Although most of the people know about many tax saving tools, but today we will tell you about 5 such methods, which very few people know.
Income Tax Saving Tips: These days, Income Tax proof is being asked in many companies. In such a situation, many people are realizing that they have not made enough investments, due to which their tax liability has become very high. This is the reason why he is now thinking of making some more investments before March 31, so that he can get tax exemption. Although most of the people know about many tax saving tools, but today we will tell you about 5 such methods, which very few people know.
1- Tax exemption on pre-nursery fees
Even if your child is small and he is in playgroup, pre-nursery or nursery, you can still get tax exemption on his fees. Although this tax benefit was implemented in 2015 itself, it did not become as popular as the school tuition fee deduction became. You can get this exemption under Section 80C and maximum two children can get this benefit.
2- Give interest to parents
If your parents are in a low tax bracket or they are not taxed yet, then you can take a loan from them for household expenses and pay interest on it. However, to get tax exemption, do not forget to get an attested certificate of interest payment. If you are not able to provide this proof then you will not get tax exemption. You can get this tax exemption under Section 24B of Income Tax. Under this, the maximum discount that can be availed is Rs 2 lakh.
3- Pay house rent to your parents
If you live with your parents and are not able to claim HRA, then you can claim HRA by paying rent to your parents. If you are thinking that this is wrong then it is not so. Under Section 10(13A) of the Income Tax Act, you can get tax deduction on HRA by showing your parents as tenants. Under this, you can show that you pay rent i.e. house rent to your parents. However, if you are taking any other housing benefit then you will not be able to claim HRA.
4- Take health insurance for parents or wife and children
You can save your taxes while also taking care of your parents’ health. If you take health insurance for your parents, you get tax exemption on the premium amount. You will get tax exemption on premium up to Rs 25,000 on health insurance of parents below 65 years of age. If you are above 65 years of age, you will get the benefit of tax exemption up to Rs 50 thousand.
5- Tax exemption on medical expenses of parents
You can also get tax exemption on the medical expenses of your parents. However, for this it is necessary that your parents’ age should be 60 years or more. At this age, they often have to bear a lot of medical expenses, on which you can get tax exemption under Section 80D. Under this, you can get tax exemption on maximum Rs 50 thousand.
