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Under Section 80E, the income that you spend to meet the interest component of education loans is not taxable. You can avail of such an education loan against collateral. However, it depends upon the funds that are needed. You must know that such waivers are granted for the initial eight years of the loan repayment. It is one of the most sought-after options for tax-saving other than 80C.
Under Section 24(b), the interest that you pay on a home loan can be removed from the income tax calculations. If you buy the house to live in it, you can claim a maximum of INR 2 lakh as a tax rebate on the rate of interest. However, the construction has to be completed within five years of the loan tenure. If you let the property on rent, tax need not be paid on the interest component of the home loan.
Under 80G, if you donate your income to charitable organizations are exempted from tax calculations. There is no limit on such tax waivers, provided you make the transfers through banks.
Under Section 80GGA, if you make donations for scientific research and rural development, you can claim tax waivers on the same. 100% of the income you spend is eligible for such deductions. However, for this, you have to make the transaction through a bank account. You should try to keep everything documented. This is one of the income tax saving options other than 80C of income tax.
Under 80GGC, the donations that you make to political parties are also tax-saving options apart from the 80C deduction. The entire contribution can be waived off from tax calculations. However, make sure you make the transaction through wired bank transfers. You also need to ensure that the political party to which you are contributing is registered under Section 29A of the Representation of People Act (RPA) of 1951.
Here are some of the popular income tax saving options other than 80C, which you must be aware of.
| Sections | Exemption Limit | What They Deal In |
| 80CCD | INR 50,000 | Contributions to National Pension Schemes (NPS) |
| 80DD |
INR 75,000 for people with 40% to 80% disability INR 1,25,000 for people with higher than 80% disability |
Expenses on a handicapped dependent |
| 80D |
Up to INR 25,000 for oneself + family (including spouse and child). Up to INR 50,000 for oneself and family + parents Up to INR 75,000 for Oneself and family (below 60 years) + Parents above 60 years of age Up to INR 1,00,000 for Oneself and family (with members above 60 years) + Senior Citizen Parents |
Health insurance premiums |
| 80E | No limit | Education loan interest payment |
| 80DDB | INR 40,000 (INR 1,00,000 for senior citizens) | Treatment of specified illnesses |
| 80EE | Up to INR 50,000 | Home loan interest payment for first-time home-owners |
| 80G | No Limit | Donations to approved charitable institutes |
| 80GG |
Lower of the following – INR 5000/month The total annual income of 25% 10% of the basic annual income. |
Rent paid by employees not having HRA |
| 80RRB | Up to INR 3 lakhs | Royalty or patent income |
| 80GGA | No limit | Donations for Scientific Research and Rural Development |
| 80GGB | No limit | Donations Made to Political Parties or an electoral trust. (Indian companies are eligible to claim benefits) |
| 80GGC | No limit | Contributions made to a political party |
| 80U |
INR 75,000 for 40% to 80% disability INR 1,25,000 for higher than 80% disability |
Handicapped tax-payers can claim this deduction |
| 80TTA and 80TTB |
80TTA – Up to ₹10, (individuals below 60 years) 80TTB – Up to ₹10,000 for senior citizen |
Saving account interest |
Now, that you know the options for tax deduction other than 80C, you can use them wherever needed and avail of the benefits.
Apart from Section 80C, there are several tax-saving options. Some examples are home loan EMIs, health insurance, interest from savings accounts, etc.
To save tax other than 80C, you can invest in Equity Linked Savings Scheme (ELSS) funds, Unit Linked Insurance Plans (ULIPs), the National Pension System (NPS), Sukanya Samriddhi Yojana, Tax-saving Fixed Deposits, etc.
A totally tax-free investment is Public Provident Fund (PPF) since it is government-sponsored.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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