suggest for best investment otherthan 80C

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This query is : Resolved

harshit (Querist)

13 March 2008 Our friend was paid Rs.63000/- tds on salaires

and total 1 lakh 80 C completed

again his tax liability was Rs.5000/-

Please suggest investment otherthan 80C - because he was going to refund

plese sir help me

Rakesh

Rakesh (Expert)

13 March 2008 1.Medical Insurance
2.The loss under dmat account will be claimed
3. Housing Loan taken and interest on same will be deducted

harshit

harshit (Querist)

13 March 2008 thank u sir

Medical Insurance taken as 80D 2600 p.a

Housing loan interest and principle of Rs.55000/- taken

No demat loss ( how much amount allowable under dmat loss) under wich section

Any other investment please sir

R.V.RAO

R.V.RAO (Expert)

13 March 2008 RECENTLY GOVT ADDED IN THE BUDGET POST OFFICE TIME DEPOSITS(5 YEARS) AND SENIOR CITIZEN SAVINGS (BUT SENIOR CITIZEN IS NOT APPLICABLE FOR YOUR FRIEND UNLESS HE IS 60).
BUT BOTH ARE UNDR 80 C.
MEDICAL INSURANCE UNDER 80 D IS INCREASED FOR PARENTS OF ASSESSEE ADDITIONALLY RS 15000/- PA. ONLY FOR PARENTS. HE CAN CONSIDER IF POSSIBLE.
IF EMPLOYER ALLOWS SOME PART OF SALARY AS REIMBURSEMENTS , THAT IS TAX FREE LIKE EXPENSES INCURRED FOR OFFICIAL PURPOSES AND REIMBURSED ON VOUCHERS OR IN THE FORM OF T.A BILLS MONTHLY ETC..
CHILDREN EDUCATION ALLOWANCE RS. 100 PER MONTH PER CHILD FOR MAXIMUM OF TWO CHILDREN CAN ALSO BE CLAIMED AS TAX FREE.
TRANSPORT ALLOWANCE OF RS. 800 P.M IS TAX FREE BESIDES MEDICAL EXP. REIMBURSED ON BILLS UPTO RS. 15000/-P.A
SOME ASSESSEES PREFER TAX REFUND THAN BLOCKING HUGE MONEY IN SAVINGS.
R.V.RAO

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)

14 March 2008 HE CAN CLAIM DEDUCTION ON MEDICAL REIMBRSEMENT @1250/-P.M AND TRANSPORT ALLOWANCE @ 800/-P.M

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