Tax rebate on Gift & Home Loan

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This query is : Resolved

Finance Forum (Querist)

16 May 2011 Hello Sir,

I am a salaried person with salary around 1000000/- annually. I have one home loan on me and below are the details of my investment for tax rebate :-

1. Home Loan principal, Insurance Premium, Mutual Funds (100000/-)
2. HRA (100000/-)
3. Home Loan interest (180000/-)
4. Medical Insurance (10000/-)
5. Phone Bills (12000/-)
6. Medical Bills (15000/-)

Can you please suggest that after this investment is there any other means to save tax, like Gifts to parents/spouse, second home loan or any other means. If gift is the mean then what modes should I prefer and what type of documents I need to present in support of that.

Thanks & Regards,
Amit

Unmesh

Unmesh (Expert)

21 May 2011 no you can not save tax by giving gift, although you can invest in infra bond to the extent of rs 20000. and also you are taking hra benefit as well as home loan it can only be possible if you are not residing in the house purchased due to your employment at other place.

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