Question: Mr. Thakkar aged 38 years furnishes the following details with regard to his options exercised for tax planning purpose for the year ending as on 31.03.2017
a) Has taken Life insurance policy as on 30.4.2016 from Bajaj Alliance for a capital sum assured Rs.2.5 lacs, premium paid for the same Rs 75000
b) Contribution made by a bearer cheque towards Public Provident Fund account of his father Rs20000
c) Paid Rs85000 to a friend towards housing loan on a property taken, the property is situated at Ratlam.
d) Subscription to units of mutual fund referred under section 10(23D) for Rs130000.
e) Contribution made towards Public Provident Fund account of his spouse Rs90000.
He wants to know about the gross total amount which he can claim as deduction while computing his total income.
Are there any provisions available under the Indian Income Tax Act for the same?If yes, then discuss how the relevant provision will be helpful, give adequate reasons supporting the answer and also calculate the amount eligible for deduction under section 80 C.
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