My mother is a housewife, age 48. She gets a monthly rental of 50000/- Other than this she doesn't have any other income. With this her annual income becomes 6 Lakhs. She can get a direct deduction of 30% which makes the taxable income as 420000. She also gets a Property Tax deduction of lets say around 10000 which makes the taxable income as 410000.
I understand that she can save upto 150000 under section 80C.
Are there any other deductions she can utilize to reduce her taxable income.
I think its for A.Y 15-16
So you have TI of 4.1L less 1.5 u/s 80C and basic limit is 2.5L and assessee would also be eligible for rebate of upto 2000 from tax u/s 87A. There is no tax liability.
You can also check 80D etc
If you want you can take benefit of 80D(medicalim),80G(Donations)
Rs. 1.50 Lakh benefit u/s 80C is for AY 2015-16 only and not for current assessment year. Therefore your mother will be eligible for max. deduction of Rs. 1 lakh u/s 80C. Besides she will be eligible for a tax rebate of Rs. 2000/- u/s 87A as your taxable income is upto Rs. 5 Lac. Besides, if she has taken a mediclaim policy, she can claim deduction u/s 80D. Basic limit for individual assessee below 60 years of age is Rs. 2 lac for AY 14-15.
Yes Agree with Mr. Abhishek
She may use section 80D for mediclaim and claim deduction.
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