Best Tax-Saving Options to Look Out For
By SiliconIndia
# Home loan
When you take up a home loan, don’t bother yourself with other things but be happy about the positive sides of taking it. It will provide you with tax-saving options and you will be eligible to claim tax deductions.
The tax benefits of a housing loan can be divided into two parts, repayment of Principal amount and repayment of the interest on Home Loan. The maximum tax deduction allowed under section 80C is 1.5 Lakhs. The maximum deduction allowed under section 24 is 2 lakhs.
# Health insurance
Taking up a health insurance can make you healthier than you think. It is one among the best option to save on taxes and save some bucks. The health insurance cover in India takes up your hospitalization costs and other important expenses and can also settle bills without even reaching to you.
A premium paid towards a health insurance policy qualifies for a deduction of Rs.15,000 for an individual and Rs.20,000 for a senior citizen under section 80D (if one’s dependent parents are below 60 years of age you get an extra deduction of Rs.15,000 and if they are older you get Rs.20,000.
READ MORE: Finance Commission Suggests Higher Share To States In Central Taxes
Don't Miss
