How to save tax

This query is : Resolved

urmila (Querist)
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11 June 2013 Dear sir/Madam,

am salaried person earning Rs. 850000/- Pa.as an software engg. I have invest upto 120000/- Under Ch.VIA & I have home loan. Medical etc.......... still my TDS deducted Rs 25000/- i want to save my Tax is there any other way to save Tax. please suggest. what type of benefit i get under HUF. I want to save tax on my salary.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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11 June 2013 For salary structure you have options like HRA,LTA,Medical reimbursement etc.

For chapter VI-A is Sec.80C, Sec.80D,80G and housing interest option for self occupied Rs.1.50 lakh & let out actual interest amount.

these are the available option for salaried income.

Thinking HUF option is no use, since the salary income should be taxed in the hands of employee only in any case

CA.Vinita Gupta

CA.Vinita Gupta (Expert)
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12 June 2013 To add to the above reply. Principal amount paid towards repayment of loan to a financial institution qualifies for deduction u/s 80c. Interest towards repayment of housing loan qualifies for deductionu/s 24. Transport allowance 800 pm can be claimed. If you have children children education allowance 100 pm can be claimed and tuition fees paid to school qualifies for deduction u/s 80c. Hra can be claimed. Medical reimbursement/mediclaim u/s 80d can be claimed. Reimbursement of conveyance allowance nd lta are good options too