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Deductions and Exemptions for NRI

Deductions and Exemptions for NRIs

Deductions under section 80C

Most of the deductions under section 80 are also available to NRIs. For FY 2014-15, a maximum deduction of up to Rs. 1,50,000 is allowed undersection 80C from gross total income for an individual.

Of the deductions under Section 80C, those allowed to NRIs are:

  • Life Insurance Premium Payment: The policy must be in the NRI’s name or in the name of their spouse or any child’s name (child may be dependent/independent, minor/majo r, or married/unmarried). The premium must be less than 10% of sum assured.
  • Children’s Tuition Fee Payment: Tuition fees paid to any school, college, university or other educational institution situated within India for the purpose of full time education of any two children (including payments for play school, pre nursery and nursery).
  • Principal Repayments on loan for purchase of house property: Deduction is allowed for repayment of loan taken for buying or constructing residential house property. Also allowed for stamp duty, registration fees and other expenses for purpose of transfer of such property to the NRI.
  • ULIPS or Unit Linked Insurance Plan: ULIPS sold with life insurance cover for deduction under Section 80C. Includes Contribution to Unit Linked Insurance Plan of LIC Mutual Fund e.g. Dhanraksha 1989 and contribution to Other Unit Linked Insurance Plan of UTI.
  • Investments in ELSS

Deductions and Exemptions for NRIs

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