Jaideep is getting a salary of Rs. 800000 p.a. He has bought a health insurance policy for himself and his family and paying a premium of Rs. 10,000. Jaideep is paying Home Loan interest of Rs.40000 and principal of Rs.30000. He has also bought a term insurance of LIC and paying premium of Rs. 20000 and done investment in Mutual Fund ELSS scheme of Rs.50000.
Now first calculate his Taxable Income
Now calculate the Tax Liability
In this case, Jaideep is doing investments in Mutual Funds and LIC u/s 80C and also paying principal on housing loan so total investment in sec 80 C is Rs.100000. Additionally, he is also taking a deduction for a health insurance policy of Rs.10000 which is coming under section 80D.