ATC You will get the deduction in ATC
The principal amount of your loan that you have repaid you
will get the deduction in principal amount in ATC upto 1.5
Lakh Rupees
Interest deduction 24B I had given in house property
How much I had given?
Try to remember, get my revision done
It was self-occupied house property so there was a limit of
2 Lakh Rupees
But if it was let out then there was no limit
If I am repaying the principal then 1.5 Lakh Rupees the
principal amount
I will get the deduction
This is the point
Keep watching
Keep learning
Make sure you have confidence
This confidence is the king of the jungle even if there is
no quality in the share
This is an interesting point
Stem duty
When you buy a house
What do you do?
You buy a house
Go home and tell your parents that when you buy a house the
registry is also done
The charges of the registry are 1% of the price
Stem duty value
And the charges of the registry
You have to deposit it in the government
The charges of the registry
Stem duty or registration fees
Earlier there was no deduction
But now
The charges of the registry
You will get the deduction in section 80C
Whenever you go to buy a house
The registry papers that you deposit
Be careful
Because now you will get 80C deduction
Maximum 1.5 Lakh Rupees
If you deposit 5 years FD in a bank
FD If you deposit in a bank
Then you will get 1.5 Lakh Rupees deduction
People generally do this 10 Lakh Rupees income
How to reduce it?
There will be savings 1.5 Lakh Rupees will go to the bank
There will be some interest of FD
And my 10 Lakh Rupees income will become 8.5 Lakh Rupees
So the tax on 10 Lakh Rupees will be reduced
Now the tax will be on 8.5 Lakh Rupees
Any problem?
No problem?
If you take the bonds of NABARD
You will get it on this
If you deposit 5 years FD in a post office
Then also you will get 1.5 Lakh Rupees deduction
Is the point clear?
Any problem?
Let's move ahead
Sir, a new section 80 CCC
There are 2-3 sections
And I believe that
In the chapter of deductions
There are only 2-3 starting sections
Which are very important
I am talking according to real life
According to that
These sections are very very important
You will take life insurance policy
If you don't
Then your parents must have taken it
Go and tell them
If their income tax returns
Then check
Whether they take deductions or not
If they don't
Then get it from next year
If they don't
Then get deductions from next year
Deduction of tuition fees
Get it
Check it
If you buy a house
Then check its registration papers
Registration slip
Stamp duty
And registration fees
You will get deductions
Let's move ahead
Any problem? 80 CCC
What were we reading just now? 80 C
What is this?
C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C
C C C C C
C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C
C C C C C C C C C I am telling you a genuine problem.
For example, there is a person whose annual salary is Rs. 5
lakhs.
That person felt that
I don't know about my youth, but my old age should be safe.
So, a wish arose in his mind, that whatever money I get,
I will use it for a very big amount,
I will put a lot of money in the pension scheme of the
central government,
I will put a lot of money in the pension scheme of the
central government, so that when I turn 60, I can save a
lump sum amount, so that when I turn 60, I can save a lump
sum amount, and I can keep taking it monthly after 60 years.
Did you understand the case?
So, now, this person's annual salary,
what work did he start doing?
He started, let's say, he had a salary of Rs.
15 lakhs, let's say, he had a salary of Rs.
15 lakhs,
so, he started putting 10% of his salary,
which is Rs.
1.5 lakhs,
so, he started putting Rs.
1.5 lakhs,
in 80 CCDs.
Is it clear?
What was the maximum amount that he could get?
10% of salary, it is allowed up to that, but understand one
more problem,
he had 80 CBDs,
he also had a life insurance policy, for which he used to
pay a premium of Rs.
Is it clear?
No, I am telling you the actual case.
He had,
because you are saying that there is a limit of Rs.
1.5 lakhs in 80 CCDs, so, he had bought a house somewhere,
he had paid his stamp duty, that stamp duty was Rs.
1.25 lakhs.
Is there any problem?
Total, friends, how much was it?
Rs. 3 lakhs.
He went to the government, and started saying that
government,
I have an income of Rs.
15 lakhs, and my deductions become Rs.
3 lakhs.
You show my income as Rs.
12 lakhs, and pay tax on Rs.
12 lakhs.
I mean, you take my tax from me.
So, the government will say, tell me one thing, these are
only two sections, and you have taken deduction of Rs.
3 lakhs in this.
There will be many more sections, there are many limits.
If you start doing like this, then he will make his entire
income zero.
Am I saying something wrong?
He will make his entire income zero.
So, the government said, let's do one thing, because there
are many people like this.
The tuition fees also increases a lot.
If someone is buying a house, his stamp duty also increases.
Even in pension scheme, a person puts his money.
So, the government said, do one thing,
set a limit,
80C,
plus 80CCD,
plus that 80CCC, which we had studied earlier, in the
second pension scheme,
I used to put money.
Set a limit for this.
And the government set that limit,
Rs. 1.5 lakhs.
Now, you, the limit of this, and if you cover 80CCC also,
so the limit of these three is
Rs. 1.5 lakhs.
No matter how much money you put in all three,
no matter how much money you put in, maximum, you will get
a deduction of Rs.
1.5 lakhs.
Is the point clear?
See,
the government also plays the game.
You think that you are playing the game.
The game you are playing,
the game you are playing,
the government is the king of that game.
See, what a move this is.
If you give 80C also, you can do CCC also, you can do CCD
also, maximum, we will give up to Rs.
1.5 lakhs.
You can do whatever you want, you can put money anywhere.
This is the point, friends.
This is the point.
People said, this will be a big problem.
Nothing is happening in Rs. 1.5 lakhs.
What will I do?
Nothing is happening in Rs. 1.5 lakhs.
I have invested so much in so many places.
What will I do?
The government said, okay,
you are a citizen of our country,
you are a citizen of our country, so let's do one thing,
you can take Rs. 1.5 lakhs.
You believe this, there is no problem with this.
They said, no, at least, let's run away.
Give us Rs. 1.5 lakhs.
Okay, I gave it.
The government said, do one thing,
one more section will come later,
in that, take Rs.
50,000 separately from us.
Take Rs.
50,000 separately, means first see the limit of Rs.
1.5 lakhs,
take up to Rs. 1.5 lakhs.
If you fall in the limit of Rs.
1.5 lakhs, then there is no problem.
If you go beyond that,
then take Rs. 50,000.
In this case, deductions up to Rs.
3 lakhs were being made,
Rs. 1.5 lakhs was given by the government,
and the remaining Rs. 50,000 was given by another person.
So, Mr.
Leh will be able to take deductions up to Rs.
2 lakhs.
Is the point clear?
See this now.
It is very important to understand this deduction, friends,
because it reduces your income.
When the income will be reduced, then it is obvious that
the tax will also be reduced, friends.
It is very important to understand this point.
Is the point clear?
Shall I move ahead?
See this, this is the section.
80 CCD IB
provides for additional deduction up to Rs.
50,000 in respect of whole of the amount paid by the
assessee under NPS.
Whether or not any deduction is allowed under 80 CCD?
One.
You will get an additional deduction of Rs.
in respect of whole of the amount paid or deposited by the
individual assessee under NPS.
And the limit of Rs.
that 80 CCD IB talks about, come to the D point,
where the deduction under 80 CCD IB
is subject to
is subject to the overall limit of Rs. 50,000.
The Rs.
50,000 limit that we had put in the government scheme in
the pension scheme,
that was the limit up to Rs. 50,000.
Because 80 CCD IB had said it.
Now understand where did the limit of Rs.
50,000 come from?
Where did the limit of Rs.
50,000 come from?
The limit of Rs.
50,000 has come from here.
The 80 CCD IB section says that 80 CCD IB plus 80 CCD IB
plus 80 CCD IB is equal to Rs.
So how much maximum
CCD can I take?
Rs. 150,000.
Whose limit of Rs.
150,000 had come out?
So this is what he is saying that whereas
the deduction is subject to overall limit of Rs.
the maximum permissible deduction under C, CCC or CCD I
put together deduction of up to Rs.
50,000 under CCD IB
is in addition.
We are giving you a deduction of Rs.
50,000 separately apart from Rs.
Your deduction of Rs.
has been given to you under CCE.
And apart from that we are giving you a deduction of Rs.
Listen to the example.
There was an assessor.
His name was
Jimmy.
Jimmy, Jimmy
Choo, Choo, Choo, Choo
There was an assessor
Mr. Jimmy Choo.
Please read.
And he is frustrated because he does not have any savings.
He contacts
Mr. Gupta and says
Sir, you are an educated, chartered accountant.
Please tell me something.
So he contacts Mr.
Gupta and after his advice
he contributes
Rs. 140,000 towards National Pension Scheme.
And
after lots of hard work
his gross total income
is Rs. 550,000.
Now look at this point carefully.
Is this person a government employee?
What did I say in 80 CCT 1?
Two things.
One, 10% limit and one 20% limit.
Is this person a government employee
Mr. Jimmy Choo?
No.
It is not written anywhere in the question.
It is not written anywhere.
So what will be considered self-employed? In self-employed
case my dear friends
what was the limit? 20% limit in 80 CCT 1.
CCT 1 means
the government
pension scheme which you invest money in.
So his gross total income as per question was
Rs. 5,50,000.
And because he
is not a government employee
his limit will be
20% limit.
of Rs.
1,10,000. Any problem? The limit of Rs.
1,10,000 will be reached.
What was the question saying? The question was saying that
the limit of Rs.
1,10,000 is a very good thing but this person has put Rs.
1,40,000. Now how will the deduction be seen? He has put Rs.
1,40,000 and what was the limit of this brother? His limit
was Rs.
1,10,000. He has put Rs.
So the government will say that this is fine.
The limit in which it falls, let's finish it.
The government said that the maximum limit of Rs.
1,10,000 is Rs.
30,000. Then what did we say? That Rs.
30,000 is left.
So the government said that we had brought a separate
section that if Rs.
50,000 is left then we have a separate limit.
Take it in that.
he will take the remaining Rs. 30,000 in 80CCD1B. So he
will get the benefit of Rs. 1,40,000.
This is their limit. That it will be allowed up to 10%.
They are government employees.
And if they are self-employed then the maximum will be
allowed up to 20%.
So they have allowed maximum up to Rs.
1,10,000. Apart from that, they have allowed but Rs.
30,000 is still left out of Rs.
1,40,000. What to do about that? For that the government is
saying that use the limit of Rs.
50,000. Now you have used Rs.
1,10,000 there and Rs.
30,000 which was left, you have used it here.
Rs. 1,40,000 has been deducted.
Your gross total income was Rs.
5,50,000. Out of that Rs.
1,40,000 is deducted.
Rs. 4,10,000 will be your total income.
This is the point friends.
Read it.
This is the answer.
He could have also done
this. First he could have finished the Rs. 50,000 limit
which the government had given.
He could have finished it completely.
After that the Rs.
90,000 which was left, he could have put it in the 20%
limit and finished it.
He could have done this too.
Your thinking is absolutely right.
Do you understand the point? This is the point friends.
Is it clear till this point? Are you able to sit till this
point clearly? Even if you are not able to sit, don't take
tension.
I will make you sit in the next one minute.
What have we studied till now? We are studying that we were
talking about 80C earlier in which life insurance policy
etc.
had come.
This was done.
Life insurance policy, LIC etc., tuition
fees etc.
had come.
Then we came to the next section on 80CCC.
What was it saying? That money is put in pension scheme.
Then what did we talk about? We talked about 80CCD.
What was 80CCD? If a person puts money in the government
pension scheme, then he will get a deduction.
Then we made two categories.
In the case of a government employee, what will be the
maximum salary he will get? 10% of salary.
And if it is a non-government, self-employed, what will the
self-employed get maximum? 20% of GTI, gross total income.
Then we studied that what will be the maximum limit of
these three? 1.5 lakhs.
This we studied.
Then we also studied that if 1.5 lakhs does not cover
everything, a little balance is left, then take it
separately.
80CCD, 1B, in which the government will give
you Rs.
50,000 separately.
Make this flowchart once.
Make it once.
Director sir, please show a little to this side.
Yes, fine.
Is the point fine? Now it must have come. Now it must have
come. Let's go ahead.
Then we talk about 80CCD-2.
What is 80CCD-2? Under 80CCD-2, who is contributing?
Central government or state government? Or any other
employer? In the account of the employee?
For example, what I was saying that you put some pension
money from your salary.
Sometimes that money is put by the employer as much as you
are putting.
For example, you have a salary of 10 lakhs.
From that, you put Rs.
1 lakh every year in your pension scheme.
And the employer says that if you will put Rs.
1 lakh, then I will put Rs.
1 lakh.
So in a way, it has become a part of salary.
Although the person is not receiving the salary now, but he
is getting that benefit because of staying in the job.
So it has become a part of salary.
So what is the treatment for that? First of all, his salary
has increased.
Now you will say that the salary in hand is of 10 lakhs.
Apart from that, he puts Rs.
1 lakh from himself.
Apart from that, his employer puts Rs.
1 lakh.
Although I am not in favour of this employer and employer.
I don't think there is any employer and any employee in
this world.
I believe that everyone's employer is the same.
But still let's say that Rs.
10 lakhs is his in-hand salary.
Apart from that, he puts Rs.
1 lakh more in his pension scheme and his employer puts Rs.
1 lakh.
So what will be his total salary? It will be Rs.
12 lakhs.
The employer has given him Rs.
10 lakhs in cash or cheque.
After that, Rs. 1 lakh, he says that he is putting it. So
the total was Rs. 11 lakhs.
He gave Rs.
10 lakhs and he put Rs.
1 lakh.
Rs. 11 lakhs.
The employer is also putting money on his behalf which will
ultimately go to the employee.
And I had discussed with you in the salary chapter that the
employer can give anything to the employee, any benefit
that is part of salary.
This person's salary will be Rs.
12 lakhs.
Part of salary should be made first.
The benefit that you are giving should be made part of
salary.
After that, because this person's gross total income has
been made, he will also go and ask for a deduction.
The government will say, what is the deduction for? I am
giving you
Rs. 1 lakh. Take this deduction. He will say, I will take
this too. That is there.
He will say, give me this too. This is what my employer is
putting. He will say, okay.
What else? If my employer is putting, then give me a
deduction for that too.
Why do you need a deduction? Because my income is
increasing because of that thing.
So the government said, okay, you are doing the right thing.
I will give you a deduction.
So in this case,
I will give you a deduction that whatever amount he is
putting, or 10% of salary, if he is a government employee,
then? If he is a non-government employee, then 14%? This is
the maximum amount that you will get a deduction for.
80 CCG 2A section, this was what he used to say.
Is the point clear? Absorb it once.
What story have I told? Try
to understand things.
Shall I go ahead? See this.
This is non-government, sorry.
And this
is government.
Because more will always be of government.
See this.
This is 10% non-government
friends. And 14% is of government.
If you do a private job somewhere, then the maximum
that the employer has put in your pension, how much
deduction will you get for that?
10% maximum of salary.
If you are a private employee.
If you are a government employee,
then you will get a maximum deduction of 14%.
The reason is that the money that the employer has given
you, deposited it on your behalf, that becomes a part of
your salary.
With that your gross total income increases.
Let's go ahead.
Let's read it once.
Read this point friends.
that under 80CCD2, contribution made by central government
or state government or any other employer, any other means
any private person, in the previous year to the account of
employee is allowed as deduction, allowed as deduction,
deduction you get.
Entire employer contribution will be included in salary.
However, deduction would be restricted to 14% of salary in
case contribution is made by government and 10% in case
contribution is made by private person, private employer.
This is the point.
Is the point clear? If you read it once or twice, you will
understand it yourself.
There is nothing like this in them.
Let's go friends.
Keep confidence.
Because if you have confidence, then believe me, in life
you will win an important game.
Our situation doesn't decide where we will go.
Our attitude to fight that situation decides where we will
go.
Attitude decides, friends.
Lion has attitude, that's why he is a lion.
He has confidence, he has zeal.
If a wolf or anyone comes in front of him, he knows that he
will kill him.
What will he do? However, according to a study, a lion has
only 1 fourth chance, means 25% chance of winning or
catching an animal and eating.
He is the king of jungle with only 25% chance.
Think about it.
Now let's talk about the
pension scheme.
For example, there is an old man in the house and his
daughter is about to get married.
And his son, who used to earn money, he had a fight with
someone.
He became a vagabond and went to jail.
On one hand, the girl is getting married and on the other
hand, he needs money for bail to get the boy out of jail.
What can he do? All his life's savings went to his
daughter's wedding.
He has nothing left.
How will he get his son out of jail? And how will he pay
the balance that was left in the girl's wedding? How will
he pay that? He came to me and said, Mr.
Gupta, it's like this, these are the problems.
I said, you take some help from me.
I will help you financially.
That person said, I am a very selfish person.
I will not take help.
If you can give me some advice, it will be very good for
you, Mr.
Gupta. I said, advice? The advice is that in the pension
scheme, the pension scheme of the central government, you
had put some money in it.
You used to put money in it.
Is this true? He said, yes, it is absolutely true.
I said, when you had put that money in the pension scheme
so that when you will be 60 years old, then you will get
that money in the form of monthly pension.
He said, yes, it is true.
I said, why are you waiting for 60 years? You need that
money today.
You use that money today.
Withdraw that money from your pension scheme.
This is right.
I will withdraw it.
With the money I have withdrawn, I will get my son released
and here I will get my daughter married.
The daughter's brother will sing and dance in the wedding
and Mr.
Gupta will bless you.
I said, we work for blessings.
If we worked for money, then today our future would have
been something else.
So that person withdrew that money from his pension scheme.
I had put my own salary money in the pension scheme and
when I had put it, I had taken the deduction.
Now when I am withdrawing it, should it be taxable in my
hand? Yes? No? What should it be? The government said that
a person withdraws the pension scheme money only when he
needs it a lot.
We also understand this.
That is why we exempted that money up to 60%.
Assume that while depositing, it would have become
Rs. 40 lakhs or Rs. 50 lakhs. Then 60% of Rs. 50 lakhs will
become Rs. 30 lakhs and Rs.
20 lakhs will become taxable in that old man's hand.
Situation number 2.
Assume that that old man got into an accident and his
ticket got stolen.
God called him to his gathering.
In that case, as the son is in jail, the daughter is going
to get married.
What should the old woman do? The old woman came to me
again and I said, sister, you take some help from me.
She said, no, I am also very selfish. Give me some advice.
What should I do? I said, you do one thing.
Withdraw the pension
scheme money. Now in this situation, the money is being
withdrawn at the time of death.
The money is being withdrawn at the time of death.
The government says that we are not that heartless.
We also understand that it is a genuine requirement.
If a person dies, then what should we call it tax? Then
nothing will be taxable in the old woman's hand.
This is the point, friends. This is the point here.
60% exempt, after that taxable.
Hello, friends. How are you all? I, Shreya Gupta, welcome
you to the episode of Dharabhai.
In this episode of Dharabhai, we were discussing about the
deductions chapter.
In the deductions chapter, we had read section 80C.
In that 80C, we had read that there is an umbrella section
which has a limit of 1.5 lakh rupees and a lot of things
get covered in it.
Like the premium that you pay on life insurance policy,
that gets covered in this.
It covers the tuition fees that you pay for your children,
but it is only allowed for two children.
It was allowed in this that you buy a house and the fees
for the stamp duty of that house gets covered in this.
Then we had discussed that the pension schemes of our
central government, the money that you contribute in that,
you also get a deduction for that.
Today, we will discuss, friends, about a new section called
80D.
What is 80D? What is 80D, sir? Let me tell you.
80D gives you a deduction that you pay for your health
insurance premium every year.
You get that deduction from your gross total income every
year.
Which insurance? Health insurance.
Not life insurance.
Life insurance was covered in 80C, in the limit of 1.5 lakh
rupees.
This is health insurance.
What does health insurance mean? If you have a disease or
fever, and you go to the hospital and get admitted, and
they charge you 2 lakh rupees bill, then either you give
that money from your pocket, if you don't have insurance,
then? And if you have insurance, then you don't need to
give any money.
That insurance will automatically give money to the
hospital staff.
You get your treatment done peacefully.
This is called health insurance.
Now, you get a deduction for this.
When you pay the premium, you get a deduction for that.
How much do you get? Who gets it? Friends, it is said that
if an individual takes health insurance in his name, or in
the name of his wife, or in the name of his children, then
he gets a deduction of 25,000 rupees.
If his health insurance premium is going to be 30,000
rupees annually, then how much maximum will he get? 25,000
rupees.
He will get his deduction there
Abhishek Bachchan will get his deduction of Rs.
But one night I was watching my TV at home
Bhaagwan movie was playing on TV
And seeing Amitabh Bachchan's role, he started crying
He was heartbroken
And he said
Father, don't worry
From tomorrow
I will deposit the premium amount of health insurance
So what did he do?
He covered Big B.
Big B is his father
If you say father, it's parents
He covered them too
So the government said, you are doing a good job
You are taking care of your health insurance expenses
Along with that you are taking care of your parents health
insurance expenses
So for this, you will get an extra deduction of Rs.
You will get an extra deduction of Rs.
See
You will get an extra deduction of Rs.
If you take a health insurance policy in the name of your
parents
You will get your own insurance
But in the case of parents, you will get an extra deduction
of Rs.
The government also said
The government wants you to take as much health insurance
as possible
So that you can avail the medical facilities
So that no one in our country dies due to not being able to
get proper treatment
So the government says, if you are above the age of 60
If you are above the age of 60
So in this case, the limit of Rs.
The limit of Rs.
25,000 increases to Rs.
If this person, suppose in this case it was Abhishek
Abhishek Bachchan Daulat, if he was above the age of 60
If he was above the age of 60
And if he was buying health insurance for his parents So in
that case, the limit of Rs.
The limit of Rs.
50,000 increases to Rs.
And suppose if he was taking health insurance policy in the
name of his father or mother
Whose age is above the age of 60
So the limit of Rs.
50,000 would have been increased to Rs.
Is the point clear?
Is there any problem?
Rs. 25,000, Rs.
25,000 and if he is above the age of 60, then Rs.
In this limit of Rs.
25,000 and Rs.
Preventive health check-up
Which you do yearly for health check-up That is included
So Abhishek Bachchan reached out to the government to thank
them
Modi Ji, thank you for giving us deductions of Rs.
25,000 and Rs.
Modi Ji said, thank you, it's fine
But the condition is that the money in the premium
Don't pay it in cash
Always pay the premium through cheque or online payment
Pay it through number 1
Don't pay it in cash in number 2
He said, it's fine
We will pay
This is the point
Friends, sometimes it happens that
Because he was a father, if you talk to an insurance company
They say that after a certain age, we don't insure a
person's health
Because we know that after that age, that person will fall
sick again and again
And as an insurance company, we will have to pay the
hospital again and again
We won't earn insurance premium from it as much as we will
pay the hospital So in that case, what will happen?
His father won't get insurance
So what happened is that one day, he really fell sick
They took him to the hospital
And they spent some money
He doesn't have insurance policy
And what happened to him?
He had to pay medical expenses
He had to pay medical expenses to cure him
So the government says that this is a genuine problem
That after a certain age, getting health insurance becomes
a big deal
So in that case, if you have paid medical expenses
And if you are above 60 years
Then we will give you a deduction of Rs 50,000
This is the point, friends
See this
Is the point clear?
Shall I continue?
Okay, I will continue
And let's do the reading of this section
Is it clear to you?
Come, let's do the reading
See this, what is ATD saying?
ATD says that you will get a deduction to the extent of how
much?
Rs 25,000
How much? Rs 25,000
How will you get it?
If you pay a premium, how much will you get?
On the health of?
If you pay a premium on health, whose?
Self, spouse and children
For example, Junior Big B
Either you pay a premium
Or put some money in the central government health scheme
This is the point
Or put some money in some other health scheme
So basically, you should get outflow from your pocket
You should get money out of your pocket
For what?
For health insurance
You should get money
So how much deduction will you get?
This is your own
And if he took it for the parents
For example, if he took it for Big B
So how much did he get for Big B?
And further deduction
Rs 25,000 extra
We gave it to him
But this green box
It says that if
Abhishek Bachchan was above 60 years in that case
So instead of Rs 25,000
What would be the limit?
Rs 50,000
You will get an increased deduction of Rs 50,000
Instead of Rs 25,000
If any of the above people
Is a senior citizen
In this case, Rs 50,000
And for Big B's lesson
Rs 50,000
If you get a health check-up done
The health check-up is within the limit of Rs 25,000 and Rs
50,000
And you can spend the health check-up
In cash
But keep in mind
The insurance premium
The health insurance premium
Don't give it in cash
If you give it in cash
You won't get the deduction
So keep this in mind
Whenever you get a health insurance
In your house
Keep a note of it
And check
How much is the premium
You will get a deduction of Rs 25,000
Keep this in mind
And tell your family
And tell them that
I have a friend, Mr.
He is a chartered accountant
And he has told me everything
This is a joke
People don't know the actual facts
If you pay attention, you will get it
Come to point 5
He is a senior citizen
He is above 60 years
And he is not getting health insurance
So if you get him a medical check-up
He will get a deduction of Rs 50,000
Let's move ahead
Did you understand or not?
Friends, always keep your confidence high
As I tell you in every lecture
Sometimes, friends,
There is a point
A single person
Gives a premium of health insurance
How is it a single person?
For example, in a profession
Where you don't know about the income
For example, there is a hero
He got a movie and he received Rs 1 crore
Now he doesn't know
When will he get the next movie
Maybe not for the rest of his life
Now when he gets the money
He decides to get health insurance
He does a lot of stunts
If he gets an injury
He says, I didn't earn this much
As much as my medical expenses
So what will he do?
He will pay
Rs 2 lakhs, 3 lakhs, 5 lakhs
He will get his health insurance of Rs 20 lakhs, 30 lakhs
Assume that the condition is
Applicable for 10 years
For example, he says
The insurance company
Says, do one thing
They say
Give us Rs 5 lakhs now
He says, okay
And they say
It will be applicable
For example, for 50 years
For 50 years
It will be applicable
Rs 5 lakhs
So if I am able to pay for one year, how much will it be?
If I am able to pay for one year
It will be Rs 10,000
So how much deduction will he get for one year?
Only for one year
How much deduction will he get every year?
Rs 10,000
The amount of insurance he is paying
He will divide it by the number of years
And the figure that comes out
He will get his deduction every year
This is the point
See this illustration
In this illustration, what he says is that this man has
made an actual payment.
What all has he done? First look at his age.
He says he is a 40 year old man.
If he is a 40 year old man, then what is the limit? 25,000
or 50,000? The answer is 25,000 rupees.
25,000 for himself and if he is taking it for his parents
and the parents are above 60 years, then how much will it
be for the parents? 50,000.
So what did he do? He paid for the medical insurance
premium of 20,000 rupees.
He put money in the health scheme and spent some money.
But because he is a 40 year old man, no matter how much he
spends, he will get a maximum deduction of 25,000 rupees.
And he has already got a deduction of 25,000 rupees in this
case.
And when he spent on his father, he filled the medical
claim and did the preventive health check-up of 51,000
rupees.
But what will be the maximum deduction? 50,000.
His father is above 60 years. So what will be the maximum
deduction? 50,000.
How much did he spend? 51,000. The answer is 50,000 rupees.
Friends, look at this.
These sections are going to be very useful in your real
life.
Because in today's world, every person has to carry a life
insurance policy and a health insurance policy.
Because medical expenses are increasing a lot.
A lot of diseases are coming which make a person disabled.
And with this, I will start my next section.
If a person is disabled,
If a person is disabled, you must be aware of this.
If a person is disabled, there is an expense in the
maintenance of that person.
For that person, you will hire a nurse.
Or there will be medicines for that person.
If a person is disabled and cannot see, that person has a
mental problem.
If something like this happens, then the government says
that this is a very serious matter.
And for this, we will bring a section on deductions.
And they have made this section 80DD.
80DD says that it provides deductions.
Come, read with me.
This is given to the resident, the individual, the HUF.
And what all payment deductions are given?
Either you get a person treated medically, get them nursed,
get them rehabilitated.
Or you have deposited some money for their maintenance.
So that the poor person's maintenance is done properly.
So that the maintenance is done properly.
So that they get the things they need on time.
If you have deposited money for that, then you get a
deduction of Rs.
And if a person is very disabled, his whole body does not
work, then you will get a deduction of Rs.
If a person cannot see with his eyes, then is he a
disability?
Absolutely.
These are the eyes with which we are watching these
lectures, increasing our knowledge.
Imagine, if a person does not have eyes, then how will he
spend his life?
So in that case, if a person spends for his maintenance, or
spends on his medical expenses, then that person will get a
deduction of Rs.
If the disability is less, and if the disability is more,
then he will get Rs.
If this point is not clear to you, then I would like to
focus your attention on this figure.
Look at this.
Just a minute.
Just a minute, friends.
Did you see that figure?
Look at this.
Now in this case, you must have seen this film,
Golmaal 1.
In this, Mr. Parishawal was blind.
His wife was also blind.
Both of them were blind.
Imagine, if his grandson, Sameer, comes and spends for his
medical expenses, or for his maintenance,
then Sameer would get a deduction of Rs. 75,000.
If the disability is less, and if the disability is more,
then he would get Rs.
We are talking about 80DD.
You must have seen this film, friends.
It has got the status of a cult film.
And whenever I feel down,
I also watch this film and refresh my mood.
Okay, friends?
Was this point clear to you?
Let's move ahead.
Let's go to the next section.
These are very small sections.
There is not much difficulty in them.
Let's go to the next section.
The next section says, what you were talking about just
now, was the maintenance of a disabled person.
You were spending on his medical expenses.
You were contributing some amount.
So, you would get a deduction across total income.
Come on, guys!
You would get it.
Don't be lazy, friends.
Come on, pay attention to me.
Now, this next section, 80DDB, talks about the medical
expenses.
If you have a specific disease and you have spent some
money to treat it, then the government says, it was our
responsibility to treat it for free.
But because you are investing your income in that
treatment, you will get a deduction from that income.
Under which section?
Under 80DDB.
If you full-form DDB, then it is a heart-throbbing disease.
I am saying this to remind you that
DDB means a heart-throbbing disease.
If you get it treated, you will get a deduction for the
money you spend on treatment.
This is the section, friends.
Come on, read it with me.
It provides a deduction to SSC, which is a resident.
And you will get a deduction on medical expenses.
Either for yourself or for a dependent person.
The person who is dependent on him, like his children, his
wife, his parents, if he spends on them, then he will get a
deduction for that expense.
This is the section, friends.
How much will you get?
The actual expense of that person, or 40,000 rupees,
whichever is less.
And if you are a senior citizen, then there is a limit of 1
lakh rupees.
But remember, if you receive money from an insurance
company,
then deduct it from the expense.
I spent 25 lakh rupees.
I got 10 lakh rupees from an insurance company.
So how much is the actual expense? 15 lakh.
Then compare it with the limit of 40,000 and 1 lakh.
This is the point, friends.
40,000 and 1 lakh rupees.
This is the maximum deduction.
No matter how much you spend, if you are a normal person,
then 40,000.
And if you are a senior citizen, that is above 60 years,
then you will get a deduction of 1 lakh.
There is a film, Kal Ho Na Ho.
Shah Rukh Khan was in that film.
And he had cancer.
He had blood cancer in that film.
So to get his treatment done,
he left his home in Mumbai
and went to America.
And he said,
Hey Kiran, treat me.
So Kiran, who was his doctor, was treating him there.
What was Kiran doing?
Treating him.
She was treating him.
So what will happen in that case?
Will Shah Rukh Khan get his deduction?
This is the film I was talking about.
Can you see the image?
Let me enlarge it a little.
See the monitor behind him.
Don't look at Preeti Chanda, look at Shah Rukh Khan.
Can you see in this case?
See, I stand here.
Now look at this.
Look at this.
Look at this side.
He shouldn't see Preeti Chanda.
I am in front of Preeti.
Can you see these machines?
He had gone to America to get his treatment done.
He had cancer in this film.
And he had gone to America to get his treatment done.
So what will happen in this case?
Will he get his deduction?
Because there was no senior citizen in this film.
So what is the deduction?
The actual expense he must have spent.
Or 40,000, whichever is less.
But even if he had gone now, it would have been 60 years or
more.
If he goes beyond 60 years, how much deduction will he get?
Actual? Or 1 lakh rupees, whichever is less.
Take this.
Look at Preeti.
Sir, show this to Preeti Chanda.
Look at this.
That's it.
Did you see?
Shall we go?
Come.
We will see Preeti Chanda.
We are explaining the master concept here.
They don't pay attention to the master.
They want to see Preeti Zinta. She got married and left.
She doesn't stay here.
Shall we move ahead?