allowed if the employer is constituted under
Central or state act.
d) payment towards stamp duty, registration
fees and other expenses for the purpose of transfer search house property to
the assessee.
However the following expenses can never be
regarded as deduction under section:
a) admission fees, cost of shares and
initial deposit which a share holder of a company or member of cooperative
society has to pay for becoming such shareholder or member.
b) cost of addition, alteration, repair, or
renovation after issue completion certificate or after asseesee occupied the
premises.
c) in respect of which deduction is allowed
under section 24 (Chapter House Property)
16) as
subscription to equity shares or debentures forming part of any eligible issue
of capital approved by the Board on an application made by a public company or
as subscription to any eligible issue of capital by any public financial
institution in the prescribed form 59.
Explanation.—For the purposes of this
clause,—
(i)
"eligible issue of capital" means an issue made by a public company
formed and registered in India or a public financial institution and the entire
proceeds of the issue are utilised wholly and exclusively for the purposes of
any business referred to in sub-section (4) of section 80-IA;
(ii) "public company" shall have
the meaning assigned to it in section 3 of the Companies Act, 1956 (1 of 1956);
(iii) "public financial
institution" shall have the meaning assigned to it in section 4A of the
Companies Act, 1956 (1 of 1956);
17) as subscription to any units of any mutual
fund referred to in clause (23D) of section 10 and approved by the Board on an
application made by such mutual fund in the prescribed form 60:
Provided that this clause shall apply if
the amount of subscription to such units is subscribed only in the eligible
issue of capital of any company.
Explanation.—For the purposes of this
clause "eligible issue of capital" means an issue referred to in
clause (i) of the Explanation to clause 16;
18) as
term deposit—
(a) for a fixed period of not less than
five years with a scheduled bank; and
(b) which is in accordance with a scheme
framed and notified, by the Central Government, in the Official Gazette for the
purposes of this clause.
Explanation.—For the purposes of this
clause, "scheduled bank" means the State Bank of India constituted
under the State Bank of India Act, 1955 (23 of 1955), or a subsidiary bank as
defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959),
or a corresponding new bank constituted under section 3 of the Banking
Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or
under section 3 of the Banking Companies (Acquisition and Transfer of
Undertakings) Act, 1980 (40 of 1980), or any other bank, being a bank included
in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934);
19) As
subscription to such bonds issued by the National Bank for Agriculture and
Rural Development, as the Central Government may, by notification in the
Official Gazette, specify in this behalf;
20) in
an account under the Senior Citizens Savings Scheme Rules, 2004;
21) as
five year time deposit in an account under the Post Office Time Deposit Rules,
1981.
