10 tips to save up to Rs. 1 lakh through intelligent tax pla

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30 January 2010  

  1. The annual deduction for medical insurance has been raised up to Rs.35,000

  2.  Loan repayment for self-occupied house gets you a deduction up to Rs.2.5 lakhs

  3. You can save taxes by investing up to Rs.1 lakh in a pension plan

  4. Life insurance premium entitles you to a deduction up to Rs.1 lakh

  5. You can save taxes by investing Rs.1 lakh in the equity market via ELSS

  6. Interest paid on an Education Loan is deductible without limit

  7. School tuition fees paid for your kids' education is deductible under 80C

  8. Stamp duty and registration fees paid towards a house is deductible under 80C

  9. If eligible, you can get a deduction for rent up to Rs.24,000 under 80GG

  10. You can claim HRA exemption by living in your spouse's/father's house and paying rent to them