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Tax Savings Tips: Tax Savings Expenses: 5 Less Known Expenses Eligible for Tax Benefits

Tax Savings Tips: Tax Savings Expenses: 5 Less Known Expenses Eligible for Tax Benefits
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Tax Savings Tips: Tax Savings Expenses: 5 Less Known Expenses Eligible for Tax Benefits

Tax Savings Tips: Tax Savings Expenses: 5 Less Known Expenses Eligible for Tax Benefits

The cost of saving taxes: Everyone knows that making money is a very difficult task. In such a situation, when it comes to paying taxes, everyone tries not to spend their hard earned money on income tax from various types of investments. The tax burden is not only reduced by the investment, but you can save tax on expenses. Today we are going to tell you about 5 expenses (5 tax saving expenses) on which you get tax relief, but very few people know about them.

1- Pre-nursery charges

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Everyone knows that your child’s tuition fees are tax-exempt, but if your child is younger, you can also get his or her play school, pre-nursery and nursery fever tax exemptions. The system was launched in 2015. This benefit is available under Section 80C, under which you can get tax exemption up to a maximum of Rs 1.5 lakh. However, it should be noted that this benefit is only available for a fee of up to two children. If the children are twins, the benefit can be extended to three children.

2- Tax exemption on stamp duty is also available

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When you buy a new home you have to pay stamp duty and registration fee. You can also get a tax deduction on this. This benefit is also available under Section 80C, in which you can avail tax exemption up to Rs 1.5 lakh in a year. Remember that you should claim this deduction in the same financial year in which you bought the home, as you will not be able to take advantage of it later.

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3- Interest paid to parents

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If you have taken a loan from your parents to buy a house, you can also avail income tax relief on the interest paid to them. This means that the tax deduction on interest will not be limited to loans taken from banks or housing finance companies. The exemption is available up to Rs 2 lakh under Section 24B. Remember that you must have a certificate to pay interest to parents.

4- Rent paid to parents

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If you live in your parents’ home, you can also show them the rent paid and take advantage of the tax on it. You can avail this benefit under Section 10 (13A). Under this, you can claim 50% of the HRA or basic salary received by the company or 10% of your salary and your rent, whichever is less.

5- Cost of treatment of parents

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It is well known that medical expenses in old age are much higher than normal. If you can afford these expenses, you can claim a tax deduction on them. This discount is available under Section 80D and under this you can get Rs. Can claim deductions up to. However, if these costs are covered by the health insurance policy, they will not be added to it.

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