Question

Is it necessary to declare all investments if it exceeds the limit of 80c

Answer 1

There is no limit on the amount that can be invested in any of these schemes, but the tax benefit is available only for Rs 1.5 lakh. ELSS comes with a lock-in period of 3 years and it is the lowest among all the options available under section 80C.

Answer 2

Most of us already well aware of deduction avaialable under section 80C of the income tax act, 1961. The maximum amount of deduction that can be claimed under section 80C is Rs 1.5 lakh.