Hello I am female from metro, earning R.s 45K per month. I have recently taken home loan and paying EMI of Rs. 13K per month since Jul 10. Apart i have opted for the 50K Life Insurance which is to support the home loan in case of the accidental death. I have Another insurance policies running since few years counting to Rs. 16K and 24 K as well .
Apart from these, Any other investment due or required for best tax saving? Regards & thanks in advance
asked Jan 27 '11 at 06:19 by sakhi 16●1●1●3
There are various sections for tax saving.
Section 80 C :
You can claim your existing investments/payments under section 80C (up to 1 lakh combined limit):
Sec 80D : Maximum deduction of up to 15,000 under mediclaim or health insurance offered by life insurers. An additional deduction of up to 15,000 for buying cover for dependent parents. Senior citizens can claim deduction up to 20,000.
Sec 80DD : Deduction of 50,000 for maintenance of a disabled dependent. If the disability is severe, the deduction amount will be 100,000.
Sec 80E : Tax relief on interest payments on education loan taken for higher studies for self, spouse or child.
Sec 80G : The eligibility is 50% or 100% of the donation amount subject to overall ceiling of 10% of your gross total income to certain funds and charitable institutions.
Sec 24 : The maximum limit is of 1.5 lakh on interest payments of a home loan for a self-occupied house. There is no ceiling on the amount of deduction if the house is let out or deemed to be let out.
Sec 80CCF : You can invest up to 20,000 in infrastructure bonds and claim a rebate as per your tax slab. This deduction is over and above the existing overall limit of up to 1 lakh under Section 80C, 80CCC and 80CCD.
If In-spite of home loan insurance taken, you could have taken a term insurance, that would have been better.
answered Jan 27 '11 at 13:16 by pankaj 5.1k●3●19