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    Tax Savings Investment Plans

    An ELSS fund is an equity-oriented open ended scheme with a mandatory lock-in period of three years. In recent years, many taxpayers have turned to ELSS schemes to avail of tax benefits. If you invest in ELSS schemes, then you can avail tax exemption of the invested amount up to a limit of Rs. 150,000. Further, the income that you earn under this scheme at the end of the three-year tenure will be considered as Long Term Capital Gain (LTCG) and will be taxed at 10% (if the income is above Rs. 1 lakh).

    Recommended ways of saving taxes under Sec 80C,80D and 80EE:

    • Make an investment of Rs 1.5 lakh under Sec 80C to reduce your taxable income. Additional deduction of Rs 50,000 can be claimed by investing in NPS under 80CCD (1b)
    • Buy Medical Insurance, maximum deduction allowed is Rs. 1,00,000 (Rs 50,000 for self and family if senior citizen and Rs 50,000 for senior citizen parents) under Section 80D.
    • Claim deduction up to Rs 50,000 on Home Loan Interest under Section 80EE

    The most popular tax-saving options available to individuals and HUFs in India are under Section 80C of the Income Tax Act, Section 80C includes various investments and expenses you can claim deductions on – up to the limit of Rs. 1.5 lakh in a financial year.

    Other Tax Saving options beyond Sec 80C

    Apart from the 80C deductions, there are various deductions under Section 80 you can use to save on income tax. Tax benefits on health insurance premiums and home loan interest are a few-

    • Medical insurance premium to be claimed at Rs. 50,000. (Rs 25000 for self spouse and children and Rs 25000 for dependent parents below 60 years). Claim medical insurance premium paid up to a maximum of Rs 1,00,000 per annum if availed for senior citizens. If senior citizens are not covered under any health insurance, then medical expenditure incurred can be claimed under 80D up to Rs 50,000
    • Interest paid on a home loan can be claimed as a deduction under section 24 up to Rs 2 lakhs. Section 80EE also allows you to claim a deduction of up to Rs 50,000 on home loan interest which is over and above the limit of section 24. Eligibility of additional interest of Rs 1.5 lakh on purchase of a new house under affordable housing scheme as per section 80EEA is extended till 31st March 2022
    • A home loan would also help you in reducing your taxable income as the principal portion of the home loan can be claimed under Section 80C up to Rs 1.5 lakh and the interest portion can be claimed as a deduction from income from house property
    • Any charity to notified institutions or funds can be claimed as a deduction under section 80G
    • Interest paid on education loan is allowed as deduction under section 80E

    Disclaimer : Mutual Fund investments are subject to market risks, read all scheme related documents carefully. The NAVs of the schemes may go up or down depending upon the factors and forces affecting the securities market including the fluctuations in the interest rates.

    How to save tax other than section  80C?

    Apart from 80C, various other provisions allow deductions  to taxpayer as follows :

    • 80D- for medical insurance premium for self, spouse &  dependent parents.
    • Section 80EE – Deduction  for interest payment of home loan for first home owners
    • Section 24- Interest deduction for housing loan upto Rs 2 lakh
    • Section 80EEB- interest deduction for vehicle loan for purchase of electric vehicle
    • 80G- donations to charitable institutions.
    • 80GG-if your income does not include HRA component, you can claim rent deduction under 80GG
    • Section 80TTA- deduction up to Rs 10,000 for interest received in saving bank account.
    • Section 54 -54F – Capital gain exemption for capital gains.