Income Tax Savings: The best way to get tax exemption!!!
Income Tax Savings: The best way to get tax exemption!!!
If tax is deducted every month from your salary and finally the benefit of tax return is not available on filing ITR, then this news is for you. Often people invest more and more under section 80C of the IT Act to save in income tax. Now you can apply till 31st July 2020 to claim, invest or pay Income Tax Deduction. For income tax savings, you can take the help of your parents, spouse, and children. Here we will tell you how you too can get tax exemption.
Children's school feesYou can claim deduction under section 80 for tuition fees of your children up to Rs 1.5 lakh. You can take advantage of this only when you pay school fees. Its benefit can be taken up to two children.
Health insurance for parentsDo you know that you can get tax exemption on payment of health insurance premium for your spouse, children, or parents? To take advantage of this, you have to apply under 80D in which a deduction of up to 25 thousand can be taken. For the same parents, you will get the benefit of additional deduction by paying the premium. Loan concession on education loanIf you have taken an education loan for your child, then you can claim a tax deduction under section 80E.Tax exemption on rentIf you live with your parents, then you can pay rent for a tax deduction. The tax deduction can be availed as an HRA exemption benefit. However, for this, it is necessary that the house in which you are living should belong to your parents only. If you do not get the benefit of HRA, then you can claim for tax benefit under section 80GG.
If tax is deducted every month from your salary and finally the benefit of tax return is not available on filing ITR, then this news is for you. Often people invest more and more under section 80C of the IT Act to save in income tax. Now you can apply till 31st July 2020 to claim, invest or pay Income Tax Deduction. For income tax savings, you can take the help of your parents, spouse, and children. Here we will tell you how you too can get tax exemption.
Children's school feesYou can claim deduction under section 80 for tuition fees of your children up to Rs 1.5 lakh. You can take advantage of this only when you pay school fees. Its benefit can be taken up to two children.
Health insurance for parentsDo you know that you can get tax exemption on payment of health insurance premium for your spouse, children, or parents? To take advantage of this, you have to apply under 80D in which a deduction of up to 25 thousand can be taken. For the same parents, you will get the benefit of additional deduction by paying the premium. Loan concession on education loanIf you have taken an education loan for your child, then you can claim a tax deduction under section 80E.Tax exemption on rentIf you live with your parents, then you can pay rent for a tax deduction. The tax deduction can be availed as an HRA exemption benefit. However, for this, it is necessary that the house in which you are living should belong to your parents only. If you do not get the benefit of HRA, then you can claim for tax benefit under section 80GG.