Please let me know, how much can an individual save to get 100% rebate from income-tax for FY 2007-08?

Rebate is not called as deduction. 100% deduction is on investments comes under section 80C. Those are well explained in the web link given below.

http://www.rediff.com/getahead/2005/dec/...

The Individual citizen of India is having basic tax exemption upto 100,000/- for the Asst Year 2007-08. In addition to this basic exemption you can save upto 100,000/- in specified savings which you will be eligible 100% deductions on your savings in sec 80C,80CCC and 80CCD

Now this rebate is called deduction. There are so many if and buts for taking 100% deduction.

Generally one salary person can have the following deduction:

1. HRA Exemption (Sec 10 (13A))
2. Transport Exemption (Sec 10(14))
3. Other exemptions under Sec 10 (10) (gratuity, etc.)
4. Medical Bills Exemption (Sec 17(2))
5. Children's Education Allowance Exemption (sec 10 (14))
6. LTA exemption (Sec 10(5))
7. Vehicle Maintenance (petrol/maint. Bills) (Sec 10 (14))
8. House/property loss
9. Interest on housing loan
10. Medical Insurance Premium (sec 80D)
11. Medical for handicapped dependents (Sec 80DD)
12. Medical for specified diseases (Sec 80DDB)
13. Higher Education Loan Interest Repayment (Sec 80E)
14. Donation to approved fund and charities (sec 80G)
15. Rent deduction (sec 80GG) only if HRA not received
16. Deduction for permanent disability (80U)
17. Dedn under Pension scheme (sec 80C)
18. NSC (sec 80C)
19. Public Provident Fund (sec 80C)
20. Employees Provident Fund & Voluntary PF (sec 80C)
21. Children's Education (sec 80C)
22. Housing loan principal repayment (sec 80C)
23. Insurance premium (sec 80C)
24. Infrastructure Bonds & others (MF, ULIP, etc.) (sec 80C)

This is not a 100% list for deduction. There are more....