Saving Tax while Filing ITR1 with Salary and FD income

Dear Experts ,

Could you pls advise whats the best way to save tax while Filing ITR1 with Salary and FD interest income. 

When 80C is already having 1.5lacs ,  HRA is already considered by Organisation and no house loan interest.

What are all different sections available for saving further taxes pls ? 

Best Regards 

 

 

Replies (7)
Quick Summary
This discussion explores ways to reduce tax liability when filing ITR1 with salary and Fixed Deposit interest income, especially after exhausting the 80C limit. It clarifies that property tax and brokerage paid on a vacant self-occupied property or during a previous rental period are generally not deductible. The advice leans towards claiming deductions as per Form 16 and considering options like donations and mediclaim for further tax savings.

In general Standard deduction,  Donations if any, Mediclaim insurance etc.       

Dear Dhiraj Mal sir ,

Thanks for your revert .

Can you pls help understand which section of incometax would be appropriate to claim refund for property tax and rental Brokerage pls ?

Loss from house property is okay ? 

Best Regards 

Property tax is claimed in income from HP itself Sec 24(b) IT act. Brokerage is one time payment can be claimed in first month rent.

Sir , HP meaning?

I don't have a home loan , hence not paying any loan interest, just property tax for a self occupied property , that has not been claimed anywhere.

HRA already considered by company but this brokerage amount is not  claimed , I can higher the HRA amount while filing you mean pls ? 

  1. HP means house property.
  2.  Property tax for self occupied HP is not claimable.
  3.  HA cannot be claimed by you, when you ae not paying any rent.
  4. No. Go as per form 16 deductions.

Many thanks Sir ,

1. This is for last FY ( 23-24 ) , when I was on rent , hence that time I had paid brokerage.

2. And last year my own property was vacant when I paid Property tax .  Can I claim in this case ? 

Regards

  1. Claim HRA. You cant claim property tax.

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