With ITR Filing just a week away from its deadline, you must know some of the tax deductions that will help you save tax. Today we will list a few of them:
- If you have taken a loan from a friend or a relative to buy a home or apartment then you can show interest payment as a deduction under Section 24.
- If you have children, then you can show tax deductions for children’s playgroup, pre-nursery, and nursery fees under section 80C.
- Rs 5,000 preventive health checkup for spouse, self, children and dependent can be disposed under section 80D.
- Even if you are not receiving HRA from your employer, you can still claim for HRA tax deduction for up to Rs 60,000 under section 80GG as rent paid deduction.
- If you are living with your parents, then you can use it for your benefit. You can show in your IT return that you are paying your parents’ rent from your HRA. However, to make it official, you must consult a lawyer for rent receipts.
- If you have a disabled dependent, then you can exempt taxes up to 1,25,000 under section 80DD. If you are a disabled employee, you can exempt it under 80U.
- To save further taxes, open an NPS account and claim Rs 50,000.
- If your parents are above 60, then you can show that you are paying for their medical expenses under section 80D for up to Rs 50,000. However, this tax amount cannot be exempted if your family has a health insurance policy.
These are some of the less-known tax deductions that you must know about when you are filing for ITR.
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