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Tax planing

avinash singh (Student) (122 Points)

23 February 2015

my friend's annual income is 7,20,000/-

please suggest me how he save his money ???

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CA Sayli Jain (CA) (173 Points)
Replied 25 February 2015

There is deduction under chapter VI A of income tax act.

1. Section 80C : You can invest upto Rs 150000 in LIC, fixed deposit lock in 5 years period, etc, 2. You can take benefit of mediclaim upto Rs 15000 + Rs 20000 in case of your parents if they are senior citizen i.e. age above 60 years or in other case Rs 15000

please let me know the source of income so that i can suggest you more.

Thank you.

Regards,

CA Sayli Jain

sayli12345 @ gmail.com

avinash singh (Student) (122 Points)
Replied 25 February 2015

Originally posted by : CA Sayli Jain
	There is deduction under chapter VI A of income tax act. 1. Section 80C : You can invest upto Rs 150000 in LIC, fixed deposit lock in 5 years period, etc, 2. You can take benefit of mediclaim upto Rs 15000 + Rs 20000 in case of your parents if they are senior citizen i.e. age above 60 years or in other case Rs 15000 please let me know the source of income so that i can suggest you more. Thank you. Regards, CA Sayli Jain sayli12345 @ gmail.com