Hi,
The following are the investments which I have currently made for this year. Plz let me know how much more should I invest to ensure I have made the max use of tax savings plan? My Gross salary is Rs 12 Lacs pa.
a) LIC - Rs 74000
b) Home Loan Principle - Rs 14500
c) Home LOan Interest - Rs 150000
d) My regular PF - Rs 60000
e) My house rent - Rs 121000
Plz let me know how much more canI invest and under which section.
Thanks
Sandesh
As your quota for claiming deduction u/s 80C is already completed so there is no need to invest any more under this Section.
You have the scope to invest in Infrastructure Bonds which are eligible for deduction u/s 80CCF up to the maximum of Rs. 20000/-. You can invest more but deduction is limited to Rs. 20000/-
In addition to this you can purchase the Mediclaim Policy for which you can claim a deduction u/s 80D up to the maximum limit of Rs. 15000/- i.e. the premium you are paying annually. Rs. 20000/- in case of Senior Citizen. In addition to this you can also claim the additional deduction of Rs. 15000 / Rs. 20000/- if you also purchase the Mediclaim policy for your dependent parents.
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