Medical costs, home loans, insurance premiums, donations: How these can help you save tax

THE ECONOMIC TIMES Sat, Feb 15, 2020 | 12:10 PM IST Tax-saving guide

Your parents, wife and children can help you save taxes. Here's how Salaried individuals can save tax by paying rent to their parents and availing the HRA exemption benefit. 7 lesser-known investments, expenditures eligible for tax breaks Did you know you that can claim tax deduction on stamp duty? Here are other tricks that can help you cut tax. Is your single premium life insurance policy eligible for tax benefits? Until the ratio between the premium and the sum assured is met, you may not be able to avail tax benefits on your policy. Here's how you can claim tax benefit on a top-up home loan Some of us who want to renovate or repair our homes take a top-up over the home loan due to the long tenure of our mortgage (usually 15-20 years). How to claim tax benefit on tuition fees under Section 80C When you pay your kids' tuition fees, it qualifies for income deduction and also helps in reducing your tax liability. Donating money? Here's how much tax benefit you will get under section 80G Section 80G of the I-T Act allows donations made to specified relief funds and charitable institutions as a deduction from gross total income. A visit to a medical lab or diagnostic centre can help you save tax; here's how Medical diagnostic laboratories are telling people how they can save tax by undergoing a preventive health check-up from their centre. Quick tax-saving tips Here are tax breaks you can claim on various incomes and expenditures under different sections of the Income-tax Act, 1961 that can reduce your tax outgo. How to save income tax via medical expenditures If you can't afford to pay for health insurance premium or unable to buy one due to pre-existing conditions, then also you can save tax via medical expenditures. Disabled can claim tax saving deductions up to Rs 1.25 lakh under sections 80DD, 80U "The amount of deduction depends on the percentage of disability. The deduction claimed is fixed irrespective of the actual expenses."

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