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Want to reduce the tax burden, follow these smart tax saving tips
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Tax Saving Tips: Everyone tries to avoid tax. Most people also invest in tax saving schemes. However, this is not the only way to reduce the tax burden. Apart from this, you can also save tax by spending. We will tell you about 5 such expenses that get you tax exemption. Know about them:-
cost of treatment of parents
- If you finance these expenses, you can claim tax exemption on them.
- This exemption is available under section 80D. Deduction up to Rs 50,000 can be claimed.
- Keep in mind that if these expenses are covered in the health insurance policy, then they will not be included in it.
stamp duty
- Stamp duty and registration fees have to be paid when buying a new house. Tax exemption can be found on these too.
- This benefit is available under section 80C. You can take tax exemption up to Rs 5 lakh in a year.
- This deduction has to be claimed in the financial year in which the house is purchased. Later on it will not be beneficial.
interest paid to parents
- If you have taken a loan from the parents to buy a house, then income tax exemption can also be taken on the interest paid to them.
- Up to Rs 2 lakh exemption can be given under section 24B.
- However, to avail this benefit, you must have a certificate of interest being paid to the parents.
rent paid to parents
- Those people who live in their parents’ house can save tax.
- Such people can show their parents to pay rent and can take advantage of tax on it.
- This benefit can be availed under section 10(13A). Under this, you can claim HRA received by the company or 50 percent of the basic salary or more than 10 percent of your salary, whichever is less, in the rent you have paid.
pre nursery fees
- Tax exemption can also be found on the fees for play school, pre-nursery and nursery of young children.
- This benefit is available under Section 80C, under which you can get tax exemption on a maximum of Rs 5 lakh.
- This benefit is available only on fees up to two children.
- If the children become twins, then this benefit can be taken up to three children.
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